Context: The Great Recession was a period of general economic decline observed in world markets during the late 2000s and early 2010s. The scale and timing of the recession varied from country to country. In terms of overall impact, the International Monetary Fund concluded that it was the worst global recession since World War II. According to the US National Bureau of Economic Research (the official arbiter of US recessions) the recession, as experienced in that country, began in December 2007 and ended in June 2009, thus extending over 19 months. The Great Recession was related to the financial crisis of 200708 and U.S. subprime mortgage crisis of 200709. The Great Recession has resulted in the scarcity of valuable assets in the market economy and the collapse of the financial sector in the world economy., Martin Vincent Mahoney ( February 22 , 1915 - August 22 , 1969 ) was a Scott County , Minnesota justice of the peace who presided over the initial trial in the case of First National Bank of Montgomery v. Jerome Daly , Dec. 9 , 1968 ( Justice Court , Township of Credit River , Scott County , Minnesota ) , also known as the Credit River case . This case has been cited by various conspiracy theorists and anti-Federal Reserve System protesters as authority for the proposition that foreclosure is illegal . According to a statement published at the Minnesota State Law Library web site , the Credit River decision is not legal precedent , since it was undertaken by a justice of the peace ( see also Subject - matter jurisdiction ) , and was eventually overruled by other court decisions . The defendant , Jerome Daly , was a longtime tax protester and attorney who was later disbarred by a decision of the Minnesota Supreme Court . Mahoney died on August 22 , 1969 , soon after the court case , before the Minnesota Supreme Court could impose discipline on him and Daly ., The Federal Reserve Act (ch. 6, , enacted December 23, 1913) is an Act of Congress that created and established the Federal Reserve System, the central banking system of the United States, and which created the authority to issue Federal Reserve Notes (now commonly known as the U.S. Dollar) and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson., A court is a tribunal, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law. In both common law and civil law legal systems, courts are the central means for dispute resolution, and it is generally understood that all persons have an ability to bring their claims before a court. Similarly, the rights of those accused of a crime include the right to present a defense before a court., Letters patent (always in the plural) are a type of legal instrument in the form of a published written order issued by a monarch, president, or other head of state, generally granting an office, right, monopoly, title, or status to a person or corporation. Letters patent can be used for the creation of corporations or government offices, or for the granting of city status or a coat of arms. Letters patent are issued for the appointment of representatives of the Crown, such as governors and governors-general of Commonwealth realms, as well as appointing a Royal Commission. In the United Kingdom they are also issued for the creation of peers of the realm. A particular form of letters patent has evolved into the modern patent (referred to as a utility patent or design patent in United States patent law) granting exclusive rights in an invention (or a design in the case of a design patent). In this case it is essential that the written grant should be in the form of a public document so other inventors can consult it to avoid infringement and also to understand how to "practice" the invention, i.e., put it into practical use., Statutory law or statute law is written law set down by a body of legislature or by a singular legislator (in the case of an absolute monarchy). This is as opposed to oral or customary law; or regulatory law promulgated by the executive or common law of the judiciary. 
Statutes may originate with national, state legislatures or local municipalities., A justice of the peace (JP) is a judicial officer, of a lower or "puisne" court, elected or appointed by means of a commission (letters patent) to keep the peace. In past centuries the term commissioner of the peace was often used with the same meaning. Depending on the jurisdiction, such justices dispense summary justice or merely deal with local administrative applications in common law jurisdictions. Justices of the peace are appointed or elected from the citizens of the jurisdiction in which they serve, and are (or were) usually not required to have any formal legal education in order to qualify for the office. Some jurisdictions have varying forms of training for JPs. The role of Justice of the peace is to act as an independent and provide fair evidence for legal purposes., Subject-matter jurisdiction is the authority of a court to hear cases of a particular type or cases relating to a specific subject matter. For instance, bankruptcy court only has the authority to hear bankruptcy cases., Jurisdiction (from the Latin "ius, " meaning "law" and "" meaning "to speak") is the practical authority granted to a legal body to administer justice within a defined area of responsibility, e.g., Michigan tax law. In the federations like USA, areas of jurisdiction apply to local, state, and federal levels; e.g. the court has jurisdiction to apply federal law., Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent, normally in common law jurisdictions. Private individuals can create legally binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process. The formation of laws themselves may be influenced by a constitution, written or tacit, and the rights encoded therein. The law shapes politics, economics, history and society in various ways and serves as a mediator of relations between people., A tribunal, generally, is any person or institution with authority to judge, adjudicate on, or determine claims or disputeswhether or not it is called a tribunal in its title.
For example, an advocate who appears before a court with a single judge could describe that judge as 'their tribunal'. Many governmental bodies that are titled 'tribunals' are so described to emphasize that they are not courts of normal jurisdiction. For example, the International Criminal Tribunal for Rwanda is a body specially constituted under international law; in Great Britain, employment tribunals are bodies set up to hear specific employment disputes. Private judicial bodies are also often styled 'tribunals'. The word "tribunal" is not conclusive of a body's function. For example, in Great Britain, the Employment Appeal Tribunal is a superior court of record., The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s led to the expansion of the roles and responsibilities of the Federal Reserve System., A legal case is a dispute between opposing parties resolved by a court, or by some equivalent legal process. A legal case may be either civil or criminal. In each legal case there is an accuser and one or more defendants., In legal systems based on common law, a precedent, or authority, is a principle or rule established in a previous legal case that is either binding on or persuasive for a court or other tribunal when deciding subsequent cases with similar issues or facts . Common law legal systems place great value on deciding cases according to consistent principled rules so that similar facts will yield similar and predictable outcomes, and observance of precedent is the mechanism by which that goal is attained. The principle by which judges are bound to precedents is known as stare decisis. Black's Law Dictionary defines "precedent" as a "rule of law established for the first time by a court for a particular type of case and thereafter referred to in deciding similar cases." Common law precedent is a third kind of law, on equal footing with statutory law (statutes and codes enacted by legislative bodies), and Delegated legislation (in U.K. parlance) or regulatory law (in U.S. parlance) (regulations promulgated by executive branch agencies)., A Judicial officer is a person with the responsibilities and powers to facilitate, arbitrate, preside over, and make decisions and directions in regard to the application of the law., A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender., Common law (also known as case law or precedent) is law developed by judges, courts, and similar tribunals, stated in decisions that nominally decide individual cases but that in addition have precedential effect on future cases. Common law is a third branch of law, in contrast to and on equal footing with statutes which are adopted through the legislative process, and regulations which are promulgated by the executive branch. In cases where the parties disagree on what the law is, a common law court looks to past precedential decisions of relevant courts. If a similar dispute has been resolved in the past, the court is usually bound to follow the reasoning used in the prior decision (a principle known as "stare decisis"). If, however, the court finds that the current dispute is fundamentally distinct from all previous cases (called a "matter of first impression"), judges have the authority and duty to resolve the issue (one party or the other has to win, and on disagreements of law, judges make that decision). Resolution of the issue in one case becomes precedent that binds future courts. "Stare decisis", the principle that cases should be decided according to consistent principled rules so that similar facts will yield similar results, lies at the heart of all common law systems., Subject: martin mahoney, Relation: occupation, Options: (A) advocate (B) bank (C) criminal (D) general (E) head of state (F) judge (G) justice (H) justice of the peace (I) legislator (J) monarch (K) officer (L) president (M) prior (N) research
Output: judge