On This Day in Tech History

Stories Published December 23 Throughout History

Historic Tech Events

The First Transistor was Successfully Demonstrated

The First Transistor was Successfully Demonstrated
1947

The invention of the transistor in 1947 by John Bardeen, Walter H. Brattain and William Shockley at Bell Labs revolutionized the electronics industry. The transistor replaced bulky vacuum tubes and made electronic devices smaller, faster, and more reliable. This breakthrough technology paved the way for the development of modern computers, mobile phones, and countless other electronic devices we use today. The transistor's impact on technology and society cannot be overstated, and it remains one of the most significant inventions of the 20th century.

Argentina Announced Its Biggest Debt Default in History

Argentina Announced Its Biggest Debt Default in History
2001

In December 2001, Argentina announced the suspension of payments on its external debt, which was the biggest debt default in history at that time. The country had been struggling with a recession and high levels of debt, which had been exacerbated by a currency peg that was no longer sustainable. The default had severe economic consequences for Argentina, including a sharp devaluation of the peso, high inflation, and widespread unemployment. It also had ripple effects across the global financial system, leading to losses for investors and a loss of confidence in emerging markets.

The Federal Reserve System was founded via Federal Reserve Act

The Federal Reserve System was founded via Federal Reserve Act
1913

The Federal Reserve System was created in 1913 with the signing of the Federal Reserve Act by President Woodrow Wilson. The central banking system was established to provide a stable monetary and financial system for the United States. It consists of twelve regional banks, a board of governors, and the Federal Open Market Committee (FOMC), which is responsible for setting monetary policy. The Federal Reserve's main functions include conducting monetary policy, supervising and regulating banks, and providing financial services to the government. The creation of the Federal Reserve System was a significant step towards a more centralized and stable financial system in the United States.

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