According to the lecture, what was a major problem faced by banks in the West before the Federal Reserve System was established? How did the system help solve this problem?

Before the establishment of the Federal Reserve System, the West was faced with financial crises. ... This led to the set up of the Federal Reserve Act. The Federal Reserve System was created to tackle these banking issues and also to make possible fostering a sound banking system and healthy economy.

the minoan civilization flourished in the middle bronze age on the island of crete located in the eastern mediterranean from c. 2000 bce until c. 1500 bce. with their unique art and architecture, and the spread of their ideas through contact with other cultures across the aegean, the minoans made a significant contribution to the development of western european civilization as it is known today. labyrinth-like palace complexes, vivid frescoes depicting scenes such as bull-leaping and processions, fine gold jewelry, elegant stone vases, and pottery with vibrant decorations of marine life are all particular features of minoan crete.  

so basically their unique way of ding arts, as well as architecture.