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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.
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UNILATERAL TRANSFERS A subset of the balance of payments current account that records the difference between gifts or transfers received from other nations and transfers sent to other nations. In includes gifts or transfers between individuals, and perhaps more important, it includes transfers between governments. Two other subsets of the current account include the balance on merchandise trade and balance on services. Unilateral transfers are not included in the balance of trade, which is the sum of the balance on merchandise trade and the balance on services.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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AOQL
Average Outgoing Quality Limit
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