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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.
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Lesson 19: Money Creation | Unit 5: Policy
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Page: 20 of 23
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Controlling the money creation process is the key to understanding the role that money plays in the economy. In the old days: - Money was issued by government. With print and mint they had complete control over the quantity of money.
In the modern economy:- Checkable deposits are directly under the control of commercial banks. Government must control banks to control money.
Some history:- In the late 1800s, banks ran amuck, creating money as they saw fit. The economy experienced perpetual turmoil.
- In the 1970s and 1980s, S&Ls had instability problems.
- Since the mid 1980's, money creation has been under control. The economy has been strong and growing.
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BALANCE ON SERVICES A subset of the balance of payments current account that records the difference between the payments received for exports of services to other nations and the payments made for the imports of services from other nations. The flow of payments is for intangible services, not for physical or tangible goods. The balance on services is thus appropriately divided into services exported and services imported. Two other subsets of the current account include the balance on merchandise trade and unilateral transfers. The commonly termed balance of trade is the sum of the balance on merchandise trade and the balance on services.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either one of those "hang in there" kitty cat posters or a velvet painting of Elvis Presley. Be on the lookout for fairy dust that tastes like salt.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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CPI-U
Consumer Price Index-All Urban Consumers
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