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July 23, 2018 

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DI: The abbreviation for disposable income,which is the total income that can be used by the household sector for either consumption or saving during a given period of time, usually one year. This is the income left over after income taxes and social security taxes are removed and government transfer payments, like welfare, social security benefits, or unemployment compensation are added. Because consumption and saving are important to our economy for short-run stability and long-run growth, pointy-headed economists like to keep a close eye on disposable personal income. Disposable income is reported quarterly (every three months) in the National Income and Product Accounts maintained by the Bureau of Economic Analysis.

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Lesson 19: Money Creation | Unit 1: A Little Magic Page: 4 of 23

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  • That money is currency and checkable deposits, that currency is issued by the federal government, and that checkable deposits, 60% of M1, is issued by commercial banks
  • That money is essential to our economy as a medium of exchange, that banks are perpetually balancing assets between profit-seeking loans and deposit-protecting reserves, and that banks are heavily regulated by the government.
  • That the mystical source of magic is fractional-reserve banking. And that banks can create money by merely adding it to our checking accounts.
  • Banks do part of the money 'printing' or creation function historically performed by governments.

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BANK RESERVES

Assets used by banks to back up deposits and to conduct daily transactions, including withdrawing funds, "cashing" checks, and transferring funds between banks to "clear" checks. Reserves, also termed bank reserves or legal reserves, includes two types of assets: vault cash and Federal Reserve deposits. These legal reserves are then divided between require reserves and excess reserves. Required reserves are used to back up deposits and excess reserves are used for loans.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Lombard Street is London's equivalent of New York's Wall Street.
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