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January 19, 2018 

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LAISSEZ FAIRE: A french term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It's based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can't care for yourself."

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Lesson 19: Money Creation | Unit 2: Fred Returns Page: 9 of 23

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  • Reviewing Fred the Goldsmith, that Fred has developed several modern banking functions: safekeeping, depository, lending and fractional-reserve banking functions.
  • Fred's system of tracking gold flows by issuing receipts for each deposit.
  • The three main features of Fred's system:
    • Knights need not withdraw the same gold deposited.
    • Fred need not personally know each knight requesting services.
    • These gold receipts are as good as gold and become money.
  • Two options Fred has to make a loan:
    • Loan some gold from the safe which could be deposited back in return for receipts.
    • To loan the receipts directly.
  • The importance of fractional-reserve banking and Fred's ability to create money that is used for investment and economic growth.

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M2

The medium-range monetary aggregate for the U.S. economy containing the combination of M1 (currency and checkable deposits) and short-term, small denomination near monies. M2 contains financial assets that either function directly as money for the U.S. economy or can be easily and quickly converted into money. The near monies added to M1 to derive M2 include savings deposits, certificates of deposit, money market deposits, and money market mutual funds. M2 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M1 and M3.

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Today, you are likely to spend a great deal of time searching for a specialty store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"You are never given a dream without also being given the power to make it true."

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