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September 21, 2021 

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NONTARIFF BARRIER: Any sort of trade barrier--other than a tariff or import quota--that restricts imports. Some of the more popular nontariff barriers are those that specify the content of a good or how it was produced. There are many valid and important safety, health, and environmental reasons for establishing these sorts of nontariff barriers.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 15 of 24

Topic: Goldsmith Loans <=PAGE BACK | PAGE NEXT=>

The story continues when Elizabeth the Innkeeper needs to expand her business and ask Fred for a loan.

The story:

  • Elizabeth's business is booming, but she is temporarily short of money, short of gold.
  • She asks Fred for a loan of gold that belongs to Bill the Knight that Fred keeps on his safe.
  • Elizabeth is willing to pay Fred a sizable fee for taking the risk of making this loan.
  • Fred makes the loan.
  • Elizabeth expands her inn, she repays the loan on schedule with interest with profit from business.
  • Bill collects his gold upon returning.
  • Other local merchants soon seek interest lending services from Fred.

Fred has discovered the lending function of modern banks.


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FALLACY OF COMPOSITION

The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.

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WHITE GULLIBON
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

AFBD
Association of Futures Brokers and Dealers (UK)
A PEDestrian's Guide
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