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September 19, 2021 

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PEAK: The transition of a business cycle from an expansion and a contraction. The end of an expansions carries the descriptive term peak. At the peak, the economy has reached the highest level of production in recent times. The bad thing about a peak, however, is that it is a turning point, a turning point to a contraction. So even though a peak is the "highest" is not necessarily something we want. We would prefer never to reach the peak.

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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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PROGRESSIVE TAX

A tax in which the proportion of income paid in taxes is greater for higher income levels. A progressive income tax exists if taxpayers with more income pay a higher tax rate relative to income as income increases. A progressive tax is one of three alternations. The other two are proportional tax, in which the proportion of income paid in taxes is the same for all income levels, and regressive tax, in which the proportion of income paid in taxes is smaller for higher income levels.

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APLS

BROWN PRAGMATOX
[What's This?]

Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

Three-forths of the gold mined each year is used to manufacture jewelry.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

FMV
Fair Market Value
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