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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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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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CAPITAL CONSUMPTION ADJUSTMENT The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis that measures the macroeconomy's capital depreciation during a given time period, usually one year. The capital consumption adjustment (CCA), which is also commonly termed the capital consumption allowance (also conveniently abbreviated CCA), is subtracted from gross domestic product (GDP) to calculate net domestic product (NDP). The CCA is also subtracted from gross private domestic investment to calculate net private domestic investment.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either galvanized steel storage shelves or a large green chalkboard shaped like the state of Maine. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"There is no twilight zone of honesty in business. A thing is right or it's wrong. It's black or it's white. " -- John F. Dodge, automaker
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CES
Constant Elasticity of Substitution
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