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Thursday 903

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  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 29 of 36 The Monetary System Section 9 of 22 ... The U.S. economy, as do all major countries, uses a fiat money system. Dollars are money because the U.S. government declares it is, by fiat. Fiat money has no intrinsic value as does gold. Whenever an economy uses a fiat money system some agency must regulate the monetary system. In the U.S. that agency is the Federal Reserve. … The Federal Reserve (the Fed) is a central bank, an institution that oversees the banking system including regulating the economy’s quantity of money. Other major worldwide central banks include the Bank of England, the Bank of Japan, and the European Central Bank. The Federal Reserve was created in 1913 after bank failures in 1907. Government policymakers were convinced the U.S. needed a central bank to ensure the health of its banking system. … Today, the Fed is run by its Federal Res...
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Wednesday 902

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 29 of 36 The Monetary System Section 8 of 22 … One puzzle about the U.S. economy money stock concerns the amount of currency. In 2007 the currency in circulation was $759 billion. To put this number in perspective divide $759 billion by 232 million, the number of adults in the United States. This equals $3272 per adult. This is a surprising number, people don’t normally have this much cash in their possession. Where is all this currency? There are two likely explanations, it is · held in foreign countries where people often prefer U.S. dollars to their domestic currency · held by criminals such as drug dealers and tax evaders … For most people in the U.S. economy, currency is not a good way to hold wealth. Currency is held only in small amounts because it · can be easily lost or stolen · does not earn interest as does a bank deposit Criminals avoid putting the...
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Thursday 827

  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 29 of 36 The Monetary System Section 7 of 22 … Why aren’t credit cards included as part of the economy's stock of money? Since they are used to make purchases they seem to be a method of payment. Credit cards are excluded from all measures of money quantity because they are not really a method of payment but rather a method of deferring payment. When you use a credit card to buy a meal the bank that issued the card immediately pays the restaurant. At a later date you repay the bank from your checking account. The balance in your checking account is part of the economy's money stock. Debit cards automatically directly withdraw funds from a bank checking account to pay for a purchase. So, a debit card is more similar to a check than a credit card. … Although credit cards are not a form of money they are important in monetary system analysis. People who use c...
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Monday 824

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  Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 10 Money and Prices in the Long Run Chapter 29 of 36 The Monetary System Section 6 of 22 … Figure 1 – Two measures of the money stock for the U.S. economy The two most widely followed measures of the money stock are M1 and M2. Data for year 2007. ... How do we measure the amount of money, the money stock, in the U.S. economy? The most obvious money is currency, the paper bills and coins circulated by the public. Currency is not the only asset you can use to buy goods and services. Stores commonly also accept personal checks. So, to measure the money stock you would include checking accounts. After including checking accounts as part of the money stock we are led to consider the large variety of other accounts people hold at banks and other financial institutions. … Bank depositors usually cannot write checks on their savings account balances. But they can easily transfer funds from savings to checking a...
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Scot and Fumiko pictures and information

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  Fumiko Scot's information: Weight at 166 pounds, got to 160 pounds five years ago and have recently been bouncing between 163 and 168. Common sense ways to lose and keep off weight are eat right and light and get lots of exercise. Main exercise is walking, do 1~2 miles most days. Over career worked as a salesman in the steelmaking, fasteners, and auto manufacturing industries, lots of travel in U.S., Canada, Mexico, and Japan. Have visited every U.S. city with a major league, MLB, NFL, NBA, NHL, sports team except Sacramento, have gotten as close as Travis Air Force Base. Often traveled on Sundays, much time on the road so could not eat right and get enough exercise so got heavy, up to 200 lbs. Was on commission and made enough to retire early, able eat good food and get enough exercise. Now spend most time reading and writing. Our Wick branch goes back to the brother of owner of the Wick House at Morristown National Historical Park in Morristown New Jersey, and on back to Staine...
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HAT Manifesto Part 1 of 2 Rubric Cube Veracity and or Efficacy - 260802 edit

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  “The world we see that seems so insane is the result of a belief system that is not working. To perceive the world differently, we must be willing to change our belief system, let the past slip away, expand our sense of now, and dissolve the fear in our minds.” - William James “All experience has shown mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.” - Thomas Jefferson “Wherever good fortune enters, envy lays siege and attacks it. And when it departs, sorrow and repentance remain behind.” - Leonardo da Vinci “Struggle is the indispensable accompaniment of progress. If men were entirely social, man would stagnate. A certain alloy of individualism and competition is required to make the human species survive and grow. Without qualities of an unsocial kind men might have led an Arcadian shepherd life in complete harmony, contentment, and mutual love. But in that case all their talents wou...
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