Federal Reserve Bank

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Looking past the Myths


the Meticulous & the Meaningless

I'm fond of saying YeNom is the reverse of money. It is perhaps reasonable then to clarify some basics regarding the world's most popular money. Fortunately we have classic comments from Alan at our disposal to serve as authentic examples of popular legends. Reacting to my post “The thought provoking Eric Harris-Braum”, Alan argues, “... referring to [the] introduction of government money, you say, ‘… money is injected into the economic area via bank loans (so it is never free and always burdened with interest). Plus it trickles down from the money moguls to the producers.’ I believe you are looking at this with blinders on! Bank loans are in the middle of the cycle, not at the beginning. Banks can only lend money they possess. They do not create it. The government does that, lending initially created money to the banks to re-lend. Banks also re-lend money from deposits. These deposits come from both the moguls and the peons, meaning it both trickles down and up (i.e., it is again with blinders that you ignore an important part of the overall equation).

To best deal with these typical assertions, I naturally turned to our friendly fiend the Internet. And while the majority of the results coughed up by an initial search are expected to be crude, this particular monetary topic was considerably comical. Government sources are particularly prone to avoid substance and gravel in trivia. Although many ‘authorities’ may welcome Alan's viewpoints and want to encourage them, I still could not find any instance where the line was crossed with blatant falsehoods to justify anything like Alan purports. Not even the Bureau of Engraving and Printing with the incredibly intriguing domain name of moneyfactory.gov offered any support for Alan's claims.

Introductions - Part I


Fri Mar 3 07:29:21 2006 – This is the first and hopefully the worse post that I'll ever make to the Monetize blog!
* Explore the inspiring eye of Photographer Julian Cash *

Well, this is it - the start of my precious blog!

Upon awaking this morning I was greeted by a fresh kindly inspiration which promised that today was a grand time to launch my damn blog. Nevertheless, I have a dozen fine reasons NOT to begin this just yet. After all, it was only yesterday that I got WordPress installed on my WEB site. And while I'm not the perfectionist that some like to accuse me of being, I do like to do things (half-way) right. And several matters are (quite honestly) not up to my normal standards. For instance, I'd ordinarily insist on doing a unique customized look for this blog (WordPress and others provide a presumably rich array of ‘Theme Resources’ but I'd still need to develop my own). Not to mention .....

Yet in spite of all my good excuses it occurred to me that the struggles involved in developing my material and organizing a clear vision could itself be worthy blog content. Besides, today's date seemed modestly momentous. It's another day between the birthdays! The first was August 11 - the date between my daughter's birthdays and a favorite day to share some special time with my girls. While March 3 falls between the birthday of my sister Sue and my cuñada. Does that mean I'm into ‘magic’? Definitely YES, but not in the way 666 out of 777 would ever guess.

Anyway, the above should suffice as the first chapter of an ongoing personal introduction.

So this is — “Monetize” (Regarding our 2nd greatest invention)


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