3.0 - GLOSSARY


This section contains a glossary of terms agreed upon by debate consensus.

ACCELERATOR EFFECT
Explained in Layman's Terms.

CURRENCY
The physical aspect of our money supply --
Federal Reserve Notes and metal coins.

GOLD STANDARD
A monetary standard under which the basic unit of currency is equal in value to and exchangeable for a specified amount of gold.
-- American Heritage Dictionary 1992

INFLATION

Inflation in Layman's Terms

money-ethics@uwsa.com by (Attn':) Paul Hanson

From"Lightning Over The Treasury Building",

by John R. Elsom. First published in 1941

MONEY
The medium of exchange, in dollar denominations, created by the Federal Reserve System, in the form of account balances, Federal Reserve Notes, and metal coins.

MONEY, DEBT-BASED
Money based on the principal of credit extended by a Private Commercial Bank. An evidence of debt.

MONEY, WEALTH-BASED
Money based on the productivity of labor. An evidence of wealth.

MONEY SUPPLY / MONEY STOCK
The sum total of money in the three money categories:

M1
Currency (and travelers checks)
Demand deposits
NOW and similar interest-earning checking accounts

M2
(M2 includes M1)
Savings deposits and money market deposit accounts
Time deposits under $100K (excluding IRA and Keogh accounts)
Retail-type money market mutual fund balances
Overnight re-purchase agreements (Rps)
Overnight Eurodollars

M3
(M3 include M2, which includes M1)
Large time deposits
Wholesale-type money market mutual fund balances
Term (beyond overnight) Rps
Term Eurodollars

MULTIPLIER EFFECT
Explained in Layman's Terms.

PURCHASING POWER
The effective exchange value of a monetary unit such as the dollar for a given purchase.
Usually meaningful only when expressed as the historical differences in exchange values.

WEALTH
A valued natural resource or product of labor.


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