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vox kadavergehorsamkeit
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Monetary-Base Confusion - Steve Saville - Speculative Investor

A very good article in all respects but one. Mr. Saville failed to note that there are actually 2 types of bank reserves. There is the one he mentioned, those that banks are required to keep with the central bank. But there is also what is called excess reserves and those can be accessed at a moments notice. Were the Fed to stop paying interest on the excess reserves, they would quickly find their way into the economy.

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Beginning of the headline :We occasionally see articles where the monetary base is wrongly discussed as if it were akin to the money supply or as if the change in the monetary base indicated the amount of monetary inflation in the economy. We'll now outline the differences between the monetary base and the money supply and explain how these differences are related to the contrasting inflation situations in Japan and the US.The monetary base (MB) is made up of bank reserves and physical currency (notes and coins). Bank res... Read More

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