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  • feedwordpress 09:01:51 on 2015/12/14 Permalink
    Tags: , banks, , finance, , , money market accounts, Regulation Q,   

    “Money doesn’t talk, it swears”*… 


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    In 1858, the United States was an industrializing nation with a banking system stuck in frontier times… Heated battles over ‘the money question’ came to dominate the country’s politics, but no matter how unsatisfied the people, any solution that tended toward centralization was, due to the prevailing prejudice, off the table.

    America was a monetary Babel with thousands of currencies; each state regulated its own banks and they collectively provided the country’s money. Officially, America was on a hard-money basis, but the amount of gold in circulation was insignificant…

    And therein hangs a terrific tale, “Printing Money,” an excerpt from America’s Bank: The Epic Struggle to Create the Federal Reserve in the always worthy Delancey Street; read it here.

    * Bob Dylan

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    As we bite our coins, we might recall that it was on this date in 1982 that money market deposit accounts were first offered by banks and S&Ls across the U.S.  Pioneered in the early 70s by brokerage houses, the accounts were a way around the Regulation Q prohibition on interest payments n demand accounts.

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  • feedwordpress 08:01:00 on 2015/05/18 Permalink
    Tags: bank, , , , finance, investment, IPO, , ,   

    “Got no checkbooks, got no banks”*… 


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    Trinidad and Tobago, the tiny twin-island nation off the coast of Venezuela, has struck gold. Its newly re-released $50 note (TT) earned top billing in this year’s competition convened by the International Bank Note Society (IBNS).

    Designed in partnership with the British banknote manufacturer De La Rue to commemorate the 50th (golden) anniversary of the country’s Central Bank, the $50 note shows familiar takes on its national symbols like its coat of arms, a red hibiscus flower, and a red capped cardinal bird, its wings fanned out like a palm tree. The back of the note depicts a smiling carnival dancer, collaged in front of the 22-story Central Bank and Ministry of Finance twin towers, which are the tallest buildings in the entire country…

    Read the whole story and see the runners-up at “The world’s best banknotes of the year.”

    * Irving Berlin, “I Got the Sun in the Morning”

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    As we reach for our wallets, we might recall that it was on this date in 2012 that Facebook went public.  The IPO was the biggest in technology and one of the biggest in Internet history, with a peak market capitalization of over $104 billion.  Some pundits called it a “cultural milestone”; in any case, a great deal of money was “printed.”

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