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Lessons For E-Money From The U.S. Experience With Bank Notes

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by Warren E. Weber - Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta

Today"s institutions and technologies differ from those that existed in the past. Nonetheless, many past institutions and technologies are similar enough to those that exist today that much can be learned from studying their history. The notes issued by banks in the United States prior to 1933 are one such case. Bank notes were distinguishable by issuer and were payable to the bearer in gold or silver on demand. As a result, they share many of the characteristics of the financial instruments that are and would be classified as e-money.

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What We Read Today 23 May 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).

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Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

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 more features, analysis, studies, and news published in the last week

The Redistributive Consequences Of Monetary Policy

from the Philadelphia Fed

The Federal Reserve conducts monetary policy in order to achieve maximum employment, stable prices, and moderate long-term interest rates. Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. Any decisions regarding redistribution are considered to be the province of fiscal policy, which is determined by elected policymakers.

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Infographic Of The Day: Health Care For Small Business

Is your small business paying too much for or can’t afford a group healthcare plan?

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Video of the Day:

There's an astronaut saying: In space, "there is no problem so bad that you can't make it worse." So how do you deal with the complexity, the sheer pressure, of dealing with dangerous and scary situations? Retired colonel Chris Hadfield paints a vivid portrait of how to be prepared for the worst in space (and life) -- and it starts with walking into a spider's web.


video of day picture





FOREX NEWS by DailyForex

No Surprises expected by Fed’s Yellen

Changes are not expected in the Fed’s plan to raise interest rates in the very near future. Fed Chair Janet Yellen will point to some progress in raising employment and lowering inflation when she meets today to discuss the economy’s progress.

Dollar Eases Back After FOMC

The Euro managed to recover some losses made in the wake of the Federal Reserve’s policy release yesterday which tended to support the greenback given that there were no Fed surprises.

Japanese Economy Expands In Q1

The Japanese economy is the third largest in the world, behind the USA and China. Roughly 60% of Japan’s economic output is consumed by the domestic market with 40% of output exported to the rest of the world.

Weak China Factory Output Number Dampen Growth Hopes

The latest report out of China, its Flash China Manufacturing Output Index, pointed to a drop in factory activity for the third straight month in May, down to 48.4 from an April high of 50.0 and hitting a 13-month low.

Dollar Recovers Broadly as Correction Falters

After several days when the pressure was high against it, the US Dollar touched a 3-week peak versus the common currency Euro and 2-month high against the Japanese Yen.
 more investing, markets, precious metals & forex

Shining a Light on the Solar Enablers



 more opinion

First QE Results are in: ECB did not Engage in "Printing Money"!

by Dirk Ehnts, Econoblog101

"Europe finally starts pumping markets with cash", CNN Money titled in early March 2015 when the ECB announced its program of quantitative easing (QE). Other press outfits wrote similar lines (Telegraph, RT, Reuters, ...) whereas some understood what was going on at the time (among others, the BBC).

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 USA economy at a glance (boxed items are updates in last 7 days)

15 May 2015: ECRI's WLI Into Positive Territory for the Third Week in a Row

ECRI"s WLI Growth Index which had spent 28 weeks in negative territory - is now in its third week in positive territory. It is now forecasting better growth later this year. ECRI also released its coincident indicator this week and is reported below.

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