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The meaning of Gary is "brave warrior".
In the U.S. in 2012, it ranked 533 in popular baby names for boys with 486 occurrences. Less than 5 girls were given the name.
View the Gary Popularity Page to see how the popularity trend for Gary has changed since 1880, or to compare the popularity of Gary to other names.
Gary is a form of the name Garrett.
Variants of the name Gary include Garey.
Gary has the diminutive (nickname) Gare.
Some famous bearers of this name include: Gary Cooper, Gary Kasparov, Gary Player.
Just for fun, see the name Gary in Hieroglyphics, learn about ancient Egyptian Hieroglyphics and write a Hieroglyphic message.
Learn about nautical flags and write a secret message on the Gary in Nautical Flags page.
Looking for something more mystical? Visit the Gary Numerology Page.
Biblical names are still very prevelant. Nature, literature, mythology, celebrity, surnames, variants of traditional names and newly invented names are all sources of English given names.
The evolution of English names in the U.K. can be traced to the various conquests and ruling power changes of its early history. The evolution of English names in America has been more influenced by the various influxes of immigrants from different parts of the world during different times in its history.


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Forbidden Arms
Challenge hordes of ninjas in this epic action adventure game.
4.11 / 5.00 35,210 ViewsKeep An Eye
Help strange creatures to bring the eye to a mysterious customer.
3.75 / 5.00 9,153 ViewsLog in to save your medals! Don't have an account? Create one for free!
Collect all the puzzle pieces
ok having gotten all the medals i have some things to say, first of all for a puzzle game it is well done, but for the difficult levels it got a little tedious. i mean by that time i know what the puzzle is i just had to find where each piece went. it would be nice for music variety, and a way to select multiple pieces (for the difficult games had to move all the pieces close enough then zoom in) and in the lower right and left corners pieces get stuck there and are hard to obtain with out zooming in and out and that can hurt you on the timed puzzles, i liked the idea, but would like a "longer" version meaning a wider variety of puzzles, or just more would work too. but for a puzzle game i give you high marks, just a little short in a few areas.
Thanks for the comment. I'll think about it
Nice. Altho I think puzzle should be done "really", not virtually :o)
I'm not much into puzzle games, but this is an exception. It's actually fun, and i enjoy playing it so far, even though I've only gotten 2 puzzles done so far.
Good game with soothing music, which is the same all the time, but hey that's okay. I personally would add the ability to connect tiles outside of the inner frame as well so you can move around already fitting tiles as groups to put them in as soon as you know where they're supposed to go.
Really good time waster with difficult levels deserving the title.
good game for people who really like computer puzzles. also very easy to get bored though. maybe if there was something interactive? or some different wow factor every once in a while.
"wow factor" good idea but it's just a puzzle

subset: commoncrawl


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In 1905 Thomas Fentiman was approached by a fellow tradesman for a loan - a deal was struck, as in those times an Englishman''s word was his bond. All that was required was a hand-shake and some security - in this case a recipe for botanically brewed ginger beer.The loan was never repaid, and so Thomas Fentiman became the owner of a unique and rather original recipe for success.
A 'jigger' is an old fashioned term for good measure. For the love of the two oranges, each bottle contains more than 30% of pure mandarin juice, enhanced with natural seville orange flavour.
Who else but Fentimans could revive the full bodied shandy so successfully!
Colas originated from apothecaries and were heralded as elixirs with health enhancing properties. Legislation prevents making wondrous claims but the Fentimans cola is indeed curious through the inclusion of Catuaba & Guarana extracts.
The stimulating combination of smooth botanicals and dry sharpness - everything you might imagine old-fashioned cloudy lemonade to be.
All natural and made in the time honoured tradition, using the finest Chinese Ginger Root, it is Fentimans best known product and enjoys a growing following around the world.
Full strength infusions of Dandelion & Burdock create the unmistakable aroma and distinctive palate of this classic beverage.
Ginger Beer - 0.5 abv 12 x 27.5cl
Victorian Lemonade - 0.5 abv 12 x 27.5cl
Seville Orange Jigger - 0.5 abv 12 x 27.5cl
Curiosity Cola - 0.5 abv 12 x 27.5cl
Dandelion & Burdock - 0.5 abv 12 x 27.5cl
Point of Sale
Fentimans Website


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Zoopla appear not to know the difference between a terraced property and a detached bungalow. As the actual homeowner I am unimpressed not to mention insulted by their incompetence...I suggest they check their data in future.
Fraser Jacks found this review useful
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A collection of news and information related to Casablanca (movie) published by this site and its partners.
Top Casablanca (movie) Articles
Displaying items 25-36
'Pi' Star Sean Gullette Talks About Making 'Traitors' in Morocco and His Sophomore Project
Story | Dec 10, 2013 | 4:30 PMA Boston native living between Tangier and New York, Sean Gullette, the star of Darren Aronofsky's "Pi," made a bold directorial debut with "Traitors," a suspense-packed thriller starring promising newcomer Chaimae Ben Acha as the leader of a punk rock... -
Pope Francis can be a player in Ukraine's identity crisis
Internet sales shed light on price range for vintage lamp
Story | Sep 30, 2013 | 6:30 AMQ: I saw a small Pairpoint "puffy" lamp with lilacs, flowers, and butterflies on the 8-in. shade. The base is tree-shaped brass. What is the price range for this fine specimen? A: To clue readers, The Pairpoint Manufacturing Co. of New Bedford, Mass.,... -
Jules Witcover: Deniability becoming a problem for Obama
Column | Oct 30, 2013 | 2:30 AMWASHINGTON -- Probably not since Claude Rains as Police Capt. Louis Renault in "Casablanca" claimed he was "shocked, shocked" to learn gambling was going on in Rick's Café has there been a more celebrated a case of deniability than the defense of... -
Grint Tops 'Foosball' English-language Cast
Story | Sep 22, 2013 | 2:30 PMSAN SEBASTIAN - "Harry Potter" star Rupert Grint will lead the English-language voice-cast of Juan Jose Campanella's animated 3D feature "Foosball," which bowed to strong applause and cheers at San Sebastián Friday, opening the Spanish Festival. Grint... -
Grint Tops 'Foosball' English-language Cast (EXCLUSIVE)
Story | Sep 22, 2013 | 2:30 PMSAN SEBASTIAN -- "Harry Potter" star Rupert Grint will lead the English-language voice-cast of Juan Jose Campanella's animated 3D feature "Foosball," which bowed to strong applause and cheers at San Sebastián Friday, opening the Spanish Festival.... -
Is your Facebook profile hurting you?
Column | Sep 30, 2013 | 6:30 AMYour Facebook profile may be doing you more harm than good. What you choose to include on your Facebook profile can alter not only what people think about you but also the way they treat you. Are you the kind of person who gets to know someone before... -
After 75 Years, 'The Wizard of Oz' Still Has Secrets to Tell
Story | Nov 6, 2013 | 12:30 PMIn case there was any doubt, "The Wizard of Oz: The Official 75th Anniversary Companion" confirms that no film has entered our pop-culture subconscious as deeply as that 1939 MGM classic. Even a quick glance at the just published book conjures up names... -
Heads Keep Rolling in Hollywood
Story | Nov 7, 2013 | 10:30 AMFrom the time the first movie studios were founded, Wall Street has viewed the entertainment business somewhat like the Tea Party views Washington: Spending is too high, ambitions are too grandiose. That's why investors see the continuing wave of... -
Porsche Cayman S goes beyond beautiful
Dubai Announces Muhr Arab Feature Films Lineup
Story | Nov 13, 2013 | 8:30 AMROME - The Dubai International Film Festival has announced the lineup of its Muhr Arab feature film section which will focus on "Arab citizens and their condition after the momentous changes that have recently taken place in their respective countries,"... -
Score One for Movie Maestros: Audiences Grow for Film-Music Concerts
Story | Nov 14, 2013 | 10:30 AMOn a Friday night last month at UCLA's Royce Hall, British conductor John Wilson led a 97-piece orchestra and 36-voice choir in two hours of selections from classic MGM musicals. By the end of the performance, an invitation-only crowd of 1,000 industry...


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In 1957, a new medicine appeared on the market. Thalidomide was an effective sedative, but it was also promising as a treatment for pregnant women because it quelled nausea and vomiting. And scientists had great confidence in thalidomide's safety. It had been tested extensively on mice and found to be nontoxic. It was so harmless, […]
All posts tagged 'thalidomide'
How the Inbred Lab Mouse Helps Reprogram the Human Genome
- February 22, 2010 |
- 12:00 pm |
- Categories: Wired March 2010


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Cheap ski holidays in hundreds of ski resorts worldwide.
Nb: infants must be under the age of 2 and children must be under the age of 12 at the time of return.
Ideally located opposite one of the nursery slopes and 300m from the village centre this superior hotel offers a high standard of service and cuisine.
Iglu acts as a travel agent for disclosed principals/tour operators, further details of which will be made available at the time of booking. Your holiday contract will be bound by the tour operators terms and conditions.
Prices are shown for a basic room or unit, can be subject to change and are indicative until time of booking. Please call on 0208 544 7114 for prices for other travel and room options for this property. The price shown includes 7 nights accommodation (unless otherwise stated) , with flights from Gatwick. Ski Pass is not included. Prices shown are Per person per week based on maximum occupancy. Descriptions and quality ratings are provided by the Tour Operator (or one of the Tour Operators where similar holidays are offered by more than one supplier). We reserve the right to make minor adjustments to the description or rating based on staff and customer feedback. For payments by credit card, a 2.5% credit card charge (4% for AMEX) will be added to your invoice. If you pay by a UK issued debit card, there is no charge. All bookings are subject to a £5 per person Passenger Admin Fee charged by Iglu.com.


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8. Brad Pitt and Angelina Jolie take the kids sight seeing in Venice, Italy.
2. BEST: Camilla Alves had Spring in her step, looking lovely in a lavender
dress and blue coat in NYC.
Save 50% off newsstand price
Download this week's issue of OK! Magazine for only $1.99
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Tags: Amber Rose, Amy Adams, Avril Lavigne, Benji Madden, Brett Michaels, Camila Alves, Courtney Love, Freak Or Chic Friday, Gabrielle Union, Jennifer Aniston, Katie Holmes, Kourtney Kardashian, Lady GaGa, lindsay lohan, Paris Hilton, Phoebe Price, Pink, Rose McGowen, Ryan Phillippe, style, Wndy Williams


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Posted by Angella Dykstra on 12th December 2012
Categories: Food & Cooking
No comments yet
By Jen Wilson from Hey, Mrs. Wilson!
I'm not huge on the whole Christmas season thing, but one thing I do like about it is baking some of the things I remember having as a kid. That's how holidays work, don't they? The rest of the year you try not to be like your parents, but when holidays roll around, you find yourself emulating your parents, wanting everything to be like it was when you were a kid. Just me?
One of my very favourite recipes I've asked my mom for is the one for Speculaas Cookies. They're Dutch spice cookies, pronounced "spake-lass". My grandma always had the store-bought version around when I was a kid, which my brother and I dipped in apple juice. The cookies had pictures of windmills and Dutch people on them, and we called them "Grandma and Grandpa Cookies". I don't know why. I'll have to ask my grandma next time I see her.
Ingredients: 2 cups brown sugar 1 1/2 cups butter 3 1/2 cups flour 1 egg beaten 1 tsp baking powder 1 scant tsp salt 1 tsp cinnamon 3/4 tsp ground cloves 1/2 tsp nutmeg 1/2 tsp allspice 1/2 tsp ginger
Method: Cream the butter and sugar. Add the remaining ingredients and stir. The mixture will form a very stiff, sort of crumbly dough.
Here is where the original instructions differ from what my mom taught me to do. The original instructions say to shape the dough into a cylinder with a diameter equal to the desired cookie size, and chill it thoroughly in a covered container. Then slice it and place the slices on a cookie sheet. But I've never done it that way.
What I was taught, was to press it into an ungreased cookie tray, bake it, and cut it into squares as soon as it gets out of the oven. Because it's much easier and they taste the exact same. Or better, because they've required less effort.
Either way, bake at 350°F for 10 to 12 minutes. Store them in sealed container to retain crispness (or, in my case, softness).
I hope you enjoy them as much as I do.
Do you have a favorite family cookie recipe?
Check out our favorite things from around the web.
Check out our favorite quick and easy recipes, perfect for busy moms.
Check out money saving tips and tricks from this budget-savvy mom.


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Tag: david cameron
1. TV foresees its future; Netflix is there (New York Times) 2. Study: People aren't clicking on online ads (Business Insider) 3. Cameron cracks down on 'corroding influence' of online pornography (Guardian) 4. Nate Silver of FiveThirtyEight Blog to join ESPN (New York Times) 5. Forget second screen apps; today, TV is the second screen (GigaOm) 6. All [...] more »
Welcome to the 64th episode of the Mediatwits podcast, with Mark Glaser and Rafat Ali as co-hosts. We're back from the Turkey Day break and there's more news than ever: Jeff Zucker takes the reins at CNN; Marissa Mayer is leading a renaissance at Yahoo; and Facebook is shifting its privacy rules — again. But [...] more »
The best stories across the web on media and technology, curated by Lily Leung.1. CNN launches its own feature film banner, CNN Films (TVNewser) 2. The newest factchecker: Reddit (The Atlantic) 3. British Prime Minister David Cameron sends his first tweet (AllTwitter) 4. BuzzFeed relies on sponsored content shared by social media users (WSJ) 5. [...] more »
The phone-hacking scandal seems to have everything: tabloids chasing celebrities, celebrities suing news organizations, police getting bribes, politicians cozying up to media moguls, media moguls questioned at Parliamentary hearings, and a media mogul's wife showing off her mean left hook vs. a pie-throwing, tweeting comedian. It has certainly set social media, cable TV (except for [...] more »
The revelations coming out by the hour in the U.K. phone-hacking scandal are breathtaking. What began as supposedly a rogue operation by a gossip reporter and a private investigator have now allegedly widened to include many more editors, reporters, investigators, bribes to police and the shutdown of the best-selling newspaper in the English language — [...] more »


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Page Visits (since 3/15/09) |
Soccer Page Links: Soccer Main Page  Registration Information  Age Levels  General Q & A  Soccer Program Registration Q: How do I register?A:You can register at any of our registration dates, or print out a copy of our registration form (in duplicate) from the Sign Up! link here on our website, and mail both copies to the WAC P.O. Box on the form. Include the registration fee (and late fee if applicable). Q: How do I know when/where the registration times are?A: There are several ways we communicate the registrations times and dates, but in general, they begin in late May/Early June so be on the lookout before school gets out in the spring. Look on this websites home page and/or soccer page for the registration times/locations. Look on the Channel 6 community access channel. Look for handouts from your children that are passed out at school. Look on the school/old town hall message boards. Late Registration usually begins in Mid July. Q: How do I know my registration was received?A: Please pay by check made out to the Weare Athletic Club or WAC. Your cancelled check is your receipt. If your check does not get cashed in a reasonable amount of time, please contact us to find out the status of your registration. Q: Money is a bit tight, can you reduce or waive the registration fee?A:In cases of hardship we will consider reducing or waiving the registration fee. In return we ask that you help out with the program. Lining the fields, working the concession stands and even refereeing are things we are always looking for. Q:Im new to town and just found out about the Weare Athletic Club, but the registration deadline has passed, do I need to pay the late registration fee?A:No, if you are new to town, if you explain the situation to us we will waive the late registration fee. However remember, while we will do our best to accommodate all registrants, a late registration does not guarantee a spot on a team. Q: I forgot to register before the late registration deadline, what do I do?A: Please read follow the information / instructions below carefully to receive the quickest consideration for late registrations:PLEASE provide an e-mail address that you check frequently. Send in your late registration (in duplicate) to either the WAC P.O. Box or the soccer director directly, as soon as possible with a check for the regular registration amount plus a $10 late registration fee. If you register late and do not include a late fee (exceptions noted above), your registration will be returned. A late registration does not guarantee a spot on a team. If we cannot place your child on a team your registration fee will be refunded. If your registration arrives BEFORE we have our coaches meeting which is usually in Early to Mid August: If there are no spots open, you will be placed on a wait list we will e-mail you to let you know. If players withdraw and a spot opens up, we will contact you. If we are able to assign your child to a team he will be notified by his coach when practices start.If your registration arrives AFTER we have our coaches meeting which is usually in Early to Mid August: If there are no spots open, you will be placed on a wait list. We will e-mail you to let you know. If players withdraw and a spot opens up, we will contact you. If spots are available when your registration is processed, you will be forwarded via E-Mail, a list of coaches have not yet indicated that their teams are closed to new registrations. It will then be up to you to contact the coaches to find one who is willing to take your child. If you find a coach willing to place your child on his/her team:Your coach must e-mail/contact the soccer director that you have been accepted on his/her team. You must make a third copy of the registration form to take to your coach at your first practice or game. We will try to keep the coach list as updated as possible, but just because a coach is on the list does not mean they are still accepting registrations. Also please understand they are NOT required to accept your late registration. We will do our best to accommodate everyone as best we can but remember there is no guarantee that we can place your child on a team. Registrations recieved after teams have been selected are at the discretion of the coaches, We will do our best to accommodate everyone. Late registrations are not necessarily first come, first served. Q: My Son/Daughter had decided to withdraw. Can I get a refund?A: Yes we will refund a registration fee if you decide to withdraw from the program. E-mail us a request with the name and address that you wish to have the refund sent to. NOTE: Please try to withdraw as soon as possible. It is difficult to estimate team sizes if people wait until the last minute to withdraw, so try to plan accordingly. The Middle School Teams dont make their selections until very late so this is at times unavoidable. In cases where you may be considering other options for fall sports for your kids, do all the teams a favor, and make the decision as soon as you can.Q: Are Late Registrations and Late Withdrawals a pain to deal with?A: Why yes, in fact they are, Thank you for asking. We will however do our best to accomodate.Weare Athletic Club 2014 Mott The Hoople |


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EconlibThe LibraryOther Sites |
Front Page Titles (by Subject) 6: Economic Reserve Requirements - The Theory of Free Banking: Money Supply under Competitive Note Issue
Return to Title Page for The Theory of Free Banking: Money Supply under Competitive Note IssueThe Online Library of LibertyA project of Liberty Fund, Inc.Search this Title:Also in the Library:
6: Economic Reserve Requirements - George A. Selgin, The Theory of Free Banking: Money Supply under Competitive Note Issue [1988]Edition used:The Theory of Free Banking: Money Supply under Competitive Note Issue (Lanham, MD.: Rowman & Littlefield, 1988).
About Liberty Fund:Liberty Fund, Inc. is a private, educational foundation established to encourage the study of the ideal of a society of free and responsible individuals. Copyright information:This title has been put online with the permission of the author. Fair use statement:This material is put online to further the educational goals of Liberty Fund, Inc. Unless otherwise stated in the Copyright Information section above, this material may be used freely for educational and academic purposes. It may not be used in any way for profit.
6Economic Reserve RequirementsThe finding that free banks will maintain monetary equilibrium even as the demand for money changes rests upon the claim that the reserve multiplier alters in sympathy with changes in the demand for inside money. Many conventional discussions contradict this claim. Some treat the reserve multiplier as an institutionally given constant, rather than as a variable that adjusts in response to changes in the public's behavior and in response to bankers' reactions to changes in the public's behavior. Others go to the opposite extreme and hold the reserve multiplier to be, in some situations at least, indeterminate. The purpose of this chapter is to show that both of these alternative views are, for a free banking system, incorrect. The Conservation TheoryThe view that the reserve multiplier is a constant may be dubbed the "conservation theory" of bank money.1 It concurs that an individual bank may expand or contract credit as a result of persons holding greater or lesser amounts of its liabilities. But it denies that system-wide expansions or contractions of the money supply can happen in response to changes in aggregate demand: individual banks may gain or lose business relative to one another, but gains by some banks are always compensated by losses of other banks.2 As long as the reserve base is unchanged, the system as a whole will support only a certain amount of inside money—no more, no less.3 The conservation theory looks upon the volume of liabilities in a banking system as if it were like the volume of water in a waterbed. A little pressure on one part of the waterbed reduces the amount of water there but causes an equal increase in its amount somewhere else. Likewise, a fall in the demand for one bank's liabilities is supposed to cause that bank to contract, but only with the accompanying effect of an offsetting shift of reserves and lending power to other banks. In contrast, an increase in supply of one bank's liabilities is held to be possible only if its rivals contract. In money and banking literature the conservation theory is generally expressed in terms of bank deposits only, since competitive note issue is rarely discussed. John Philip Wernette's argument (1933, 32) that "an effective thrift campaign cannot increase the total deposits of an entire banking system" is typical: If A is persuaded to reduce his expenditures on consumers' goods below his cash income, and to build up a bank deposit with the difference, A's Hoarding is matched by an equivalent amount of Dis-hoarding on the part of other persons. Their bank balances decrease as A's increases; the total deposits are not changed by A's action. A's bank, by its thrift campaign, may thus succeed in increasing its deposits; but only by drawing on the deposits of other banks. Another example is George Clayton. Although he concedes that banks may respond positively to growing demands for inside money in the early stages of their development, Clayton denies that this is possible in the "developed stage" of banking. He states that the "immobilization" of part of a bank's liabilities as the result of deposits "left inactive at the bank . . . does not put the bank in a position to lend or invest any more money than before."4 Thus deflation, according to Clayton (1955, 98), "can only be overcome by a deliberate policy of credit expansion under the direction of the central bank, which would have to provide the extra cash reserves necessary to maintain the [reserve] ratio." Other theorists have made similar statements denying the possibility of a general contraction of inside money given a fixed amount of bank reserves. The problem with the conservation theory is that it miscomprehends the forces that determine banks' need for reserves. It assumes that this need depends only on the amount of banks' outstanding liabilities and not on the demand for these liabilities relative to income as it affects their turnover.5 This error may stem from conservation theorists' identification of economic reserve requirements with statutory reserve requirements. These are legally prescribed, minimum ratios of reserves to total liabilities. Obviously statutory reserve requirements are institutionally "given," and they set an upward limit to the reserve multiplier. But statutory reserve requirements do not exist in all central banking systems, and are absent from a free banking system. Under free banking, reserve requirements are determined by the optimizing decisions of bankers. They are economic, rather than statutory, requirements. Granting this, the critical questions become, what factors determine a free bank's economic reserve demand?6 and will this reserve demand necessarily be a constant fraction of a bank's total outstanding liabilities? Determinants of Reserve DemandA free bank's economic reserve demand for any planning period can be thought of as having two components. These are, first, a component equal to what the bank, because of the structure of its assets and liabilities, anticipates will be the difference between its total clearing debits and its total clearing credits for the period—its "average net reserve demand"—and, second, a component to cover the bank against any adverse clearings it may face during the planning period that (singly or cumulatively) exceed its average net reserve demand. The latter component is the bank's "precautionary reserve demand."7 It protects the bank, not from such adverse clearings as might be predicted given a determinate structure of the demand for the bank's liabilities, but from temporary, random fluctuations in these adverse clearings above their expected value. A bank that fails to hold precautionary reserves might, on average, have credit clearings equal to its debit clearings, so that its average net reserve demand would be zero. Yet the bank would stand a great risk (one chance in two in fact) of being unable to redeem all its debits at the clearinghouse during any particular clearing session if it held zero reserves. It follows that banks have to hold positive precautionary reserves so long as the exact incidence of clearing debits is unknowable or uncertain,8 and even though they may have no reason to doubt that their clearing debits and credits will be equal in the long run.9 Both of these components of a free bank's reserve demand are related to the total clearing debits it faces, and not necessarily to the total of its outstanding liabilities. Moreover, the quantity of a bank's liabilities returned to it through the clearing mechanism depends just as much on their average turnover as on the quantity of them outstanding. Thus, to take the limiting case, additional liabilities with zero turnover would not add to an expanding bank's reserve demand, and contraction of zero turnover liabilities by a bank would not add to its excess reserves. On the other hand, a bank's reserve demand may increase even though it has not expanded its liabilities, because turnover of its liabilities has increased. Finally, a bank's reserve needs may fall although its liabilities are unchanged because the average period the public holds its liabilities has increased. In long-run equilibrium the average net reserve demand for every bank in a system with a fixed supply of reserve media has to be zero. A bank cannot continue to suffer a positive average net reserve demand without eventually disappearing, and it cannot have a continuously negative average net reserve demand unless it fails to exploit fully the demand to hold its liabilities and hence its lending power. Profit-maximizing banks will strive to adjust their outstanding liabilities to compensate for demand-induced changes in their net clearing debits so as to keep their average net reserve demand equal to zero: a bank that expects to acquire more reserves than it expects to lose during a planning period (because the demand to hold its liabilities has increased) will expand its loans and investments to make up the difference; one that expects to lose more than it gains (because the demand to hold its liabilities has fallen) will contract. A bank that does not adjust its issues when faced with changes in the demand for them is in no less unprofitable a position in relation to its rivals than one that overexpands or underexpands relative to its rivals when faced with an unchanged demand for inside money. Does extending this conclusion to the banking system and hence to adjustments in aggregate liabilities involve a fallacy of composition? It does not, because expansion by any one bank in response to reduced clearing debits against it does not, in the case of an increased demand for (reduced turnover of) its liabilities, involve any reduction of the reserves or lending power of rival banks. Indeed, such expansion actually prevents the redistribution of reserves that would occur if the supply of inside money were not adjusted in response to demand. The same holds for credit contractions by individual banks when these contractions serve to maintain an equilibrium of supply and demand for their liabilities. Uniform Changes in Money DemandWhat has just been said refers only to actions brought about by banks' desire to maintain zero long-run net average reserve demand, that is, by their need to remain in equilibrium in relation to one another. It leaves a very crucial issue unaddressed—an issue that is sometimes raised in connection with the conservation theory. Granted that particular banks may contract or expand the aggregate sum of bank liabilities to stay in line with other banks in the face of changing demands for their liabilities only, what incentive can there be for system-wide expansion or contraction when all banks are confronted by equal and simultaneous changes in the demand for their issues? For example, if there is a general fall in the demand for inside money that uniformly raises the gross clearings of all banks no single bank will suffer a deficiency of average net reserves. Each will have its debit and credit clearings increase in equal amounts, with no change in adverse clearings. Similarly, if all banks witness equal increases in the demand for their issues, none will feel a need to expand in so far as the only motivation to do so is to prevent excess reserves (due to positive clearings) from accumulating. Obviously banks have no incentive to contract or to expand under such circumstances if their only motivation for doing so is to keep in step with one another; they are already in step, and a uniform increase in inside-money demand will not put any of them out of it. Does it follow, therefore, that under such conditions the banks do nothing, so that the conservation theory is correct? The answer is an emphatic "no." Forces operate in a free banking system to make the supply of inside money adjust to changes in demand even when such changes fall upon the banks simultaneously and uniformly. The reason for this has to do with the precautionary demand for reserves. Unlike the average net demand for reserves, the precautionary demand is affected by unaccommodated, uniform changes in the demand for inside money. The reasons for this are discussed in detail in the literature on precautionary reserve demand, beginning with Edgeworth's pioneering article.10 The essential conclusion of this literature, based on the law of large numbers, is that the precautionary demand for reserves rises or falls along with changes in the total volume of gross bank clearings, though not necessarily in strict proportion to the change in gross clearings. Specifically, a uniform increase in the total volume of clearing debits due to an increase in the frequency of payments (such as would occur if there were an across-the-board fall in the demand for inside money with income constant) requires that precautionary reserves increase by a factor at least equal to the square root of the factor by which clearings have increased. A fall in the total volume of clearings will likewise lead to a fall in the demand for precautionary reserves.11 This result can be represented by a set of simple diagrams (Fig. 6.1) showing the frequency distribution of clearing debits at a representative bank before and after a doubling of the total volume of clearings. The smoothness of the diagrams implies a fairly long planning period with many clearing sessions; one might also interpret them as showing the statistical likelihood of particular net clearings based on a large number of trials. The doubling of gross clearings doubles the scale of the horizontal axis of the frequency-distribution diagram. Because of the law of large numbers, however, the distribution becomes more concentrated at its center and the variance increases, but by less than the increase in the scale of clearings. The intuition behind the square-root result is fairly simple. As the volume of gross clearings increases, so do random fluctuations in their distribution among the banks—the source of variance of net clearings faced by individual banks—only less than in proportion. This comes directly from the laws of probability. Since precautionary reserves are held against deviations of average net demand from its mean or expected value, it follows that precautionary reserve demand rises by the same factor as the variance of net clearings. Since gross bank clearings increase whenever there is an uncompensated, general decline in the demand for inside money (income constant), and gross clearings fall when there is an uncompensated, general increase in the demand for inside money, it follows that bank reserve needs are affected by changes in the demand for inside money even when these changes affect all banks simultaneously and uniformly. If a banking system has a fixed supply of reserves, the square-root law of precautionary reserve demand implies (a) that banks contract their issues in response to a uniform fall in the demand for inside money to prevent their need for precautionary reserves from exceeding the available supply of such reserves (so that they do not come up short more frequently at the clearinghouse); and (b) that banks expand their issues in response to a uniform increase in the demand for inside money so that the aggregate demand for precautionary reserves does not fall short of the available supply.12 Algebraically, with f′ and h′ > 0, where Rd is the optimum (minimum) precautionary reserve demand for the banking system, and is a measure of the variance of net clearings for a representative bank around their mean of zero for some level of gross bank clearings, G. In a state of monetary equilibrium, for some given price level, income and gross bank clearings are still positive. Let this monetary-equilibrium value of gross clearings be equal to N. Then, more generally, G = N + λ (IMs - IMd) where λ >1,13 IMs is the nominal supply of inside money, IMd is the nominal demand for inside money, and IMs - IMd is the excess supply of (or negative excess demand for) inside money. Thus G increases when there is excess supply of inside money, and falls when there is excess demand for inside money. Since Rd = f {h [N + λ (IMs - IMd)]} it follows that Rd also increases whenever there is excess supply of inside money, and that Rd falls whenever there is excess demand for inside money. If available reserves, Rs, are fixed, then any change in Rd causing it to differ for Rs must be offset by an appropriate adjustment of IMs (assuming IMd is exogenous). The square-root law of precautionary reserve demand assumes that bank clearings rise or fall due to changes in the frequency of payments. The total volume of clearings may also rise or fall because of an increase or decrease in the average size of individual payments where the frequency of payments is constant. This results in an increase in precautionary reserve demand proportional to the increase in bank clearings.14 Though this possibility gives further strength to most of the conclusions just arrived at, it also points to a potential cause of monetary disequilibrium under free banking. Consider a situation where the volume of gross bank clearings per week is $1 million, consisting of 100,000 checks with an average value of ten dollars. Now suppose that bank customers alter their spending habits by writing only 50,000 checks per week with an average value of twenty dollars. The weekly volume of gross bank clearings is still $1 million, but the smaller number of larger, "lumpier" payments leads to an increased precautionary demand for bank reserves. The tendency (given a fixed volume of reserves) is, therefore, for the supply of inside money to fall. Yet the change in the public's spending habits reflects, not a smaller, but a greater demand for money balances. So the money supply, rather than adjusting in the same direction as the demand for money (as it does when average payment size is unchanging and the volume of clearings moves inversely with the demand for money) adjusts in the opposite direction. That this is a potential defect of free banking cannot be denied. But it is unlikely to be of great practical importance. This becomes apparent if one considers that changes in the average size of payments are usually accompanied by changes in frequency in the same direction, in which case their effect is to reinforce demand-accommodating changes in money supply. The exceptional case, where the frequency and average size of payments move in opposite directions, is only likely to occur in response to a change in the general level of prices which is not itself a consequence of monetary disequilibrium. In this case a real balance effect might lead to a change in frequency of payments opposite the change in average payment size. The scope for this kind of price-level change under free banking is rather limited. Suppose though, for the sake of argument, that such a price-level change did occur, causing a disequilibrating change in the supply of inside money. The disequilibrium would be short lived, because its effect would be to reverse the movement in prices that set it in motion to begin with. Thus the potential damage from disequilibrium money-supply changes under free banking is likely to be very slight. To the extent that such changes could occur, their effect would be to counter somewhat the already limited potential for changes in the general price structure under free banking (such as when there is a general change in productive efficiency per capita). This should be kept in mind in later chapters where the special possibility considered here is ignored and it is assumed that the structure of prices adjusts fully under free banking to reflect changes in productive efficiency. Variability of the Reserve MultiplierThe variability of reserve demand implies that, under free banking, the reserve ratio (the ratio of reserves to demand liabilities) would vary considerably from bank to bank and also within individual banks viewed at different points of time. Other things being equal, a bank would operate with a lower reserve ratio when the demand for its liabilities is greater and vice versa. For the banking system, in turn, the reserve multiplier (the number of units of inside money supported, in the aggregate, by a unit of outside money) would increase with increases in aggregate demand for inside money balances, and would decrease when aggregate demand for inside money balances decreases (holding the number of banks and their market shares constant). These results show the conservation theory to be invalid for a free banking system. Moreover, they suggest that it is invalid even for a system with monopolized currency supply (which is less able to accommodate changes in demand) and even where statutory reserve requirements exist. Empirical research supports this. In the United States figures for excess reserves held by banks constantly change, and some economists have even recommended that statutory requirements be modified to reflect the diverse and continually changing turnover rates of liabilities of various banks—with higher requirements for banks with greater deposit turnover. Thus Neil Jacoby (1963, 218-19) recommends that "the legal reserve requirement of an individual bank should be proportional to the contribution of its depositors to the aggregate demand for the total national product." In this way "banks whose deposits turned over rapidly would be required to carry a higher reserve per dollar of deposit balances than banks with a low deposit turnover."15 The effect of such proposals, not acknowledged by their authors, would be to have statutory reserve requirements mimic their economic or voluntary counterparts in an unregulated system. Examples of this already exist in the United States. Lower statutory reserve requirements are imposed on certain classes of time deposits than on demand deposits, presumably because time liabilities turn over less rapidly. This arrangement approximates the actual liquidity needs for different kinds of deposits, which implies that, in a deregulated system, it would be at best superfluous. In a comparative survey of 12 nations Joachim Ahrensdorf and S. Kanesthasan also observed money multipliers that varied substantially over time and from country to country.16 They claim that variations in money multipliers were responses to changes in the behavior of the public, and not simply to changes in the demand for currency relative to total money demand which (under systems with monopolized currency supply) would alter the supply of bank reserves.17 Despite all this there is some justification for accepting the conservation theory as an approximate, though flawed, description of conditions under monopolized currency issue, even in systems without statutory reserve requirements. The reason is that, with a limited supply of high-powered money available to them, the deposit banks are limited in their ability to accommodate increases in the demand for money that involve increases in the demand for currency. The reserve multiplier in a monopolized system, given a constant supply of base money, has an imposed upper limit. Accommodative credit expansion depends on additions to the supply of base money to meet increased needs for currency in circulation. It cannot be accomplished by deposit banks acting alone except when increases in the demand for deposit balances are unassociated with any increase in currency demand.18 For these and other reasons traditional banking studies devote very little attention to the possibility of demand-induced changes in the supply of inside money. Most ignore this possibility entirely.19 Their focus is on supply-side driven changes in the quantity of inside money: changes caused by the injection or withdrawal of sums of high-powered money to and from deposit bank reserves. The chain of causation they consider runs from (a) expansion or contraction of the issues of the monopoly bank to (b) multiple expansion or contraction of deposit bank liabilities (via an institutionally fixed reserve multiplier) to (c) increased or decreased nominal income and prices to (d) increased or decreased nominal demand for inside money and, finally, to (e) monetary equilibrium with nominal variables scaled up or down in the same proportion as the quantity of high-powered money. However appropriate this approach may be for describing monopolized or central banking, it is unsuitable for describing credit expansion under free banking. Here demand-responsive changes in the supply of inside money are the rule rather than the exception. The relevant chain of causation generally runs from (a) changes in demand for inside money to (b) expansion or contraction to (c) a de facto change in the reserve multiplier and to (d) monetary equilibrium with no change in nominal prices or income. For example, consider a hypothetical free banking system with commodity-money reserves of $1000. The supply of inside money is $50,000 and this is, initially, the amount desired by the public. The reserve multiplier has a value of 50. Now imagine that the demand for inside money falls $10,000 to $40,000. As a result, bank demand liabilities contract $10,000, and the reserve multiplier falls to 40; that is, the final, aggregate ratio of reserves to demand liabilities rises from 2 to 2.5 percent.20 Of course there may also be supply-side driven changes in the quantity of inside money under free banking stemming, for example, from increases in the quantity of outside (commodity) money. The historical significance of such outside-money supply changes will be discussed later in chapter 9. For now it will suffice to note that commodity-money supply shocks have been of only minor historical significance as compared with shocks due to fluctuations in supplies of base monies caused by central banks. Credit Expansion "in Concert"The arguments used here to criticize the theory that the reserve multiplier is rigidly fixed also refute the view that the reserve multiplier is, under certain circumstances, indeterminate. That view is implicit in the argument that, with a fixed reserve supply, if banks expand in concert none suffer negative effects even if the expansion is not warranted by any increase in the demand for money. Eugene A. Agger provides a very clear statement of the indeterminate-multiplier idea: In [the] case of a general expansion there is no check as far as the individual community is concerned. The expansion of a given bank results, it is true, in a larger volume of debit items at the clearing house, but, if the expansion is general, a particular bank will in all probability receive as deposits a larger volume of checks on the other clearing house banks, and these checks act as an offset to its own debits. While expansion for a single bank tends to increase debits at the clearinghouse, general expansion increases credits as well. Under general expansion the balance may remain practically undisturbed and the net result may be simply an enlarged business on a smaller volume of reserve.21 Thus the system as a whole is supposedly able to expand, on the basis of a fixed supply of reserves, not merely in response to a general increase in the demand for inside money (as was argued in the previous section) but also if demand does not increase. Keynes takes a similar position in his Treatise on Money: Every movement forward by an individual bank weakens it but every such movement by one of its neighbors strengthens it; so that if all move forward together no one is weakened on balance . . . Each bank chairman sitting in his parlour may regard himself as the passive instrument of outside forces over which he has no control; yet the 'outside forces' may be nothing but himself and his fellow chairmen, and certainly not his depositors.22 Two more examples of this view are especially interesting since they refer specifically to free-banking arrangements. The first concerns the note-clearing system supervised by the Suffolk Bank. The author writes that arrangements of this sort "keep the various banks more or less in step with one another in their emission of notes, but would not [prevent] them from preceding too fast (or too slowly) as a whole": Any given bank would tend to restrict its operations in order that the amount of its notes and other obligations presented at the clearinghouse would not be larger than the obligations of other banks it could present. But if all the banks [were] continually expanding loans and continually emitting fresh notes [then] any single bank would have larger quantities of notes of other banks coming into its possession and could well afford to have larger amounts of its own notes presented for redemption [Anderson 1926, 48-49]. The second example is taken from Lawrence H. White's analysis of the Scottish free banking system: "Supposing [a] group of banks expand by a common factor, no consequent adverse clearings will arise among members of the group. Adverse clearings will not arise among a group of banks in consequence of whatever degree of expansion is common to all."23 If the group comprises a closed system, White continues (1984d, 18), then only an internal drain of reserves to meet the public's desired commodity-money holdings acts as a check on expansion. Later in his book White notes that "no important theorist of the Free Banking School" explicitly denied the theoretical possibility of in-concert overexpansion by banks in an unregulated system.24 Nevertheless most of them "found the scenario of coordinated expansion implausible as a description of actual events."25 Even if one grants, following members of the Free Banking School, that in-concert overexpansion is improbable, one might still question whether the supply of inside money under free banking adjusts properly to changes in demand for it. The previous section showed why banks as a group tend to respond positively to a uniform change in demand—refuting the fixed-multiplier view. But we must also confront the possibility that in such a situation the banks can not only respond but can respond to any extent they desire, so long as they act in common. What is to prevent them, furthermore, from "responding" when there is no change in demand at all? Once again the difficulty is resolved by considering the determinants of precautionary reserve demand. Under in-concert expansion no member of a system of banks expanding in unison (and in the face of an unchanged demand for money) will experience any increase in its average net reserve demand; the change in expected value of its clearing credits will be exactly equal to the change in expected value of its clearing debits. But the growth in total clearings will bring about a growth (though perhaps less than proportionate) in the variance of clearing debits and credits, which increases the precautionary reserve needs of every bank. Thus, given the quantity of reserve media, the demand for and turnover of inside money, and the desire of banks to protect themselves against all but a very small risk of default at the clearinghouse at any clearing session, there will be a unique equilibrium supply of inside money at any moment. It follows that spontaneous in-concert expansions will be self-correcting even without any "internal drain" of commodity money from bank reserves. Banks as Pure IntermediariesThis and the preceding chapter have attempted to show that, even in the face of changes in the demand for inside money, free banks help to maintain monetary equilibrium. They passively adjust the supply of inside money to changes in the demand for it. They are credit transferers or intermediaries, and not credit creators. In light of this, and granting appropriate assumptions (namely, a fixed stock of commodity money, with no demand for its use in balances of the public), what can be said about banks in a system with monopolized note issue? A monopoly bank of issue is clearly not a pure intermediary, since the principle of adverse clearings does not apply to it. The position of deposit banks in a system where the supply of currency is monopolized is more complicated. They can respond by a multiplicative expansion to any issues by the monopoly bank that exceed the public's pre-existing demand for currency. Since such expansion is a response to the exogenous actions of the monopoly bank and not to any change in the money-holding behavior of the public, it involves "created" credit and is disequilibrating. Similarly, if the monopoly bank of issue contracts its issue in excess of any fall in the public's demand for currency, a multiplicative, disequilibrating reduction in the supply of deposit money will result. But what role do deposit banks play in the absence of any expansion or contraction by the monopoly bank of issue? In this context deposit banks are more like free banks and other "pure intermediaries": they cannot, generally speaking, engage in disequilibrating expansion or contraction of the money supply. There are two exceptions to this: First, insofar as the public wish to save in part by holding greater balances of currency, deposit banks are, beyond a certain point, powerless to accommodate their wants without assistance from the monopoly bank. They can issue currency from the monopoly bank held in their reserves only by sacrificing liquidity. Second, changes in the public's relative demand for currency (i.e., shifts from deposit holding to currency holding and vice-versa) are disequilibrating: they alter the supply of high-powered money available in deposit-bank reserves, and so affect lending power and the total supply of deposit money even though the overall demand for inside money (though not its division between notes and deposits) is unchanged. Chapter 8 will discuss problems caused by changes in the demand for currency under monopolized issue in some detail. But first, given the conclusions just reached, let us compare our view—that deposit banks are intermediaries of credit—with views of other writers on this subject. J. Carl Poindexter (1946) and James Tobin (1963) have held similar beliefs, as did Edwin Cannan in his much-derided "cloakroom" theory (1921). Cannan denied that bankers are any more capable of lending more than is offered to them than cloakroom clerks are capable of "creating" hats and umbrellas. "The banker," he wrote, "is able to lend X, Y, and Z more than his own capital because A, B, and C are allowing him the temporary use of some of theirs on condition that he will let them have what they want when they ask for it" (ibid., 32). Cannan seemed unaware, however, that monopoly banks of issue can create credit by creating new reserves, which throw deposit banks out of equilibrium in their holdings of monopoly-bank liabilities. Tobin, in contrast, recognizes a difference between possibilities for overexpansion of "bank-created" money and those for overexpansion of "government" money. "The community," he writes (1963, 415), "cannot get rid of" an excess supply of the latter. Therefore "the 'hot-potato' analogy truly applies." On the other hand, "for bank-created money . . . there is an economic mechanism of extinction as well as creation, contraction as well as expansion. . . . The burden of adaptation is not placed entirely on the rest of the community." Furthermore, for deposit banks acting alone the possibility of credit expansion "depends on whether somewhere in the chain of transactions initiated by the borrowers' outlays are found depositors who wish to hold new deposits equal in amount to the new loan" (ibid., 413). This is very close to our own view, allowing for the two provisos with regard to currency supply, except that Tobin's category of "government" money should really include all money issued by any bank with a monopoly in currency supply, whether the bank is officially a government bank or nominally a private one. Poindexter's analysis of the role of deposit banks, although less well known than those of Cannan and Tobin, is in some ways superior. Unlike Cannan, Poindexter is fully aware of the credit-creating powers of central banks of issue. But regarding deposit banks he writes (1946, 142): "It is merely the fact that they are at the institutional center of the credit-creating and credit-destroying process of the community that gives their role the apparently unique character which is commonly imputed to them." In fact, Poindexter argues, deposit banks, like other private competitive financial institutions, cannot lend beyond what their depositors desire unless the central bank that operates alongside them alters the "data" of the system, to which they respond (ibid., 143-44). Otherwise deposit banks are merely "the institutional media through which the public determines the volume of bank deposit currency which will be created at any given moment" (ibid., 142). Controversy has surrounded the views of J.G. Gurley and E. S. Shaw, who first argued, in a series of articles,26 that banks always function as pure intermediaries—responding through profit signals to the wants of the public—and who later modified their position and claimed that banks and non-bank financial firms alike are equally capable of active credit creation.27 The error of these authors' earlier writings lay in their use of an ex post definition of savings. This approach failed to distinguish properly individuals' voluntary abstinence from purchasing from their involuntary abstinence due to forced saving. "Pure intermediation" should refer to credit operations based on voluntary savings only.28 The early Gurley and Shaw view does not really differ from Cannan's "cloakroom" approach, which also failed to recognize that certain kinds of banks, namely those having a monopoly or quasi-monopoly in the issue of currency, can indeed create credit, and that deposit banks also could contribute to this credit creation by responding to changes in their holdings of high-powered money having its source in unwarranted issues by a privileged bank. In their later work, on Banking in a Theory of Finance, Gurley and Shaw commit the even more serious error of claiming that all financial institutions are equally capable of actively creating credit. Because of its failure to recognize the role of monopoly banks of issue as the ultimate source of created credit this view has served as a rationale for maintaining legal restrictions on credit expansion by deposit banks and for imposing similar restrictions on savings institutions and other non-bank financial intermediaries.29 Such restrictions not only interfere with efficient intermediation, but reinforce the erroneous notion that competitive financial firms are independent sources of inflation, which the central bank has to "control." Students of banking theory often get the impression that central banks are uniquely capable of preventing monetary disequilibrium: they are not inclined to think of them as throwing a wrench in the works. Yet, in contrast to deposit banks and to banks in a free banking system, central banks (or any bank with a monopoly or quasi-monopoly in currency supply) have a unique capacity for generating monetary disturbances. The question that has to be asked, therefore, is whether the disturbances central banks perhaps prevent outweigh the disturbances they cause that would otherwise not occur. PART THREEFree Banking versus Central Banking[1.] By analogy with the "law of conservation of energy" (the first law of thermodynamics), which states that energy can be moved from one place to another but cannot be created or destroyed. [2.] "That any single person can make his own balance at [a] bank rise by paying in money . . . (whether in cash or in checks) and make it fall by withdrawing cash or paying away checks, everyone who has ever had a balance to his credit knows. No one denies this, but some theorists have denied that what is true of each lender taken separately is true of the whole body of lenders taken together." Edwin Cannan, "Growth and Fluctuations of Bankers' Liabilities to Customers" (1935, 8). [3.] It is generally recognized that, in systems with monopolized currency supply, changes in the demand for currency relative to deposits will alter the base-money multiplier by causing base money to shift between bank reserves and circulation. This perverse adjustment is different from the accommodative adjustments considered here, which are adjustments in the supply of inside money in response to changes in demand when the supply of bank reserves is constant. [4.] George Clayton (1955, 97-98). The only exception Clayton allows for is the case of a transfer of funds from demand accounts to time-deposit accounts. This reflects a presumption that different statutory reserve ratios apply to these types of accounts. On the reliance of the conservation theory on the assumption that there are binding statutory reserve requirements see below. [5.] The turnover of liabilities will change temporarily if the demand for them changes (with constant supply) as consumers attempt to spend off excess balances or to add to their deficient balances. [6.] Following J.H.G. Olivera (1971, 1096), "reserve demand" is used here to indicate needs arising in connection with bank clearing transactions that "make it necessary for the reserve holder to transfer some amount of the reserve asset." [7.] Ernst Baltensperger (1974, 205) defines precautionary reserve demand as the "excess of total holdings of the reserve asset . . . over the expected or average net demand for ('loss' of) reserves." Olivera (1971) defines it as "the part of the total reserve which is held against possible deviations of net demand above its expected value." [8.] That is, so long as "reserve changes are known in probabalistic form only" (Baltensperger 1974, 205). [9.] It is assumed throughout this analysis that the demand for reserves is uninfluenced by changes in interest rates on loans and investments. In defense of this assumption it may be noted that interest rates on overnight, "emergency" loans to cover reserve deficiencies will tend to rise along with other rates of interest, so that the penalty costs for insufficient reserve holding increase with the opportunity costs of keeping adequate reserves on hand. This suggests that high interest rates do not necessarily make it desirable for banks to skimp on reserves. For arguments and evidence in support of this view see Leijonhufvud (1968, 358), and Hancock (1983). Of course, if high rates are passed on to deposit holders, this might increase the quantity of money demanded and so reduce indirectly the demand for reserves. [10.] F.Y. Edgeworth (1888). The best recent articles on this subject are the ones previously cited by Baltensperger and Olivera. In addition to these articles the discussion in Don Patinkin (1965, 82-88) is recommended. [11.] As Baltensperger notes (1974, 205), the "square-root" law gives a conservative estimate of the relation between changes in gross clearings and precautionary reserve demand, in part because it assumes an increase in frequency, rather than in average size, of transactions. Edgeworth's demonstration of the square-root law also relies on the assumption that individual clearing debits are stochastically independent and identically distributed. Olivera shows, however, that the law holds even if individual clearing debits ("the components of net average demand") are serially correlated. [12.] Whether adjustments in nominal supply of bank liabilities will entirely offset changes in nominal demand depends on the extent of note-brand discrimination. An increase in demand among nondiscriminating persons results in a smaller reduction in precautionary reserve needs than an equal increase in demand (affecting all banks uniformly) of discriminating persons. When there is 100 percent (marginal) note-brand discrimination, nominal supply adjustments will be complete. For the sake of simplicity the argument assumes that banks are in equilibrium with respect to one another, that is, it assumes that the average net demand for reserves is zero. Then precautionary demand for reserves = total demand. Olivera (1971, 1100) notes that the square-root law is relevant to "decision units taken individually" and that "its possible use as a macroeconomic relationship involves a nonlinear aggregation problem." He adds, however, that "the obvious 'aggregation condition' is that the number of reserve-holders, as well as their shares of the expected market demand, remain stationary when the latter grows." But this simply means that it is necessary to abstract from changes in average net reserve demand, which is precisely the procedure I have adopted. [13.] For the banking system, every dollar's worth of excess money supply generates several dollars' worth of additional bank clearings during any extended (but finite) planning period. [14.] See Patinkin (1965, 87-88 and 576-77). [15.] Jacoby (1963, 220). Similar proposals were made in the 1930s, following the lead of Winfield Riefler. See George Garvey and Martin R. Blyn (1969, 56-57). [16.] Joachim Ahrensdorf and S. Kanesthasan (1960). For evidence on cross-sectional and temporal variation in Scottish free banks' reserve rations, see Munn (1981). [17.] See note 3 above, and also chapter 8. [18.] Once again I am abstracting from problems arising due to changes in the demand for currency relative to total money demand. These problems are discussed at length in chapter 8. [19.] See for example Albert E. Burger (1971), which is one of the more detailed, modern discussions of factors influencing the money supply. McLeod, whose analysis is also very detailed, merely hints at the possibility of a demand-elastic money supply when he notes (1984, 100) that the "credit multiplier" may rise to infinity, while the "total income multiplier" associated with a given increase in credit (bank loans and investments) may at the same time approach zero if increased lending is offset by increased holdings of inside-money balances. McLeod cites borrowings used to increase borrower's liquidity—a case similar to the one of compensating balances discussed above—as a limiting case. Our claim is a much stronger one, viz, that under free banking changes in money supply generally do not influence total income and spending. [20.] The example assumes 100 percent marginal note discrimination. [21.] Eugene E. Agger (1918, 101). Were he writing about an unregulated system Agger might also have referred to an increase in the volume of notes. [22.] Keynes (1930, 1: 27). Keynes's two premises are incorrect: an individual bank may "move forward" on its own without weakening itself if the demand for its liabilities has increased, and overexpansion by one bank or set of banks generally will not inspire sympathetic overexpansion by remaining ones. [23.] L. White (1984d, 17). White presumably meant to say "by the same amount" rather than "by a common factor." [24.] The more important members of the Free Banking School were Sir Henry Parnell, Samuel Bailey, and James William Gilbart. (For other names see ibid., 52.) [25.] L. White (1984d, 98). Not surprisingly, opponents of free banking also accepted the in-concert overexpansion argument, and were in addition more willing to view it as a description of the likely course of events under unregulated banking. They included J. R. McCulloch and Samuel Jones Loyd (cited in ibid., 98-99), and G. W. Norman, a Director of the Bank of England (cited in V. Smith, 68). [26.] See especially Gurley and Shaw (1955, 1956). [27.] Gurley and Shaw (1960, 202, 218). [28.] Joseph Aschheim, in response to Gurley and Shaw, argues (1959, 66) that commercial banks "can make ex post savings exceed ex ante savings," i.e., can engage in credit creation that leads to forced savings. In contrast, Aschheim says, other financial institutions "can lend no more than they have received from depositors and, therefore, cannot create loanable funds." What I have tried to show, in contrast, is that deposit commercial banks are mainly passive "credit creators." The only active credit creators are those institutions having a monopoly or quasi-monopoly in the supply of currency. [29.] See, for example, James M. Henderson (1960). |


text:
Look at the flowers, look at them growing,
They never worry, they never work.
Look at the way our Father clothes them,
Each with beauty all its own.
Bloom where you are planted.
Thanks Joni, I love your work! Especially the way you make some of your shots feel so textured and dreamy.


text:
The Loveland girls' basketball team will mark the end of 2012 with a few extra buckets to make a few bucks for Hurricane Sandy relief efforts. The Tigers will host a free throw-a-thon Dec. 31 at the Loveland gym to raise funds for the Red Cross and its recovery projects after the hurricane. People interested […]
Loveland girls' basketball to support Red Cross through free throw contest
12/20/12 at 1:39pm by Michael Stainbrook | Comments
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Creatine Nitrate | 1000 mg | * |
Arginine AKG | 1000 mg | * |
Explosive Energy Blend Vitamin C (as Ascorbic Acid), N-Acetyl-L-Tyrosine, Caffeine Anhydrous (135 mg), Mucuna pruriens (Standardized for L-Dopa), Bitter orange (Citrus aurantium) (fruit) (30% Synephrine) (Advantra Z®), Niacinamide, Folate (as Folic Acid), Pyridoxine Phosphate, Vitamin B12 (as Methylcobalamin) | 741 mg | * |
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East Hartford High SchoolAthletic Department869 Forbes StreetEast Hartford CT 06118
Frank CipollaDirector of Athletics
Phone: (860) 622-5236Fax: (860) 622-5339
East Hartford Middle School Athletics Program
Purpose Statement
The East Hartford Middle Schools Athletic Department is committed to providing a respectful athletic environment where student-athletes develop skills and talents that make them successful in our global society. To this end, East Hartford Middle School students are afforded the opportunity to develop as a complete and total individual as well as become respectful and committed citizens. Eligibility for East Hartford Middle School athletics is reserved solely for students enrolled at East Hartford Middle School.
At the middle level, Interscholastic Athletics are an integral component of the educational philosophy of East Hartford Middle School and serve as an extended component to the comprehensive program we offer our students. The varied athletic opportunities we offer our students throughout three seasons reinforce the lifelong lessons gathered in the classroom in the arena of the sport and play. Here our students display talents, establish a sense of school pride, and learn how to effectively operate as a member of a team. It is the goal of East Hartford Middle School Athletics to continue developing responsible and successful student athletes on and off the field of play.
Interscholastic Sports
Intramural Sports
Copyright 2014 East Hartford Public Schools 1110 Main Street East Hartford, CT 06108 (860) 622-5000 Disclaimer


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The head of one of the world's biggest oil companies admits that the threat of climate change makes him "really very worried for the planet." Ron Oxburgh, the chairman of Shell, says, "No one can be comfortable at the prospect of continuing to pump out the amounts of carbon dioxide that we are pumping out at present?with consequences that we really can't predict but are probably not good."
David Adam writes in The Guardian that Oxburgh says we should store CO2 emissions underground or underwater, using a technique called carbon sequestration. He says, "Sequestration is difficult, but if we don't have sequestration then I see very little hope for the world." This may sound impossible, but the U.K. is actually considering building a network of pipelines to carry millions of tons of carbon dioxide from power stations to the bottom of the North sea. They eventually plan to trap car emissions and sequester them too. "You probably have to put it under the sea but there are other possibilities. You may be able to trap it in solids or something like that," says Oxburgh. "The timescale might be impossible, in which case I'm really very worried for the planet because I don't see any other approach."
Too bad not all oil companies feel the fame way. In June, 2002 ExxonMobil's chairman Lee Raymond said, "We in ExxonMobil do not believe that the science required to establish this linkage between fossil fuels and warming has been demonstrated."
The greed of major corporations is killing us, but is greed always bad? John Demartini says no, at least not when you learn an entirely new way of looking at, understanding, and appreciating the true nature of Earthly profits and heavenly wealth. Reading this book will give you the ability to master your spiritual wealth and material finances, and other vital areas of your life will undergo an amazing transformation as well.
Photo credits: http://www.freeimages.co.uk/
NOTE: This news story, previously published on our old site, will have any links removed.


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Latest Contest News
Tha Boogie's Nu School on His Nostalgia for 'Xena Warrior Princess' and Nineties R&B
by on February 14, 2011What is the best show you've ever played?Tuko [Proby] aka Nu School: The Fillmore in New Yor...
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by on February 14, 2011Who are some bands that people say you sound like?Charlie [Klarsfeld, frontman]: There's one...
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by on February 14, 2011When did you guys start playing?Ryan [Cooney, drums]: Brendan and I started jamming together when...
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by on February 14, 2011What was your crappiest day job?Luke [MacMaster, singer-guitarist]: Laying bricks with my dad, wh...
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by on February 14, 2011Are you part of a music scene in Saskatoon?Ryan [Gullen, bass]: Yeah, there's definitely a m...
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by on February 9, 2011What's the crappiest job you ever had?I have a crappy day job right now, but I kind of enjoy...
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by on February 7, 2011Official Rules for the "Win a Rolling Stone T-shirt Round 4" Sweepstakes NO PU...
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This could have been prevented by high taxes. The climate understands taxes!
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text: Results 1–10 of 12 for "Brochure/Pamphlet"X related to "Newborn reactions can predict..." Refine Your Search Refine Your Search TopicPersonality (3)Teens (3)Stress (2)Anxiety (1)Children (1) 8 more... [+] Education (1)Emotional health (1)Military (1)Obesity (1)Shyness (1)Sleep (1)Therapy (1)Violence (1)Hide detailsDocument TypeBrochure/PamphletXYear2013 (1)2011 (4)2010 (2)Author/ContributorFigueroa-Garcia, Alberto (1)Goodwin, Karyn (1)Holliday, Bertha G. (1)Skourtes, Stephanie (1) Results 1–10 of 12 Previous 1 2 Next Relevance Title A-Z Title Z-A Newest First Oldest First Sort by: 1.Surviving and Thriving in AcademiaThis survival guide to academia is designed to address changes that have taken place during the last 5 years which may dramatically affect the level of success of women and ethnic minorities pursuing careers in academic environments.Brochure/Pamphlet 2.The Road To ResilienceThis brochure explains how to develop and use a personal strategy for enhancing resilience despite challenging life experiences.Brochure/Pamphlet (July 2011)3.Painful shynessThis brochure explains the causes and consequences of painful shyness and how loved ones can help. Brochure/Pamphlet (July 2011)4.Warning signs of youth violenceLearn how to deal with anger and whether you are at risk for violent behavior, recognize warning signs of violence in others, and discover what you can do to help.Brochure/Pamphlet (January 2013)5.Anxiety disorders and effective treatmentPsychologists can help individuals with post-traumatic stress disorder and other anxiety problems recover by using therapy as an effective treatment.Brochure/Pamphlet (June 2010)6.Psychology Education & Careers Guidebook for College Students of ColorOffers advice on undergraduate courses, networking, selecting degree programs, and alternatives to graduate school. Also provides a description of subfields in psychology. Brochure/Pamphlet 7.The impact of food advertising on childhood obesityThe childhood obesity epidemic is a serious public health problem that increases morbidity, mortality and has substantial long term economic and social costs. Research has found strong associations between increases in advertising for nonnutritious foods and rates of childhood obesity.Brochure/Pamphlet (November 2010)8.Why sleep is important and what happens when you don't get enoughLack of sleep and/or sleep disorders affect more than 60% of people. An individual's need for sleep varies, but the consequences of not getting enough sleep can include drug, tobacco and alcohol abuse, nightmares and sleep terrors, poor decision making, reduced learning at school and traffic accidents.Brochure/Pamphlet 9.PsycSEARCH® — Guides for APA DatabasesSearch Guides in a concise reference card format for a variety of systems.Brochure/Pamphlet 10.A Graduate Student's Guide to Determining Authorship Credit and Authorship OrderAuthorship entails a public acknowledgment of scientific or professional contribution to a disseminated piece of information and includes involvement in various tasks associated with the project.Brochure/Pamphlet Previous 1 2 Next Relevance Title A-Z Title Z-A Newest First Oldest First Sort by: ADVERTISEMENT Results 1–10 of 12 for "Brochure/Pamphlet"X related to "Newborn reactions can predict..."


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Rose And Crown Restaurant 11861 New Kent Hwy, New Kent, VA 23124 Maximum Capacity: 60 people Event Spaces: 4 www.roseandcrownrestaurant.com 804-966-1325
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Community featured forum posts Ask a question to the Charles City, VA Community A Birthday Isn't A Birthday Without....(1340 views / 3 posts) Last Post by posted 1 days ago Making Events Memorable(7692 views / 19 posts) Last Post by DrRonShapiro posted January 18, 2014 Looking for a place to through a pool party (app 60 guests)(7823 views / 19 posts) Last Post by Guest posted January 13, 2014 Poll: How should your birthday be celebrated?(1820 views / 4 posts) Last Post by DrRonShapiro posted December 20, 2013 Craft ideas for birthday party(869 views / 8 posts) Last Post by sweet714163 posted July 9, 2013 start a new discussion see more posts
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text: Artist crushes an amusement park into a four-metre cubed sculpture Culture 07 June 13 by Ian Steadman Tweet OnceNicolai Lorenzen/The Glue Society If your car gets crushed into a cube it's awful. If an amusement park gets crushed into a cube it's art.James Dive of the Glue Society -- a creative collective with members in New York and Sydney -- has compacted the entire contents of a funfair into a four metre cube.Called "Once", it's on display in the Danish city of Aarhus as part of the biennial Sculpture By The Sea festival.The piece features everything from the fair -- rides like the dodgems, games stalls and even prizes -- mashed up into a riotously bright cube that is at once playful and violent. The Glue Society's past work includes the eye-catching God's Eye View, which interpreted four events from the Bible -- Adam and Eve in the Garden of Eden, Noah's Ark on Mount Ararat, Moses parting the Red Sea and Jesus being crucified -- from the perspective of a satellite, as a kind of "Google Earth's view". Edited by Liat Clark Comments Read more on Art Everything from traditional art to sculpture, modern art and design Culture 'Artists and makers, it's time to be leaders' Culture Forget tweeting fridges, let's fund interactive taxidermy Liat Clark's Blog Food for thought: devouring brains with neuroscientists Culture Watch this robot perform a photography autopsy Culture This mutating mass is just paint and water Gaming This game is part Mario, part Pollock, 100% awesome Latest on wired.co.uk


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The science guy said parents shouldn't teach creationism to their kids, saying it holds them back in science and technology.
(Image source: YouTube ) BY STEVEN SPARKMAN Bill Nye the science guy, who despite an internet rumor did NOT die over the weekend, is stirring up controversy with a video posted by Big Think asking parents not to teach creationism to their kids. "If you want to deny evolution and live in your … world that's completely inconsistent with everything we observe in the universe, that's fine. But don't make your kids do it. Because we need them." Bill Nye gained his fame on TV, hosting Bill Nye: The Science Guy on PBS in the mid 90s. The series won 19 Emmys. ( Video via PBS ) In the video, Nye argues the U.S. needs scientifically literate voters and workers, and that belief in a young earth holds students back. It's an argument he's made many times, though usually not addressed to parents. Science bloggers praised Nye, not just for his stand, but for his conciliatory tone. A writer for Geekosystem says Nye basically accused creationists of holding the country back scientifically, but did it "without so much as a sneer, a snicker, or a disrespectful syllable." At least one major figure from the other side of the aisle responded to Nye's video. Ken Ham, head of Answers in Genesis, which runs Kentucky's 70,000-square foot creation museum and a planned Noah's Ark theme park, blasted Nye on Facebook , saying: "Be warned--he is out to get your kids for evolution. … he shows he has no understanding of the difference between historical science and observational science. He really should be called, Bill Nye the evolution guy" Nye's video ended with the claim creationism would disappear in a couple of centuries because there's no evidence for it. But for now it looks like the science guy has his work cut out for him. CNN reports the latest Gallup polls show 46 percent of Americans believe "God created humans in their present form at one point within the past 10,000 years," and that number has stayed relatively stable for decades. The video had more than a million views and 35,000 comments as of Monday morning, with a debate raging over the scientific merits of evolution, creationism and intelligent design.


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This Beaded Cluster Pick will add the perfect touch to corsages, boutonnieres and more. The beads measure about 3/8" x 3/8" to 3/8" x 7/8" and the stem portion is about 5" long.
1 out of 1 found this review helpful.
Recommend: Yes
these are looking terrific in my centerpieces for my wedding. Gorgeous!!!!
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0 out of 0 found this review helpful.
This spray is perfect for separating and using throughout wedding bouquets as highlights. I used it in a champagne and amethyst bridal bouquet, and the soft colors came alive! The 3-bead picks are lovely between blooms, and the rigidly mounted teardrops are stunning clustered together as the focal point, or singly as rose centers. I feared the iridescent-washed acrylic would look cheap as opposed to true crystals, but after inserting them amid the delicate champagne lilies of the valley, they were perfect! A terrific bargain at this price, with stems long enough to work with and attractive enough to be seen.
We have a 2-3 day in-house process. There will be an additional 1-7 days for delivery. **During peak Holiday Seasons (Mother's Day & Christmas) it can take an additional 1-2 business days to get your order shipped.
We do not accept International orders online.
To place an order with an International billing or shipping address:
You will need to order by calling 405-745-1275. Customer Service is available Monday - Friday 8:30-5:00 CST.
Your order will need to ship to a US Destination, such as a freight forwarder. By doing so your order will be eligible for our US shipping rates which often include free shipping.
If you would like for us to ship your order directly to you, you will be charged the actual postage amount. That amount is calculated once your order is picked, packed and ready to ship. International shipping address are excluded from all shipping discounts. All orders shipped to an International location are charged the actual cost of shipping.
Please note that this policy does not include Military Addresses, Guam, Puerto Rico & the US Virgin Islands. We will accept and ship orders to these destinations.
If you require expedited shipping for merchandise or a gift card order, please contact Customer Service at 1-800-888-0321 Ext 1275. Customer Service is available Monday - Friday 8:30-5:00 CST. We will do our best to accommodate your request.
Shop Hobby Lobby Attention Customer Service 7717 SW 44th St Oklahoma City, OK 73179
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Thick Mountain Jumper
Top tube, Seat stays and Seat tube
The Mountain Jumper 's seat-tube area has a pierced toptube which extends to also gusset and support the seatstays. This is similar to what Terrible One does on a few of their bikes but the tubing is different sizes so it looks a little different. |