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A PRIORI: A presumption made before an analysis is undertaken, often based on experiences, beliefs, or deductions from seemingly self-evident propositions about how the world works. This is a Latin for assumption or axiom. A similar sounding, but opposite term is a posteriori, which is derived from observation or facts. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", because that just seems to be part of human nature, and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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CHECK CLEARING The process in which reserves or funds are transferred among banks to settle the accounts of checks written on one account and deposited into another. Check clearing is the heart and sole of daily banking activity and the final step in the use of checkable deposits as the medium of exchange for conducting transactions in the economy. Check clearing is facilitated by central clearinghouses, including the Federal Reserve System and a number of private organizations. The check clearing process is also a key component of the money creation process.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for letters from the Internal Revenue Service.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Try first to be a man of value; success will follow. " -- Albert Einstein, physicist
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NYBID
New York Interbank Bid Rate
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