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ZERO-BASE BUDGET: A method of budgeting expenditures in which each expenditure is justified on its overall merits rather than being based on the budget for the previous year. A zero-base budget is most often proposed (but seldom implemented) for governments. Governments generally establish budget expenditures based on expenditures for the previous year. If, for example, budget expenditures last year were $100 billion, the requested budget for this year might be set at $110 billion. The existing $100 billion is a "given" and only the extra $10 billion is justified. With a zero-base budget, the entire $110 billion is justified.
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MONEY CREATION The process in which banks increase the amount of funds in checkable deposits (and thus the M1 money supply) by using reserves to make loans. Money creation is made possible through fractional-reserve banking. Because banks keep only a fraction of deposits as reserves, extra reserves can be used to back up and create additional checkable deposits (money) that did not previously exist. Government policy makers (the Federal Reserve System) rely on the money creation process when conducting monetary policy. Money creation by banks is a modern alternative to printing paper currency.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either a birthday greeting card for your grandmother or a coffee cup commemorating yesterday. Be on the lookout for telephone calls from former employers.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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IBB
International Bank Bonds
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