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ARBITRAGE: Buying something in one market then immediately (or as soon as possible) selling it in another market for (hopefully) a higher price. Arbitrage is a common practice in financial markets. For example, an aspiring financial tycoon might buy a million dollars worth of Japanese yen in the Tokyo foreign exchange market then resell it immediately in the New York foreign exchange market for more than a million dollars. Arbitrage of this sort does two things. First, it often makes arbitragers wealthy. Second, it reduces or eliminates price differences that exist between two markets for the same good.
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SAVINGS AND LOAN ASSOCIATIONS Depository financial institutions that were originally established to assist home owners with low-cost mortgage loans using savings deposits. Savings and loan associations (S&Ls) offer checkable deposits that are part of the M1 monetary aggregate. While S&Ls are not "officially" chartered as banks, similar to other thrift institutions (credit unions and mutual savings banks) they do function comparable to any traditional bank, offering a wide range of deposits, loans, and other financial services.
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WHITE GULLIBON
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either a how-to book on home remodeling or a tall storage cabinet with five shelves and a secure lock. Be on the lookout for fairy dust that tastes like salt.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"Do you want to be safe and good, or do you want to take a chance and be great?" -- Jimmy Johnson, Football Coach
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