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LOAN LOSS RESERVES: A special account set aside by banks acting as a buffer between deposits and net worth that's used in case a loan is not repaid. Without this reserve, an unpaid loan on the asset side of a bank's balance sheet would require an adjustment of deposits or net worth on the liability side. The loan loss reserve is used for this adjustment.
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NEAR MONIES Relatively liquid financial assets that are not used as the medium of exchange, but which can be quickly and easily converted to money with little or no loss of value. One group of near monies, best thought of as household savings, are added to M1 to obtain M2 and another group of near monies, best thought of as short-term institutional investments, are added to M2 to obtain M3.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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LIFO
Last In First Out
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