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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.
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VOTING PROBLEMS Voting is a key source of government inefficiency because it can fail to provided leaders with a valid indication of society's preferences. Part of the inefficiency rests with utility-maximizing decisions of the voters, who choose rational ignorance (not to be informed) and rational abstention (not to participate), both of which lead to voter apathy and influential special interest groups. Part of the inefficiency rests with the voting process, which results in importance of the median voter, inconsistency of the voting paradox, and logrolling (vote-trading ) among voters.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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AOQL
Average Outgoing Quality Limit
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