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WTO: The abbreviation for World Trade Organization, which is an international organization that oversees multilateral trade among nations. The WTO was established in 1995 by the Uruguay round of trade negotiations to replace the General Agreement on Tariffs and Trade (GATT) that had been in place for the preceding five decades. The WTO administers multilateral trade agreements, provides a forum for trade negotiations, handles trade disputes, monitors national trade policies, and provides technical assistance and training for developing countries. The WTO has about 150 member countries.
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MONETARY BASE The combination of currency held by the nonbank public, vault cash held by banks, and Federal Reserve deposits of the banks. Also termed high-powered money, these are the three monetary components over which the Federal Reserve System has relatively complete control. Due to this control, the monetary base is often used as a guide for monetary policy. The monetary base differs from a relative monetary aggregate, M1, through the inclusion of vault cash and Federal Reserve deposits and the exclusion of checkable deposits.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall hoping to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"A successful man is one who can lay a firm foundation with the bricks others have thrown at him. " -- David Brinkley, newsman
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