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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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BANKS Financial intermediaries that function as depository institutions, maintaining deposits, making loans, and directly controlling the checkable deposits portion of the economy's money supply. As financial intermediaries, banks match up lenders and borrowers, using deposits for loans. However, banks are also responsible for maintaining liquid checkable deposits that are used as money for the economy. The generic term "banks" or "commercial banks" is used in reference to traditional banks, as well as checking-account issuing thrift institutions--credit unions, savings and loan associations, and mutual savings banks.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time wandering around the downtown area trying to buy either storage boxes for your winter clothes or several magazines on time travel. Be on the lookout for jovial bank tellers.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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Exports;Marks the Spot
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