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LUDDITE: A term used when referring to people, especially workers and union members, who are violently opposed to the introduction of new technology and technologically advanced machinery. Their opposition stems in part from a fear of something that is new and different and in part from a concern that the new technology will reduced the demand for labor and eliminate their jobs. This name stems for the actions of a group calling themselves Luddites who, from 1811 to 1816, sabotaged knitting machines introduced into the textile industry in England.
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VAULT CASH Paper bills and metal coins kept in bank vaults or elsewhere in banks (such as teller drawers). Vault cash is used, quite literally, to "cash" checks and otherwise to satisfy currency withdrawal demands of the depositors. Because vault cash is in the possession of banks and not the nonbank public, it is not considered as "money in circulation" and is not part of the official M1 money supply. Vault cash is one of two types of bank assets that are considered reserves and used to satisfy reserve requirements. The other is Federal Reserve deposits.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for high interest rates.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"Difficulty is the excuse history never accepts. " -- Edward R. Murrow, News broadcaster
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BEA
Bureau of Economic Analisys
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