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The end of the Euro | 276 comments (276 topical, 0 editorial, 0 hidden)
Re: sigh (none / 0)
High-powered money is money that is valid for the settlement of taxes and central bank clearing. Unlike low-powered money, which is valid for the settlement of private debts.

High-powered money is created ex nihilo when the sovereign spends, and destroyed when the sovereign taxes.

Various sorts of low-powered money is created by various sorts of private lending.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Aug 14th, 2011 at 04:15:18 PM EST
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The end of the Euro | 276 comments (276 topical, 0 editorial, 0 hidden)
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