I NFORMING A CUSTOMER "I'm sorry, I can't give you your money" is the stuff of bankers' nightmares. But in June the Federal Reserve had to tell commercial banks just that: it was running out of spare change. As parts of the economy shut down, the flow of coins from wallets to deposits gummed up, leading retailers and banks to demand more. The Fed was forced to ration the supplies of pennies, nickels, dimes and quarters based on banks' previous orders.
The speed with which money, both physical and digital, moves is an important indicator of economic activity. Money's "velocity" is calculated by dividing a country's quarterly GDP by its money stock that quarter. The Fed tracks velocity for several definitions of money. The measure that is most popular with economists is "money of zero maturity" ( MZM ), which includes assets redeemable on demand at face value—such as bank deposits and money-market funds.
This may worth something:
State Treasurer Office is giving away money for education
State Treasurer Michael Fitzgerald is celebrating the gift of education with College Savings Iowa with a holiday season giveaway.
"I look forward to the end of each calendar year as a way to help families realize an important gift to give is right in front of them," said Fitzgerald. "No matter how old your children and grandchildren are, or what their dreams may be, saving and contributing to a College Savings Iowa account could be one of the most important gifts of all; the gift of education."
Restaurateurs say grants are helpful, but more money is needed
Restaurateurs in Montgomery County say they are grateful for grants of up to $10,000 that will soon be distributed by the Montgomery County Economic Development Corporation. But they say the money isn't nearly enough.
Gov. Larry Hogan earlier this month set aside $8.2 million in grant funding for restaurants in the county as part of a larger economic recovery package during the COVID-19 pandemic. On Tuesday the County Council voted to authorize the MCEDC to administer the grant program.
Follow the money | National Catholic Reporter
While you're here, how about this:
Mnuchin wants to redirect unspent stimulus money to prop up small businesses, extend unemployment
Treasury Secretary Steven Mnuchin wants to redirect unspent stimulus money into the American economy, he said on Thursday evening.
Mnuchin suggested the unspent money could be used to extend unemployment benefits and assist hard-hit small businesses in travel, entertainment, and restaurants. The move would require congressional approval.
"I believe it will have a significant impact for people whose businesses have been impacted by COVID — they can then get through to the beginning of next year when we will have vaccines broadly distributed and fully reopen the economy," Mnuchin said.
Kyle Rittenhouse says he used stimulus money to buy gun - Insider
Rittenhouse told The Post that he used stimulus money he received as part of the government's CARES Act to pay for the gun he used in the shootings.
1984 Dodge Colt: It's Fine to Have Fun While You Save Money
EU hit by new crisis, this time over money and values - Columbian.com
BUDAPEST, Hungary — The European Union still hasn’t completely sorted out its messy post-divorce relationship with Britain — but it has already been plunged into another major crisis.
This time the 27-member union is being tested as Poland and Hungary block passage of its budget for the next seven years and an ambitious package aimed at rescuing economies ravaged by the coronavirus pandemic.
Their objection? A new “rule-of-law mechanism” that would allow the bloc to deny funds to countries that violate democratic norms — something that both Poland and Hungary have been accused of doing for years.
Happening on Twitter
Was @AOC effective in changing the terms of debate on legislation? Certainly seems like it. That why we see leaders… https://t.co/x2k95fnhow danielschuman (from Washington, DC) Fri Nov 13 03:55:51 +0000 2020
No comments:
Post a Comment