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Central Banks and Alternative Monetary Alternative Monetary
Central Banks and Alternative Monetary Systems Christopher J. Neely AittViPAssistant Vice Presid idtent, Federal Reserve Bank of St. Louis Annual Educators Conference October 19, 2011 The opinions expressed are my own and not necessarily those of the Federal Reserve Bank of Saint Louis or the Federal Reserve System. 2 Today’sTopics s Topics Central Banks and Alternative Money Systems o What is Money? o Methods of Monetary Policy o ClBkCentral Banks o Central Banks vs. Commodity Standard 3 What is Money? Money • Money: That which can be exchanged for goods and services. – Functions: • Medium of exchange • Store of value • Unit of measure Why Do We Need Money? • Money solves the mutual coincidence of wants problem. • Greatly reduces transactions costs/shopping time. – My grocer does not want a lecture on economics in exchange for Cheerios. Historical Forms of Money • Commodities: cigarettes, furs, gold, Rai stones (Yap island) • Fiat money: Money whose vvuesoalue is not intrins sc.ic. – Introduced during wartime in the United States • Charac ter is tics of usef ul money – Durable, transportable, divisible, homogenous, easily produced (?) Historical Forms of Money Rai stone Historical Forms of Money • What are the advantages and disadvantages of having a currency that is easily produced? Money Supply • Monetary base: Currency and reserves with the central bank. • Narrow to broad definitions of money – Currency – Demand deposits – Time deposits, CDs, – Shor t-tbdterm bonds • Money and bonds are close to a continuum now – M0, M1, MZM, M2 Money Supply Monetary Base 3000 2500 ars ll 2000 1500 ns of US Dol 1000 Billio 500 Monetary Base (BASE) 0 2/1/1984 2/1/1989 2/1/1994 2/1/1999 2/1/2004 2/1/2009 Money Supply Money supply levels go up and up. -
CY19 January a Collection of Bitcoin Commentary from the Brightest
CY19 January A collection of Bitcoin commentary from the brightest minds in the crypto community. Crypto Words CY19 January Contents Goals and Scope ......................................................................................................................................................................... 2 Support Crypto Words .......................................................................................................................................................... 3 Cryptocurrency: The Canary in the Coal Mine.................................................................................................. 4 Tweetstorm: Bitcoin’s 10 Year Anniversary ......................................................................................................... 6 Bitcoin: Two Parts Math, One Part Biology .......................................................................................................... 8 Planting Bitcoin - Season (2/4) .................................................................................................................................... 12 Planting Bitcoin - Gardening (4/4) ............................................................................................................................ 18 Planting Bitcoin — Soil (3/4) .......................................................................................................................................... 25 Planting Bitcoin — Species (1/4) ............................................................................................................................... -
Visiting Artists and Scholars
THE UNIVERSITY OF GEORGIA Fall 2011 • Vol. 25, No. 1 Visiting Artists During fall semester of 2011, the Willson Center Visiting Artist is Basil Twist hosted by Lisa Fusillo (Dance), Ray Paolino (Theatre and Film Studies) and Dorothea Link and Scholars (Hugh Hodgson School of Music). The Willson Center Visiting Scholar is Anne Waldman hosted by Melisa Cahnmann-Taylor (Language and Literacy Education). Every year the Willson Center Puppeteer Basil Twist will be in residence during the month of for Humanities and Arts brings November working with students and to campus for five-day or nine- faculty in Dance and Theatre and Film Studies, and the Hugh Hodgson School day periods eminent scholars of Music. Twist, a third generation puppeteer and artists from the United and director of The Dream Music States and elsewhere in the Puppetry Program at HERE Arts Center in New York City, will lead workshops world. While on campus they with students and faculty about engage in a range of activities, conceptualization and collaboration in preparation for a performance piece. delivering public lectures, Since 1998, Twist has created and speaking to graduate and toured new works focusing especially Scene from La Bella Dormente Nel Bosco. on integrating puppetry with live music. undergraduate classes, giving He is known for his original adult puppet media and use of abstraction in puppetry. workshops and performances, In 2000, Twist’s Petrushka, commissioned by Lincoln Center, premiered in and meeting faculty and New York and appeared at The Irving J. Gilmore Keyboard Festival in Michigan, The International Festival of Arts and Ideas in Connecticut, Jacob’s Pillow Dance students. -
Jana Vembunarayanan Lin Yang Stones Used As Money in the Yap Island
Money Jana Vembunarayanan Lin Yang Stones used as money in the Yap Island Rai stones were used as money in Yap island, today a part of the Federated States of Micronesia. The typical Rai stone is carved out of crystalline limestone, and shaped like a disk with a hole in the center. Some of the stones weighed four metric tons, the weight of a typical elephant. Limestones are not native to Yap Island. They had to quarry and canoe from the neighboring island of Palau or Guam, requiring hundreds of people to transport them. These rocks are placed in a prominent location on the Yap island for everyone to see. The owner of the stone could use it as a payment method without moving the stone. All they had to do was to announce to all townsfolk that the stone’s ownership had now moved to the recipient. The very high cost of procuring Rai stones made it a sound form of money. That soundness changed in 1871 when an Irish-American captain by the name of David O’Keefe was shipwrecked on the shores of Yap island and revived by the locals. O’Keefe immediately saw a profit opportunity by selling coconuts found on Yap island to producers of coconut oil. He couldn’t entice the locals to work for him as they were content with their lives. O’Keefe wouldn’t take no for an answer. He sailed to Hong Kong, procured a large boat and explosives. Using modern tools, O’Keefe was able to easily procure huge quantities of Rai stones into Yap island. -
Fiscal Year 2021 Budget Reductions by Institution and Program
Fiscal Year 2021 Budget Reductions by Institution and Program Estimated Personal Positions FY20 Original Services Travel Operating Eliminated or Held Institution/Program Budget Reduction Reduction Reduction Total % Reduction Vacant Augusta University 235,154,533 10,161,157 1,518,846 21,241,632 32,921,635 14% 70 Georgia Institute of Technology 334,515,381 28,358,299 2,372,069 16,101,785 46,832,153 14% 109 Georgia State University 285,690,620 33,081,647 2,247,258 4,667,783 39,996,688 14% 470 University of Georgia 421,057,379 44,722,281 3,476,536 10,749,214 58,948,031 14% 394 Georgia Southern University 142,204,339 15,707,327 1,651,797 2,549,478 19,908,602 14% 83 Kennesaw State University 162,996,571 18,023,478 1,500,000 3,296,042 22,819,520 14% 202 University of West Georgia 67,426,850 7,942,525 1,000,000 570,000 9,512,525 14% 61 Valdosta State University 51,882,027 4,729,117 27,324 2,509,454 7,265,895 14% 35 Albany State University 29,024,462 3,147,831 43,000 878,614 4,069,445 14% 39 Clayton State University 28,227,903 2,314,077 227,911 1,409,918 3,951,906 14% 17 Columbus State University 45,669,541 4,996,754 243,982 1,133,800 6,374,536 14% 48 Fort Valley State University 24,277,021 1,812,762 195,986 1,391,252 3,400,000 14% 18 Georgia College & State University 40,835,049 2,801,365 175,000 2,729,732 5,706,097 14% 21 Georgia Southwestern State University 16,213,892 1,642,500 50,000 595,000 2,287,500 14% 13 Middle Georgia State University 36,939,972 4,049,513 275,802 840,397 5,165,712 14% 32 Savannah State University 24,632,278 3,103,592 -
Entrepreneurial Opportunities with Fintechs & Blockchain
Bitcoins, Kryptowährung und Blockchain – was bringt die Zukunft? 23rd October 2018, 2. Forum „Das gute Geld – Investieren mit MehrWert“ Evgeniia Filippova, Senior Scientist @Cryptoeconomics Institute WU Vienna Ledgers Ledgers are used to: - record economic activities; - prove the ownership; - prove the transfer of value of assets (tangible / intangible) among various stakeholders Bank Accounts Land Registries Academic Certificates Every ledger you know is centralized with a ‚trusted‘ Hotel Reservations Medical Records Citizenship Records record-keeper If you had to define Blockchain in 3 words? A distributed ledger Curios case of the Rai Stones 500 AD, Island of Yap (now Micronesia) Yappies had a problem: a strange form of currency (fei stones) Solution: Decentralized Ledger: - Distribution of Fei stone ownership across all Yappies - When a Fei stone was spent, the new transaction was shared across everyone Basic Idea Behind (Bitcoin) Blockchain • Peer-to-peer electronic transactions and interactions • Without financial institution • Cryptographic proof instead of central trust • Put trust in the network instead of in a central institution BLOCKCHAIN So … What is Blockchain? Blockchain is a bundle of distributed ledger technologies that can be programmed to record and track anything of value without involvement of the third trusted party TECHNICAL Back-end database that maintains a distributed ledger, openly BUSINESS Exchange network for moving value between peers LEGAL A transaction validation mechanism, not requiring intermediary assistance What is Blockchain? NETWORK Layer DATABASE Layer STATE Layer time What is Blockchain? NETWORK Layer DATABASE Layer 1. Transaction event A B Digital signature STATE Layer time What is Blockchain? NETWORK Layer DATABASE Layer 1. Transaction event A B Digital signature 2. -
Principles of Macroeconomic Literacy
Principles of Macroeconomic Literacy Principles of Macroeconomic Literacy John Scott University of North Georgia Copyright © 2015 John Scott All rights reserved. No part of this book may be reproduced in whole or in part without written permission from the publishers, except by reviewers who may quote breif excerpts in connection with a review in newspaper, magazine, or electronic publications; nor may any part of this book be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or other, without written permission from the publisher. Published by: University of North Georgia Press Dahlonega, Georgia Printing Support by: Booklogix Publishing Services, Inc Alpharetta, Georgia Cover design by Corey Parson ISBN: 978-1-940771-18-2 Printed in the United States of America, 2015 For more information, please visit ung.edu/press Or email [email protected] If you need this document in another format, please email the University of North Georgia Press at [email protected] or call 706-864-1556. Contents Chapter 1 Economic Decisions-------------------------------------- 9 Chapter 2 Government Decision Making: Public Choice - - - - - - - - - - 27 Chapter 3 Value Creation Through Production -------------------------- 45 Chapter 4 Value Creation Through Trade------------------------------ 55 Chapter 5 Socialism and Capitalism --------------------------------- 69 Chapter 6 Money and Prices -------------------------------------- 79 Chapter 7 Causes and Effects of Inflation ------------------------------ 91 Chapter 8 Credit Markets ----------------------------------------101 Chapter 9 Output, Income, and Economic Growth - - - - - - - - - - - -115 Chapter 10 Labor Markets-----------------------------------------127 Chapter 11 Macroeconomic Adjustment - - - - - - - - - - - - - - - -139 Chapter 12 The Federal Budget -------------------------------------153 Summary of the Entire Text 7 SUMMARY OF THE ENTIRE TEXT People try to make themselves better off by interacting with each other in the economy. -
CROSSROADS Language Studioês Newsletter DS Language Studioês
CROSSROA DS Language StudioÊs Newsletter March ,,, 20 111777 Another fascinating, ingestible kind of currency was the tea brick. Made in ancient China with tea leaves and stalks, a few herbs and some wood chips, along with ox blood and Over the centuries, people have cow dung (for its binding effect), assigned monetary value to all kinds of these bricks were still being objects. Beads and shells were top currency used as currency in the 19 th in many pacific cultures, as were dolphin’s century, not only in China but teeth! This latter item has been used in also in Russia, Tibet, Siberia and Mongolia. the Solomon Islands for In medieval times, squirrel hundreds of years. Th e pelts were highly valued and teeth were replaced in in Russia and Finland they more recent times with were used as currency with the the island’s modern dollar animal’s snouts and claws used as change! currency. However, in 2008 the dollar was Perhaps most intriguing is devalued. Then people started hoard ing the Rai Stones from the island money creating a coin shortage. So, the of Yap in Micronesia. These Solomon Islanders reverted to using stones have been used as money dolphin’s teeth as currency : “The white since 500 AD. The Yapese people needed to travel man’s money will end, but the dolphin teeth to the nearby island of Palau to get limestone for will always be there for us”. This revived these big circular discs. Shipping them back to dolphin culls and, of course, le d to Yap was no easy task as some were 3.5m across international outrage from conservationElla and weighed over 4 tonnes . -
Introduction to Decentralized Applications
Introduction to dApps Alex Stokes 10/20/20 UC Davis guest lecture Who am I? ● Alex Stokes ● @ralexstokes ● Research and development at the Ethereum Foundation ● Working on blockchain scalability ○ Ethereum 2.0 ● Researching/studying blockchains since ~2012 ● Full time since early 2017 Goals ● What is a dApp? ● Why are they written in Solidity? ● How does Ethereum fit into all of this? Agenda ● Why the hype? ● Ethereum as “programmable” blockchain ● Smart contracts / dApps are “subprotocols” of Ethereum ● Examples of dApps ● High-level overview of the EVM ● Intro to Solidity ● Look at the code for some smart contracts! Why the hype? Internet : information :: Blockchains : value What is money? ● Money is a way to transfer “chunks” of value between us ○ Cowrie shells ○ Rai stones in Micronesian island of Yap ○ Animal pelts ○ Cigarettes ● Standardized units of value ○ Currency ● Debt, David Graeber What is money? ● Historically, hard to build money on the internet ● Can cheaply copy a digital artifact… ○ “You wouldn’t copy a car” What is money? ● Blockchain ○ the technical construction that implements a cryptocurrency ● Cryptocurrency ○ Digital “thing” we can use as money Blockchain construction ● “Proofs and promises” ● Cryptography ○ “Property rights”, ownership ● Economics / game theory ○ Incentives to behave in certain ways ● Latter bit was more the breakthrough in Bitcoin ○ No trusted third party w/ coin incentive Bitcoin: a shared ledger ● Get one “application” ● We make a coin/token (BTC) and we record ownership on a shared ledger ● Incentives in the system to maintain the ledger ● Ownership is protected with cryptography ○ Very similarly to how e-commerce transactions are secured ● “Alice sends 10 BTC to Bob” ● “Bob sends 4.5 BTC to Charlie” Ethereum: the ledger can do whatever you want ● Single purpose => general purpose ● All applications on top of the base layer share network security ● Entries on the ledger can be application-specific ○ Not just coin balances ○ Mapping account address to strings ■ E.g. -
July 1, 2015–June 30, 2016 FY16: a LOOK BACK
Georgia Museum of Art Annual Report July 1, 2015–June 30, 2016 FY16: A LOOK BACK This fiscal year, running from July 1, 2015, a dramatic uptick in attendance during the to June 30, 2016, was, as usual, packed with course of the show. Heather Foster, an MFA activities at the Georgia Museum of Art. The student at UGA in painting and an intern in exhibition El Taller de Gráfica Popular: Vida y our education department, created a series of Arte kicked off our fiscal year, providing the Pokemon-inspired cards highlighting different inspiration for our summer Art Adventures objects in the exhibition. We also embarked programming in 2015 as well as lectures, upon our first Georgia Funder, using UGA’s films, family programs and much more. We crowd-funding platform to raise money for the engaged in large amounts of Spanish-language exhibition’s programming. Caroline Maddox, programming, and the community responded our director of development, left for a position positively. at the Los Angeles County Museum of Art, and Laura Valeri, associate curator, for Georgetown In July, the Friends of the Georgia Museum University Press. of Art kicked off a three-month campaign to boost membership by 100 households. Through In November, we focused attention on three carefully crafted marketing emails and the first major gifts from the George and Helen Segal in a series of limited-edition mugs available only Foundation, devoting an entire exhibition to through membership, they did just that and them. Other major acquisitions included a more. painting by Frederick Carl Frieseke (due to the generosity of the Chu Family Foundation), one In August, with the beginning of the university’s by Anthony Van Dyck and studio (from Mr. -
Spring 2017 Visit The
UNIVERSITY OF GEORGIA LIBRARIES BEYOND Volume 24 Spring 2017 Visit the CONTACT INFORMATION Libraries' Websites Dr. P. Toby Graham University Librarian and Associate Provost www.libs.uga.edu [email protected] (706) 542-0621 Chantel Dunham Special Collections Library Director of Development www.libs.uga.edu/scl [email protected] (706) 542-0628 Leandra Nessel Hargrett Rare Book and Manuscript Library Development Officer www.libs.uga.edu/hargrett [email protected] (706) 542-3879 HARGRETT RARE BOOK AND MANUSCRIPT LIBRARY Richard B. Russell Library for Political Research and Studies Kat Stein www.libs.uga.edu/russell Director [email protected] (706) 542-5484 Walter J. Brown Media Archive WALTER J. BROWN MEDIA ARCHIVE and Peabody Awards Collection AND PEABODY AWARDS COLLECTION www.libs.uga.edu/media Ruta Abolins Director [email protected] Digital Library of Georgia (706) 542-4757 www.dlg.galileo.usg.edu RICHARD B. RUSSELL LIBRARY FOR POLITICAL RESEARCH AND STUDIES Sheryl B. Vogt Beyond The Pages is published twice annually by the University of Georgia Libraries, with Director support from the Dooley Endowment [email protected] (706) 542-0619 Editor: Leandra Nessel DIGITAL LIBRARY OF GEORGIA Writers: Mazie Bowen, Ashley Callahan, Lauren Cole, Margie Compton, Stephen Corey, Mandy Sheila McAlister Mastrovita, Leandra Nessel, Kathryn Veale, Sheryl Director Vogt, Joan Zitzelman [email protected] (706) 542-5418 Design: Brandon Duncan, Bulldog Print + Design Researchers | (706) 542-7123 Cover Photo: Mining in Georgia, 1879. From the upcoming “Gold-digging in Georgia: America’s Events | (706) 542-6331 First Gold Rush” exhibit in the Hargrett Rare Book and Manuscript Library. -
Guide to Athens, GA Flagpole.Com TABLE of CONTENTS
FREE! A G s, en e to Ath id u G 2018–2019 Celebrating 30 Years in Athens Eastside Downtown Timothy Rd. 706-369-0085 706-354-6966 706-552-1237 CREATIVE FOOD WITH A SOUTHERN ACCENT Athens Favorite Beer Selection Lunch Dinner Weekend Brunch and Favorite Fries (voted on by Flagpole Readers) Happy Hour: M-F 3-6pm Open for Lunch & Dinner 7 days a week & RESERVE YOUR TABLE NOW AT: Sunday Brunch southkitchenbar.com 247 E. Washington St. Trappezepub.com (inside historic Georgian Building) 269 N. Hull St. 706-395-6125 706-543-8997 2 2018–2019 flagpole Guide to Athens, GA flagpole.com TABLE OF CONTENTS Athens at a Glance . 4 Stage and Screen . 22 Annual Events . 9 Books and Records . 25 Athens Favorites . 11 Athens Music . .. 26 Lodging . 12 Farmers Markets and Food Trucks . 29 Art Around Town . 14 Athens and UGA Map . .31 Get Active . 17 Athens-Clarke County Map . 32 Parks and Recreation . 18 Restaurant, Bar and Club Index . 35 Specially for Kids 20 Restaurant and Bar Listings 38 . NICOLE ADAMSON UGA Homecoming Parade 2018–2019 flagpole Guide to Athens, GA Advertising Director & Publisher Alicia Nickles Instagram @flagpolemagazine Editor & Publisher Pete McCommons Twitter @FlagpoleMag Production Director Larry Tenner Managing Editor Gabe Vodicka Flagpole, Inc. publishes the Flagpole Guide to Athens every August Advertising Sales Representatives Anita Aubrey, Jessica and distributes 45,000 copies throughout the year to over 300 Pritchard Mangum locations in Athens, the University of Georgia campus and the Advertising Designer Anna LeBer surrounding area. Please call the Flagpole office or email class@ Contributors Blake Aued, Hillary Brown, Stephanie Rivers, Jessica flagpole.com to arrange large-quantity deliveries of the Guide.