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Soon, though, tradesmen and artisans and even people of decidedly modest means were using paper credit.
By noon, S. & P. had downgraded G.M. In bond argot, the downgrade dropped G.M.'s "commercial paper" credit rating from A-1 to A-2.
At first, only merchants relied on paper credit, not so much currency as notes of hand, bills of exchange, and I.O.U.s.
As she pertinently observed: "Every mortal that has common sense or that knows anything of figures, sees that 'tis not possible by all the arts and tricks upon earth long to carry £400,000,000 of paper credit with £15,000,000 of specie.
In this paper, credit method is adopted to calculate the total annual cost.
It goes back at least to 1802, when Henry Thornton (The Nature and Effects of the Paper Credit of Great Britain) clearly discussed the "moral hazard" and "systemic risk," as we now call them, involved.
Similar(47)
The 20-page paper credited the company with making "commendable progress".
By reducing exports, drawing from stocks and using paper credits accrued from exceeding mandates previously, ethanol supplies can be maintained while corn demand is cut.And in an election year Barack Obama is unlikely to risk the wrath of corn-growing swing states such as Ohio, Michigan and Iowa by doing anything that will hit prices.
The paper credits David "Orange Book" Laws for coming up with the party's "pupil premium" policy, despite the fact that he wasn't in charge of the party's schools policy when this policy was adopted and its origins can be found in a pamphlet (pdf) by Nick Clegg and Dr Richard Grayson Charles Kennedydy's former policy director and one of the party's most outspoken left-of-centre thinkers.
Anonymous, secure E-cash could give rise to a blossoming of commerce on the Internet and a reduction in the billions of dollars spent annually processing paper checks and paper credit-card chits.
The assets included credit from the term-auction facilities, commercial paper, credits extended to AIG, the portfolio holdings of the various Maiden Lane structures and so on.
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