Exact(3)
Mr. Laffer seems panicked by a rapid rise in the monetary base, the sum of currency in circulation and the reserves of banks.
Many economists include as money only deposits transferable by check (demand deposits)—in the United States the sum of currency and checking deposits is known as M1.
It says that once adverse demand shocks have pushed the economy into a liquidity trap, even very large increases in the monetary base — the sum of currency and bank reserves, which is what the Fed controls — will be basically sterile, leading neither to a boom nor to inflation.
Similar(56)
According to the arrest report, Ms. Lin had engaged "in sexual conduct with another person in exchange for a sum of U.S. currency".
He spotted references to sums of gold currency that equaled hundreds of thousands of dollars in today's American dollars.
"I've seen up close how large sums of foreign currency can change people's lives," she said.
"The only way to bring in large sums of foreign currency was to sell drugs to other countries," the defector told members of the subcommittee on financial management, budget and international security.
Prosecutors later said they believed that Media-Most had given perhaps 100 journalists and other employees large sums of foreign currency, an act that was not illegal but that they said needed investigation.
From exile in Saudi Arabia with her husband Ben Ali, the couple are seeking to appeal their sentencing in absentia last year to 35 years in jail accused of theft and unlawful possession of large sums of foreign currency, jewellery, archaeological artefacts, drugs and weapons – the first of several cases against them.
The Chinese government has been issuing vast sums of Chinese currency each week so as to buy up dollars from the country's trade surplus and investment inflows, while Chinese banks have been lending aggressively, creating a surge in circulating money.
The exiled Tibetan Buddhist community is in turmoil at the questioning of one of its most important religious leaders by Indian police after large sums of Chinese currency were found at his monastery, forcing him to deny claims he is an "agent of Beijing".
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