Thursday, October 20, 2011

Word Of The Day:

seigniorage :  the profit taken from the printing of paper money 

It costs the federal reserve (a private bank) 7¢ to print a US $100 bill. 
Cost for the average worker to obtain a $100 bill is 6 hours of labour...

In Canada it cost the Bank of Canada 5¢ on average for every $20 Canadian Bank Note