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