That liquidity crisis is why the Federal Reserve had to step in last week and act as commercial bank of last resort, agreeing to buy short term notes called commercial paper directly from companies.
For the unenlightened, it works like this: Banks take in deposits and borrow in the capital markets, usually by issuing commercial paper, notes and bonds to raise more money which they lend out.
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Every single commercial boom, Perkins notes, was built on the back of a financial mania.
The Venus flower basket, for example, a kind of deep-sea sponge, has spiny skeletal outgrowths that are remarkably similar, both in appearance and optical properties, to commercial optical fibres, notes Joanna Aizenberg, a researcher at Lucent Technology's Bell Laboratories in New Jersey.
Before the 20th century commercial banks issued their own notes in at least 50 nations, notably including the U.S. and Canada.
He notes that last year, there was no commercial market for tablets.
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Finally, its support of the financial system with massive asset purchases in frozen markets, including commercial paper, mortgage backed securities, and currently Treasury notes.
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In India, for example, enforcing a simple commercial contract takes 56 procedures and nearly four years, notes the World Bank, while in Venezuela, workers who earn less than 1.5 times the minimum wage can't be fired.
Then well-capitalized foreign commercial banks doing business in Poland could issue euro-denominated notes redeemable in official euros.
In a book to be published in November, Wu Jinglian, China's most respected economist, notes that until a decade ago provincial branches of commercial banks borrowed funds directly from provincial offices of the central bank and lent them to local customers.
But it notes that such dual roles are becoming the norm in commercial banking.
Commercial radio stations have tended to become less local and more regional, notes James Cridland, a radio analyst.
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Airsafe.com, a not-for-profit venture that compiles airline-safety statistics, notes only four cases in which a flight crew intentionally landed a commercial jet into a body of water.
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Currently there are no guidelines for surgeons comparable to the so-called "bottle to throttle" rules that prohibit commercial airplane pilots from flying within eight hours of their last drink, the study notes.
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