The US Federal Reserve has a system to control the amount of currency in circulation.
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There is only one possible outcome from leaving the unwanted currency in circulation.
That is what it is now doing: Japan's monetary base (currency in circulation and banks' reserves at the Bank of Japan) grew by 23% in the year to January.
Our earlier use of this policy approach had little effect on the amount of currency in circulation or on other broad measures of the money supply, such as bank deposits.
The aim is to have produced 13 billion notes, in seven denominations (5, 10, 20, 50, 100, 200, 500), by the time the new currency goes into circulation on January 1st 2002.
But how large will the monument be and how much circulation and longevity the currency will have will depend on the answer to one key question: did the presidency of Barack Obama make this nation a better one?
Under a currency board arrangement, the central bank guarantees the redemption of all notes in circulation at a set exchange rate to the dollar or another foreign currency or basket of currencies.
Like swaps on interest rates and foreign currency, credit swaps outstanding dwarf the underlying bonds in circulation.
Our central bank has not fully grasped that the dollar is now an international currency, with more than 60% of that now in circulation being used as transaction money outside our borders.
Now with gold over valued, silver coins disappeared from circulation and gold coins (and paper money) dominated the currency.
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The value of euro banknotes in circulation and the market for euro-denominated securities already rival the dollar, a long-established currency backed by a single nation-state.
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