The first was excess demand for its exports created by the high tide of credit-financed spending and illusory wealth in rich countries.

FORBES: Magazine Article

First, neither excess reserves nor the monetary base (currency plus bank reserves) are money.

FORBES: America, Be Thankful: Bernanke Critics' Prophecies Of Inflation Have Been Dead Wrong

According to Mr Tauzin, 1999 was when WorldCom first started capitalising excess capacity, putting a valuation on the spare space on its network and claiming it as an investment.

BBC: WorldCom's woes 'go back to 1999'