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of
representative money
. It didn't take long before the receipts were traded as
money, because everyone knew they were "as good as gold". Representative paper
money made possible the practice of fractional reserve banking, in which bankers
would print receipts above and beyond the amount of actual precious metal on
deposit.
Fiat money refers to money that is not backed by reserves of another
commodity. The money itself is given value by government fiat (Latin for "let it be
done") or decree, enforcing legal tender laws. Governments through history have
often switched to forms of fiat money in times of need such as war, sometimes by
suspending the service they provided of exchanging their money for gold, and other
times by simply printing the money that they needed. When governments produce
money more rapidly than economic growth, the money supply overtakes economic
value. Therefore, the excess money eventually dilutes the market value of all
money issued. This is called inflation.
In 1971 the US finally switched to fiat money indefinitely. At this point in
time many of the economically developed countries' currencies were fixed to the
US dollar, and so this single step meant that much of the western world's currencies
became fiat money based.
Credit money often exists in conjunction with other money such as fiat
money or commodity money, and from the user's point of view is indistinguishable
from it. Most of the western world's money is credit money derived from national
fiat money currencies.
In a modern economy, a bank will lend to borrowers in excess of the
reserve it carries at any time, this is known as fractional reserve banking. In doing
so, it increases the total money supply above that of the total amount of the fiat
money in existence. While a bank will not have access to sufficient cash (fiat
money) to meet all the obligations it has to depositors if they wish to withdraw the
balance of their cheque accounts (credit money), the majority of transactions will
occur using the credit money (cheques and electronic transfers).
5. Grammar revision. Use the Present Indefinite or Continuous.
1. I can tell you that generally he (to sing) very well, but I think the song which he
(to sing) now is just not for his voice.
2. Your younger son usually (to do) much reading? – Oh, yes, he (to read) a lot.
As far as I know, he now (to read) a collection of fairy-tales.- Unfortunately my
children (not to read) as often as I would like them to.
3. What is it you (o play) now? Something familiar. – Oh, just some popular song,
I (not to remember) its name. You see, I (to try) to play this song from memory.
And I (not to play) the piano often nowadays.
4. When we (to say) “translator”, and when “interpreter”? Well, a translator s a
person who (to make) written translations, while an interpreter usually (to
translate) some speech orally, while somebody (to speak).
5. He has suffered a great deal of pain. You (not think) he (to behave) very well,
though?
I
had
a letter from him today.
6. Have you seen him this afternoon?
Did you see him this afternoon?
7. We haven't corresponded for months.
We didn't correspond for months.
8. He has called me up from London three times this week.
He called me up from London three times this week.
9. I've met them both this afternoon.
I met them both this afternoon.
6. Grammar revision. Underline the most likely form of the verb in each
sentence.
a) When they lived in Morocco they
ate/have eaten in restaurants every day.
f) I heard/ 've heard that record.
Put something else on.
b) She only went/ 's only been to a
hypnotist once in her life.
g) When did you hear / have
you hear it?
c) Did you go / Have you been to the
opening night of 'Miss Saigon' last
week?
h) He met/ 's met Judi Dench last
week.
d) I watered / have watered the plants
yesterday.
i) I never went/ 've never been on
Concorde. I'd like to.
e) Your mother telephoned / has
telephoned while you were out.
j) Did you ever have / Have you
ever had malaria before?
7. Grammar revision. Make sentences from these groups of words. Put the
verbs in the Past Simple or the Present Perfect, using the time expressions in
brackets.
a) live / Indonesia? (ever)
b) play golf? (yesterday)
c) meet my wife / Poland (ten years ago)
d) have / cup of coffee (already)
e) plane / not leave (yet)
f) see any good films? (recently)
g) Kay / not phone / mother (last week)
h) visit / Paris (never)
8. Read the text. Think about other negative effects of advertising.
Negative effects of advertising.
An extensively documented effect is the control and vetoing of free
information by the advertisers. Any negative information on a company or its
products or operations often results in pressures from the company to withdraw
such information lines, threatening to cut their ads. This behaviour makes the
editors of the media self-censor content that might upset their ad payers. The bigger
26 39
of representative money. It didn't take long before the receipts were traded as I had a letter from him today.
money, because everyone knew they were "as good as gold". Representative paper 6. Have you seen him this afternoon?
money made possible the practice of fractional reserve banking, in which bankers Did you see him this afternoon?
would print receipts above and beyond the amount of actual precious metal on 7. We haven't corresponded for months.
deposit. We didn't correspond for months.
Fiat money refers to money that is not backed by reserves of another 8. He has called me up from London three times this week.
commodity. The money itself is given value by government fiat (Latin for "let it be He called me up from London three times this week.
done") or decree, enforcing legal tender laws. Governments through history have 9. I've met them both this afternoon.
often switched to forms of fiat money in times of need such as war, sometimes by I met them both this afternoon.
suspending the service they provided of exchanging their money for gold, and other
times by simply printing the money that they needed. When governments produce 6. Grammar revision. Underline the most likely form of the verb in each
money more rapidly than economic growth, the money supply overtakes economic sentence.
value. Therefore, the excess money eventually dilutes the market value of all
money issued. This is called inflation. a) When they lived in Morocco they f) I heard/ 've heard that record.
In 1971 the US finally switched to fiat money indefinitely. At this point in ate/have eaten in restaurants every day. Put something else on.
time many of the economically developed countries' currencies were fixed to the b) She only went/ 's only been to a g) When did you hear / have
US dollar, and so this single step meant that much of the western world's currencies hypnotist once in her life. you hear it?
became fiat money based. c) Did you go / Have you been to the h) He met/ 's met Judi Dench last
Credit money often exists in conjunction with other money such as fiat opening night of 'Miss Saigon' last week.
money or commodity money, and from the user's point of view is indistinguishable week?
from it. Most of the western world's money is credit money derived from national d) I watered / have watered the plants i) I never went/ 've never been on
fiat money currencies. yesterday. Concorde. I'd like to.
In a modern economy, a bank will lend to borrowers in excess of the e) Your mother telephoned / has j) Did you ever have / Have you
reserve it carries at any time, this is known as fractional reserve banking. In doing telephoned while you were out. ever had malaria before?
so, it increases the total money supply above that of the total amount of the fiat
money in existence. While a bank will not have access to sufficient cash (fiat 7. Grammar revision. Make sentences from these groups of words. Put the
money) to meet all the obligations it has to depositors if they wish to withdraw the verbs in the Past Simple or the Present Perfect, using the time expressions in
balance of their cheque accounts (credit money), the majority of transactions will brackets.
occur using the credit money (cheques and electronic transfers). a) live / Indonesia? (ever)
b) play golf? (yesterday)
5. Grammar revision. Use the Present Indefinite or Continuous. c) meet my wife / Poland (ten years ago)
d) have / cup of coffee (already)
1. I can tell you that generally he (to sing) very well, but I think the song which he e) plane / not leave (yet)
(to sing) now is just not for his voice. f) see any good films? (recently)
2. Your younger son usually (to do) much reading? – Oh, yes, he (to read) a lot. g) Kay / not phone / mother (last week)
As far as I know, he now (to read) a collection of fairy-tales.- Unfortunately my h) visit / Paris (never)
children (not to read) as often as I would like them to.
3. What is it you (o play) now? Something familiar. – Oh, just some popular song, 8. Read the text. Think about other negative effects of advertising.
I (not to remember) its name. You see, I (to try) to play this song from memory.
And I (not to play) the piano often nowadays. Negative effects of advertising.
4. When we (to say) “translator”, and when “interpreter”? Well, a translator s a An extensively documented effect is the control and vetoing of free
person who (to make) written translations, while an interpreter usually (to information by the advertisers. Any negative information on a company or its
translate) some speech orally, while somebody (to speak). products or operations often results in pressures from the company to withdraw
5. He has suffered a great deal of pain. You (not think) he (to behave) very well, such information lines, threatening to cut their ads. This behaviour makes the
though? editors of the media self-censor content that might upset their ad payers. The bigger
26 39
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