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b Assuming the accuracy of the principle that a gov
Offsetting investments in government securities
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$3 billion able currency analysis bank deposits billion dollars Board's Annual Report borrowing capital accounts capital funds cent commercial and Federal Committee on Monetary December 31 demand deposits derivative deposits economic exchange Federal debt Federal Open Market Federal Reserve Act Federal Reserve authorities Federal Reserve banks Federal Reserve notes Federal Reserve System fiat money fiscal and monetary government bonds government debt government securities held held an excess holdings of government holdings of United invest in United investments in government irredeemable currency January 28 loans member bank reserves member commercial banks ment securities million for December Monetary Policy monetizing the Federal monthly values Open Market Committee open market operations prices of government procedure proper functions proper principle purchase government purchase of government range for bills ratio reader redeemable requirements Reserve banks held sound currency sound principle surplus reserve tion Treasury overdrafts United States Government United States Treasury unsound in principle