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They Can Fool

Too Many of the People
Abe
Too Much of the Time

by
Mailing Address
This essay was first completed on Saturday, February 16, 1991 and was most recently revised on Tuesday, November 24, 2015.

The essay is approximately 9,363 words long.

Other essays in this collection are available on Pharos.
 

This essay is LiteraShare.

That means that it isn't for sale and that it isn't protected by a formal establishment copyright.  As the author, I ask you to extend to me the courtesy that is reasonably due.  If you copy the essay, then copy all of it including my name and address as shown on each page, and this LiteraShare Statement.  I invite you to provide such copies for other readers.  If you quote from the essay, then do so accurately and give me credit.  If you care to make a voluntary contribution to me, then I prefer cash.  For checks, money orders, or PayPal payments, please inquire.

Caveat Lector


 
 
 
They Can Fool Too Many of the People Too Much of the Time

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They Can Fool Too Many of the People Too Much of the Time

If you once forfeit the confidence of your fellow citizens, you can never regain their respect and esteem.  It is true that you may fool all the people some of the time;  you can even fool some of the people all the time;  but you can't fool all of the people all the time.
— Abraham Lincoln, to a caller at the White House
from Lincoln's Yarns and Stories [1904], Alexander K. McClure
I intended, when I began this essay, to prove that fractional reserve banking increases the amount of cash in circulation.  Early in the essay, I proved the opposite.  However, while I was working my way through the mechanics of fractional reserve banking, I discovered that fractional reserve banking doesn't really exist, if it ever did.  A true fractional reserve banking system would be inherently self-destructive.  Beyond that, I found within the existing system a sinister potential.  Inflation is only one of its evils.  The thing that I least expected to discover but that ought to have been the most obvious from the very beginning is that none of it would be possible without the cooperation of the people.

Money

An understanding of money is a prerequisite to understanding fractional reserve banking.  Such an understanding must begin with the rules of money.  To work well as money, a thing must be durable, portable, divisible without loss, available in limited quantity, generally accepted as money, and it must have intrinsic value as money.1  Nothing in use today satisfies those rules very well.  Much of what passes for money doesn't satisfy them at all and, therefore, isn't money.  Throughout this essay, I've tried to avoid the word money.  Instead, I've used the word dollars.  Even that isn't quite right because a dollar is a unit of measure of money.  A transaction might involve a certain number of dollars of money just like it might involve a certain number of gallons of ice cream.  If the ice cream melted on the way home and I say that I brought home some gallons because the ice cream went away, that's pretty much like talking about dollars in today's economy.

The Model Bank

In my analysis of fractional reserve banking, I've treated the banking system as if it was a single bank.  That model simplifies the essay, which is already complicated enough without worrying about which bank is which.  One bank is a reasonable model for understanding fractional reserve banking and illustrates the dynamics of the process very nicely.  When I refer to "the bank" in this essay, then I'm talking about the model.  When I talk about a bank as a part of the banking system that exists in the real world, and if I think that my meaning might not be clear, then I refer to it as a "real bank."

There are only two relevant locations for dollars in this analysis:  in the bank or not in the bank.  I've therefore considered all of the rest of the economy to behave as a unit with regard to its interaction with the bank.  In terms of the consequences of fractional reserve banking, it doesn't matter what the dollars do while they're out of the bank.  What matters is the consequences of their leaving the bank and entering the bank.


1
 ^ 
See my essay Money.

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The Reserve

When someone makes a deposit into a real bank, the real bank must be prepared to return the same amount of the same thing that was deposited.  If the deposit is cash, then the real bank must be prepared to return the same amount of cash.  The real bank assumes that people won't all want their cash at the same time and keeps in its possession only a fraction of the cash that was actually deposited.  That cash is called the fractional reserve, which is a subtle deception.  It should more properly be called the cash reserve.

When someone deposits cash into a real bank, a record of the deposit is made.  The real bank then uses most of the deposited cash for some purpose of its own and keeps on hand only the cash reserve.  The record of deposit isn't changed when the dollars are used for something else.  That is, the real bank has a few dollars on hand (the cash reserve) but a record indicating that it has many more dollars on deposit.  The cash on hand is real, tangible cash.  I call those cash dollars.  The dollars on deposit are mostly not really there.  I call those deposit dollars.  They're only the record of the cash dollars that were deposited and then mostly used for something else.

When someone deposits a check into a real bank, cash doesn't cross the counter.  Cash doesn't enter the vault.  The checks are all processed through a clearing house, a correspondent bank (real bank), or a Federal Reserve Bank (real bank again), and net settlement is made not by transferring cash but by electronic messages in deposit balances.  That means that when a deposit is made by check, it's impossible for a real bank to keep a cash reserve because the real bank doesn't receive cash as a result of the deposit.  The very concept of a cash reserve requires that deposits be made in cash, of which a fraction can be kept on reserve.  Checks do not deposit cash.  That's why it's deceptive to refer to the cash reserve as a fractional reserve.  The real bank can measure a fraction of anything, but it can keep a cash reserve only if it receives a cash deposit.
0

Fractional reserve banking exists only when deposits are made in cash. 
Deposits by check are not cash deposits.
0
A real bank takes the dollars deposited and loans them and you can be sure that the dollars people borrow will eventually be redeposited into another real bank.  That is guaranteed by people's fear of losing cash.  If the dollars are to be redeposited as cash, then they must be borrowed as cash.2  Remember, if a deposit is made by check, then cash doesn't go into the real bank.  For cycles of fractional reserve deposits and loans to occur, dollars loaned as well as dollars deposited must be in cash.
0
Fractional reserve banking requires that transactions must be in cash.
Fractional reserve is a meaningless concept when transactions are not in cash.
0
At this point, you can see that the real banking system is only approximately a fractional reserve banking system.  Few transactions are made with cash.  The cash on reserve in the real banks must be a fraction of something, but I seriously doubt if it's the required fraction based on all deposits.


2
 ^ 
There's a more fundamental reason why loans must be cash.  I'll discuss it later.

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The Cycles

In this essay, I've illustrated the dynamics of fractional reserve banking with a model of the process of deposits, loans, and redeposits.  The model cycle is as follows:
1. Some number of cash dollars, in circulation in the economy, is available for deposit in the bank.
2. The available cash dollars are deposited in the bank.
3. The required number of cash dollars is held in reserve by the bank.
4. The difference between the number of cash dollars deposited and the number of cash dollars held in reserve is loaned by the bank, as cash, and again enters the economy.
5. The loaned cash dollars, circulating in the economy, are then available to be redeposited in the bank.
A series of such cycles is an idealization of the process of fractional reserve banking as it would happen in a real fractional reserve banking system.  It illustrates the ideal performance to be expected from such a system.  I've used a variety of examples to investigate the consequences of several such cycles.  Those examples are shown in detail in Appendix 1.  The various tables and figures that I've used throughout this essay are based on those examples.

Tables  1 and 2Calculations

The quantities in appendix 1, and in the various tables shown in this essay, can be calculated by equations which will yield the accumulated total for any combination of parameters.  Appendix 2 contains examples of such equations, as well as their derivations.  Those equations are academically correct and should impress my critics, but there are easier ways to do the calculations.  I used a Hewlett-Packard HP-25 programmable calculator.  The calculator programs are presented in Appendix 3.

Fractional Reserve Banking

I believed, when I began this essay, that cycles of fractional reserve deposits and loans greatly increase the number of cash dollars in circulation, thereby contributing to inflation.  I'd heard that claim from various folks who believed it to be one of the banking system's evils.  It seemed reasonable and I believed it.  However, Table 1 shows that I was mistaken.  The number of cash dollars placed in circulation by fractional reserve banking, in that example, will never equal the initial deposit, by which cash was removed from circulation.  The example is shown graphically in Figure 1.
0

Fractional reserve deposit and loan cycles reduce the number of cash dollars in circulation.
0
Table 2 and Figure 2 show that the greater the fraction of cash dollars redeposited, the greater is the tendency for cash dollars to be removed from circulation.  That's so logical that I wonder why I never thought of it before.
0
The more cash dollars people deposit, the fewer cash dollars there are in circulation.
0

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Table 3Table 3 and Figure 3 show that the number of cash dollars in circulation varies inversely with the fraction held on reserve.  That is, the lower the fractional reserve requirement, the more cash dollars will be in circulation.
0
If the bank kept all cash dollars deposited, then none of them would be in circulation.
0
It's apparent that fractional reserve banking doesn't increase the number of cash dollars in circulation.  However, neither does it remove cash dollars from circulation.  Deposits remove cash dollars from circulation.  Thus, it isn't the bank, but the people, who are responsible.  Fractional reserve banking gives a few of the dollars back.

Deposits and Loans

Table 4It's interesting to look at the number of dollars recorded as on deposit in the bank.  I call those deposit dollars.  The number of deposit dollars increases with successive deposit and loan cycles, as shown in Table 4.  In that example, 1818.18 deposit dollars accumulate from an original deposit of only 1000 cash dollars.  That happens when the bank loans cash dollars out of someone's account and then receives them back again as a deposit of cash dollars into another account.  Although they're the same cash dollars, they're on deposit in two accounts.  That happens over and over again, creating a record of deposits of cash dollars that are not really there.  It might seem superfluous to make a distinction between cash dollars and deposit dollars, but the distinction is important because of a third kind of dollars.  Those are deposit dollars that don't correspond to anything.  I call them fictional dollars.  At first, this might not be obvious.  Here's what happens.  When the bank receives the initial deposit, those are cash dollars.  They exist physically, even if they are only green paper.  When the bank makes its first loan, it loans a portion of those cash dollars and no longer has them in its possession.  After the first loan, the bank has (see the first example in Appendix 1) 100 cash dollars, but it still claims 1000 deposit dollars.  The difference between those two amounts represents fictional dollars, which the bank says that it has on deposit but which it really doesn't have.  When the bank receives the second deposit (the previously loaned cash dollars being redeposited), there are 550 cash dollars in the bank (450 from the new deposit + 100 held on reserve from the first deposit).  Also, the bank claims 1450 deposit dollars (450 from the new deposit + 1000 from the first deposit).  The second deposit thus causes an increase in both cash dollars and deposit dollars.  After the second loan, however, the number of cash dollars in the bank decreases but the number of deposit dollars doesn't.  Thus, the number of fictional dollars (deposit dollars — cash


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dollars) changes from 900 to 1305.  The point is that the number of fictional dollars doesn't change after a deposit.  It changes after a loan.  The fictional dollars are created when the bank loans cash dollars while continuing to claim possession of them.

Obviously, deposit dollars cannot be loaned by the bank.  They're nothing more than the record of deposits, and the bank can't arbitrarily reduce the depositors' records of deposits.  Neither can fictional dollars be loaned.  Their existence is even more abstract than that of deposit dollars.  When the bank loans dollars, within the context of fractional reserve lending, it can loan only cash dollars.3
0

In fractional reserve banking, it's impossible for a bank to loan anything except cash.
0
Since deposit dollars and fictional dollars can't leave the bank, they're available only for transactions that can be made without removing dollars from the bank.  That's the origin of checkbook transactions and electronic transactions.  Think about it.  Dollars don't leave the bank when those kinds of transactions are made.  Someone writes a check because he has a record of deposit dollars in his account at the bank.  Someone receives the check, passes it through the system, and numbers change in both accounts.  Cash doesn't change hands.  The result is that fractional reserve banking creates a large number of dollars that can't be used as cash, because they can't be withdrawn.  They're useful only for checkbook or electronic transactions, because they don't need to be withdrawn for those transactions.  Consider the example of Tables 1 and 4.  In that example, the number of cash dollars available for transactions (that is, cash dollars in circulation) was reduced by deposits to approximately 80% of its previous value.  Simultaneously, the number of deposit dollars was increased to over 180% of the original amount of available cash.  That's an increase in available dollars of approximately 260% (817.56 cash dollars in circulation + 1818.18 deposit dollars), but the bulk of it is available only for checkbook or electronic transactions.  That provides a great incentive for the use of non-cash transactions and discourages cash transactions.
0
Fractional reserve banking discourages cash transactions.
0
Debt

During cycles of fractional reserve deposits and loans, an indebtedness to the bank accumulates.  Tables 5, 6, and 7 reveal several interesting features of that debt.  First (Table 5), the fewer dollars the bank holds on reserve, the greater will be the eventual indebtedness to it.  That gives the bank an incentive to lower the cash reserve requirement.  Second (Table 6), the more times the bank re-loans the same dollars, the greater will be the indebtedness to the bank.  That gives the bank an incentive to make loans.  And finally (Tables 5 and 7), the more conscientiously people deposit their cash dollars in the bank, the more they enable it to make them indebted to it.


3
 ^ 
This is an interesting aspect of real bank loans by check.  When a real bank makes a loan by check, the check isn't cash dollars because cash dollars don't leave the bank and cash dollars don't accrue to the borrower.  It isn't deposit dollars or fictional dollars, because the accounts of depositors cannot be reduced to account for dollars leaving the bank.  What kind of dollars does the check represent?  Some people have used this reasoning to assert that bank loans by check represent absolutely nothing and therefore need not be repaid.

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Table 5A more subtle feature of the debt is that the dollars used to repay it must come from some source outside of the fractional reserve deposit and loan cycle.  They must be new dollars in the sense that they are not a part of the original deposit.  There are some good reasons for this.  All cash dollars associated with the original deposit (those on reserve in the bank and those placed back in circulation by loans) are not enough to repay the debt.  The dollars used to repay the debt can't have originated as loans themselves.  That would only transfer the debt from one loan to another and not repay it.  Ultimately, fractional reserve loans can be repaid ONLY with cash dollars not previously part of the fractional reserve deposit and loan cycles.4
Tables 6 and 7
Fractional reserve loans can be repaid only with new cash dollars.
0
This is a very important point, for two reasons.  First, it means that cash dollars must enter the economy continuously because the cycles of fractional reserve deposits and loans transfer cash dollars from circulation and into the bank.  The second reason is that if the supply of new cash dollars is insufficient, then it will be impossible to repay the loans.  There's a sinister implication in this.  Since the Federal Reserve System controls the "money" supply, it might be possible for it to control the ease or difficulty of loan repayments.  The reality of this power is difficult to estimate because the real banking system only resembles a true fractional reserve banking system, but isn't one.  Thus, the real powers of the Federal Reserve System are more mysterious than I've demonstrated in this essay.  This theoretical power could allow the Federal Reserve System to remove property from the ownership of individuals by disabling the payments of mortgages.
The Federal Reserve System potentially has the power to force defaults of loans, and foreclosures of mortgages, regardless of the integrity of the borrower.
0

4
 ^ 
In the real banking system, those loans are repaid by check.  What do the checks represent and from where does it come?  Anyone who ponders this will probably begin to appreciate the sinister complexity of the present banking system, the honest simplicity of a cash economy, and the gulf between the two.

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Summary
• The "money" in use today isn't very good money, if it's money at all.  The banking system that exists today doesn't operate according to the principles of fractional reserve banking.  Fractional reserve banking can exist only when deposits are cash deposits.  Deposits by check are not cash deposits.  In a fractional reserve banking system, it's impossible for a bank to loan anything except cash.  Fractional reserve is a meaningless concept when transactions are not in cash.
• Fractional reserve banking removes cash from circulation, discourages cash transactions, and creates a strong incentive for the use of non-cash transactions.  Thus, even an ideal fractional reserve banking system will tend to destroy itself.
• Fractional reserve loans can be repaid only with dollars not previously part of the fractional reserve deposit and loan cycle.  If the supply of new dollars is insufficient, then the loans cannot be repaid.  Since the Federal Reserve System is in control of the supply of new dollars, it might have the power to force defaults on loans and mortgages.
The Writing On The Wall

The growing predominance of checkbook transactions and electronic transactions, and the fear of using cash, verify the tendency toward a cashless economy.  That economy will, I believe, be inherently more vulnerable to instability than a cash economy.5  However, to understand the implications of a cashless economy requires more than arithmetic.  Its undesirability derives not only from economic considerations, but from political ones.
• Cash accepted from another party is good regardless of his character, but the integrity of a cashless transaction depends upon the integrity of the parties to the transaction.  Therefore, a cashless economy creates an identity requirement whereby the parties to a transaction must prove themselves prior to the transaction.  That principle is already in force.  Government ID is a prerequisite for participation in today's banking system and in most of the rest of the economy.
• In a cashless economy, the identities and activities of all participants in a transaction are visible to the government.  There can't be any privacy.6  That principle of a cashless economy is in force today.  Banks will reveal any financial record to a government agency upon request without any need for the consent of the customer.  In fact, the customer might not even be informed.
• In a cashless economy, the banking system doesn't serve its customers, but its master.  Today, the banking system routinely reports to government agencies, enforces government policies, and complies with government regulations.  The system's response to a customer objection can be accurately summarized by "love it or leave it".
Someone who thinks that he has little to hide might belittle the importance of a loss of privacy.  That is a naive attitude.  Whether or not a person has something to hide might have less to do with that person's activities than it does with other people's at-


5
 ^ 
See my essay Money.
6
 ^ 
One has to pause and wonder how congressmen could ever tolerate such a system.

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titudes toward those activities.  We don't have any control over those attitudes and we can't even guess what they'll be tomorrow.  Even so, it might still seem innocent enough if we suppose that everyone is honest, that the institutions are there for our benefit, and that the business of government is to protect us.  However, I can't ignore the long history of tyranny, the present state of the world, the vulnerability of the people, and the persecutions to which they have usually been subjected.  Information is power and the cashless economy makes all of the details of our lives available to the government.  The ironic part is that nobody is (yet) required by legislation to use the banks.  It's entirely voluntary, yet people keep doing it.

The present political system claims to derive its just powers from the consent of the governed but remains mute with regard to the pedigree of its unjust powers.  The most noteworthy result of that claim is to place upon the governed a responsibility for the actions of government, just or otherwise.  There's enough truth to the theory to make it barely plausible.  In this particular case, the banks can't make loans unless people borrow from the banks.  Checkbook transactions will not occur unless people write checks.  If enough people demand their dollars in cash, then they'll get them that way, at least until the banks are bankrupt.7  And most important of all, the banks couldn't function AT ALL if people would refuse to deposit their cash in the banks.  The entire banking system as it exists today rests upon the solid support of the people.

No one has yet determined if it's possible to fool all of the people all of the time but the Federal Reserve System has shown that it can fool too many of them too much of the time.  Whatever happens, the people will be getting exactly what they deserve.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


7
 ^ 
Cute word.

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They Can Fool Too Many of the People Too Much of the Time


Figure 1
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They Can Fool Too Many of the People Too Much of the Time


Figure 2
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They Can Fool Too Many of the People Too Much of the Time


Figure 3
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They Can Fool Too Many of the People Too Much of the Time


Figure 4
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Appendix 1.  Examples   

I did these calculations by bringing forward for each deposit and loan cycle the complete history of previous cycles and updating each item for the current cycle according to the transaction taking place.  It's tedious and it used a lot of paper but it has the virtue of being unambiguous.  You can see the current total for each item at the end of each cycle.  You can also see, at each total, the entire history of the cycles that got you there.

Fraction withheld from initial deposit = 0
Fraction held on reserve = 10%
Fraction withheld from redeposit = 50%
Fraction redeposited = 50%
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Initial Condition   Arrow $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Deposit Number 1   Arrow $1000.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Loan Number 1   Arrow $1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
Deposit Number 2   Arrow 450.0040x10 Page Background jpg Image 450.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1450.0040x10 Page Background jpg Image $550.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
Loan Number 2    ^Arrow 450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image
$1450.0040x10 Page Background jpg Image $145.0040x10 Page Background jpg Image $1305.0040x10 Page Background jpg Image $855.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
Deposit Number 3   Arrow 202.5040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1652.5040x10 Page Background jpg Image $347.5040x10 Page Background jpg Image $1305.0040x10 Page Background jpg Image $652.5040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
Loan Number 3   Arrow 202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image
$1652.5040x10 Page Background jpg Image $165.2540x10 Page Background jpg Image $1487.2540x10 Page Background jpg Image $834.7540x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
Deposit Number 4   Arrow 91.1340x10 Page Background jpg Image 91.1340x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1743.6340x10 Page Background jpg Image $256.3840x10 Page Background jpg Image $1487.2540x10 Page Background jpg Image $743.6340x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
Loan Number 4   Arrow 91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0140x10 Page Background jpg Image 82.0140x10 Page Background jpg Image
$1743.6340x10 Page Background jpg Image $174.3640x10 Page Background jpg Image $1569.2640x10 Page Background jpg Image $825.6440x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
Deposit Number 5   Arrow 41.0140x10 Page Background jpg Image 41.0140x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1784.6440x10 Page Background jpg Image $215.3740x10 Page Background jpg Image $1569.2740x10 Page Background jpg Image $784.6440x10 Page Background jpg Image


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Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
Loan Number 5   Arrow 41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 36.9140x10 Page Background jpg Image
$1784.6440x10 Page Background jpg Image $178.4640x10 Page Background jpg Image $1606.1840x10 Page Background jpg Image $821.5540x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
Deposit Number 6   Arrow 18.4540x10 Page Background jpg Image 18.4540x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1803.0940x10 Page Background jpg Image $196.9140x10 Page Background jpg Image $1606.1840x10 Page Background jpg Image $803.0940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
Loan Number 6    ^Arrow 18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 16.6140x10 Page Background jpg Image
$1803.0940x10 Page Background jpg Image $180.3140x10 Page Background jpg Image $1622.7940x10 Page Background jpg Image $819.7040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
Deposit Number 7   Arrow 8.3040x10 Page Background jpg Image 8.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1811.3940x10 Page Background jpg Image $188.6140x10 Page Background jpg Image $1622.7940x10 Page Background jpg Image $811.3940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
Loan Number 7   Arrow 8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 7.4740x10 Page Background jpg Image
$1811.3940x10 Page Background jpg Image $181.1440x10 Page Background jpg Image $1630.2640x10 Page Background jpg Image $818.8640x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
Deposit Number 8   Arrow 3.7440x10 Page Background jpg Image 3.7440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1815.1340x10 Page Background jpg Image $184.8840x10 Page Background jpg Image $1630.2640x10 Page Background jpg Image $815.1340x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
Loan Number 8   Arrow 3.7440x10 Page Background jpg Image .3740x10 Page Background jpg Image 3.3640x10 Page Background jpg Image 3.3640x10 Page Background jpg Image
$1815.1340x10 Page Background jpg Image $181.5140x10 Page Background jpg Image $1633.6240x10 Page Background jpg Image $818.4940x10 Page Background jpg Image

Page 14
Even Page Address

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
3.7440x10 Page Background jpg Image .3740x10 Page Background jpg Image 3.3640x10 Page Background jpg Image 1.6840x10 Page Background jpg Image
Deposit Number 9   Arrow 1.6840x10 Page Background jpg Image 1.6840x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1816.8140x10 Page Background jpg Image $183.1940x10 Page Background jpg Image $1633.6240x10 Page Background jpg Image $816.8140x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
3.7440x10 Page Background jpg Image .3740x10 Page Background jpg Image 3.3640x10 Page Background jpg Image 1.6840x10 Page Background jpg Image
Loan Number 9   Arrow 1.6840x10 Page Background jpg Image .1740x10 Page Background jpg Image 1.5140x10 Page Background jpg Image 1.5140x10 Page Background jpg Image
$1816.8140x10 Page Background jpg Image $181.6840x10 Page Background jpg Image $1635.1340x10 Page Background jpg Image $818.3240x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
3.7440x10 Page Background jpg Image .3740x10 Page Background jpg Image 3.3640x10 Page Background jpg Image 1.6840x10 Page Background jpg Image
1.6840x10 Page Background jpg Image .1740x10 Page Background jpg Image 1.5140x10 Page Background jpg Image .7640x10 Page Background jpg Image
Deposit Number 10   Arrow .7640x10 Page Background jpg Image .7640x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1817.5740x10 Page Background jpg Image $182.4440x10 Page Background jpg Image $1635.1340x10 Page Background jpg Image $817.5740x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $450.0040x10 Page Background jpg Image
450.0040x10 Page Background jpg Image 45.0040x10 Page Background jpg Image 405.0040x10 Page Background jpg Image 202.5040x10 Page Background jpg Image
202.5040x10 Page Background jpg Image 20.2540x10 Page Background jpg Image 182.2540x10 Page Background jpg Image 91.1340x10 Page Background jpg Image
91.1340x10 Page Background jpg Image 9.1140x10 Page Background jpg Image 82.0240x10 Page Background jpg Image 41.0140x10 Page Background jpg Image
41.0140x10 Page Background jpg Image 4.1040x10 Page Background jpg Image 36.9140x10 Page Background jpg Image 18.4540x10 Page Background jpg Image
18.4540x10 Page Background jpg Image 1.8540x10 Page Background jpg Image 16.6140x10 Page Background jpg Image 8.3040x10 Page Background jpg Image
8.3040x10 Page Background jpg Image .8340x10 Page Background jpg Image 7.4740x10 Page Background jpg Image 3.7440x10 Page Background jpg Image
3.7440x10 Page Background jpg Image .3740x10 Page Background jpg Image 3.3640x10 Page Background jpg Image 1.6840x10 Page Background jpg Image
1.6840x10 Page Background jpg Image .1740x10 Page Background jpg Image 1.5140x10 Page Background jpg Image .7640x10 Page Background jpg Image
Loan Number 10   Arrow .7640x10 Page Background jpg Image .0840x10 Page Background jpg Image .6840x10 Page Background jpg Image .6840x10 Page Background jpg Image
$1817.5740x10 Page Background jpg Image $181.7640x10 Page Background jpg Image $1635.8140x10 Page Background jpg Image $818.2540x10 Page Background jpg Image
0
Fraction withheld from initial deposit = 0
Fraction held on reserve = 10%
Fraction withheld from redeposit = 25%
Fraction redeposited = 75%
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Initial Condition   Arrow $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Deposit Number 1   Arrow $1000.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Loan Number 1   Arrow $1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
Deposit Number 2   Arrow 675.0040x10 Page Background jpg Image 675.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1675.0040x10 Page Background jpg Image $775.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image

Odd Page Address
Page 15

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
Loan Number 2   Arrow 675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image
$1675.0040x10 Page Background jpg Image $167.5040x10 Page Background jpg Image $1507.5040x10 Page Background jpg Image $832.5040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
Deposit Number 3   Arrow 455.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2130.6340x10 Page Background jpg Image $623.1340x10 Page Background jpg Image $1507.5040x10 Page Background jpg Image $376.8840x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
Loan Number 3   Arrow 455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image
$2130.6340x10 Page Background jpg Image $213.0640x10 Page Background jpg Image $1917.5640x10 Page Background jpg Image $786.9440x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
Deposit Number 4   Arrow 307.5540x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2438.1840x10 Page Background jpg Image $520.6140x10 Page Background jpg Image $1917.5640x10 Page Background jpg Image $479.4040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
Loan Number 4   Arrow 307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 276.7940x10 Page Background jpg Image
$2438.1840x10 Page Background jpg Image $243.8140x10 Page Background jpg Image $2194.3540x10 Page Background jpg Image $756.1940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
Deposit Number 5   Arrow 207.5940x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2645.7740x10 Page Background jpg Image $451.4040x10 Page Background jpg Image $2194.3540x10 Page Background jpg Image $548.6040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
Loan Number 5   Arrow 207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 186.8340x10 Page Background jpg Image
$2645.7740x10 Page Background jpg Image $264.5740x10 Page Background jpg Image $2381.1840x10 Page Background jpg Image $735.4340x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
Deposit Number 6   Arrow 140.1340x10 Page Background jpg Image 140.1340x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2785.9040x10 Page Background jpg Image $404.7040x10 Page Background jpg Image $2381.1840x10 Page Background jpg Image $595.3140x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
Loan Number 6   Arrow 140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image
$2785.9040x10 Page Background jpg Image $278.5840x10 Page Background jpg Image $2507.2940x10 Page Background jpg Image $721.4240x10 Page Background jpg Image

Page 16
Even Page Address

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
Deposit Number 7   Arrow 94.5940x10 Page Background jpg Image 94.5940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2880.4940x10 Page Background jpg Image $373.1740x10 Page Background jpg Image $2507.2940x10 Page Background jpg Image $626.8440x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
Loan Number 7   Arrow 94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 85.1340x10 Page Background jpg Image
$2880.4940x10 Page Background jpg Image $288.0440x10 Page Background jpg Image $2592.4240x10 Page Background jpg Image $711.9740x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
Deposit Number 8   Arrow 63.8440x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2944.3340x10 Page Background jpg Image $351.8840x10 Page Background jpg Image $2592.4240x10 Page Background jpg Image $648.1240x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
Loan Number 8   Arrow 63.8440x10 Page Background jpg Image 6.3840x10 Page Background jpg Image 57.4640x10 Page Background jpg Image 57.4640x10 Page Background jpg Image
$2944.3340x10 Page Background jpg Image $294.4240x10 Page Background jpg Image $2649.8840x10 Page Background jpg Image $705.5840x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
63.8440x10 Page Background jpg Image 6.3840x10 Page Background jpg Image 57.4640x10 Page Background jpg Image 14.3740x10 Page Background jpg Image
Deposit Number 9   Arrow 43.1040x10 Page Background jpg Image 43.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2987.4340x10 Page Background jpg Image $337.5240x10 Page Background jpg Image $2649.8840x10 Page Background jpg Image $662.4940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
63.8440x10 Page Background jpg Image 6.3840x10 Page Background jpg Image 57.4640x10 Page Background jpg Image 14.3740x10 Page Background jpg Image
Loan Number 9   Arrow 43.1040x10 Page Background jpg Image 4.3140x10 Page Background jpg Image 38.7940x10 Page Background jpg Image 38.7940x10 Page Background jpg Image
$2987.4340x10 Page Background jpg Image $298.7340x10 Page Background jpg Image $2688.3440x10 Page Background jpg Image $701.2840x10 Page Background jpg Image

Odd Page Address
Page 17

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
63.8440x10 Page Background jpg Image 6.3840x10 Page Background jpg Image 57.4640x10 Page Background jpg Image 14.3740x10 Page Background jpg Image
43.1040x10 Page Background jpg Image 4.3140x10 Page Background jpg Image 38.7940x10 Page Background jpg Image 9.7040x10 Page Background jpg Image
Deposit Number 10   Arrow 29.0940x10 Page Background jpg Image 29.0940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$3016.5240x10 Page Background jpg Image $327.8240x10 Page Background jpg Image $2688.3440x10 Page Background jpg Image $672.1940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $225.0040x10 Page Background jpg Image
675.0040x10 Page Background jpg Image 67.5040x10 Page Background jpg Image 607.5040x10 Page Background jpg Image 151.8840x10 Page Background jpg Image
455.6340x10 Page Background jpg Image 45.5640x10 Page Background jpg Image 410.0640x10 Page Background jpg Image 102.5240x10 Page Background jpg Image
307.5540x10 Page Background jpg Image 30.7540x10 Page Background jpg Image 276.7940x10 Page Background jpg Image 69.2040x10 Page Background jpg Image
207.5940x10 Page Background jpg Image 20.7640x10 Page Background jpg Image 186.8340x10 Page Background jpg Image 46.7140x10 Page Background jpg Image
140.1340x10 Page Background jpg Image 14.0140x10 Page Background jpg Image 126.1140x10 Page Background jpg Image 31.5340x10 Page Background jpg Image
94.5940x10 Page Background jpg Image 9.4640x10 Page Background jpg Image 85.1340x10 Page Background jpg Image 21.2840x10 Page Background jpg Image
63.8440x10 Page Background jpg Image 6.3840x10 Page Background jpg Image 57.4640x10 Page Background jpg Image 14.3740x10 Page Background jpg Image
43.1040x10 Page Background jpg Image 4.3140x10 Page Background jpg Image 38.7940x10 Page Background jpg Image 9.7040x10 Page Background jpg Image
Loan Number 10   Arrow 29.0940x10 Page Background jpg Image 2.9140x10 Page Background jpg Image 26.1840x10 Page Background jpg Image 26.1840x10 Page Background jpg Image
$3016.5240x10 Page Background jpg Image $301.6440x10 Page Background jpg Image $2714.5240x10 Page Background jpg Image $698.3740x10 Page Background jpg Image
0
Fraction withheld from initial deposit = .25
Fraction held on reserve = .1
Fraction withheld from redeposit = .25
Fraction redeposited = .75
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Initial Condition   Arrow $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Deposit Number 1   Arrow $750.0040x10 Page Background jpg Image $750.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $250.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
Loan Number 1   Arrow $750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 675.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image $925.0040x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
Deposit Number 2   Arrow 506.2540x10 Page Background jpg Image 506.2540x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1256.2540x10 Page Background jpg Image $581.2540x10 Page Background jpg Image $675.0040x10 Page Background jpg Image $418.7540x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
Loan Number 2   Arrow 506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image
$1256.2540x10 Page Background jpg Image $125.6340x10 Page Background jpg Image $1130.6340x10 Page Background jpg Image $874.3840x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
Deposit Number 3   Arrow 341.7240x10 Page Background jpg Image 341.7240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1597.9740x10 Page Background jpg Image $467.3540x10 Page Background jpg Image $1130.6340x10 Page Background jpg Image $532.6640x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
Loan Number 3   Arrow 341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 307.5540x10 Page Background jpg Image
$1597.9740x10 Page Background jpg Image $159.8040x10 Page Background jpg Image $1438.1840x10 Page Background jpg Image $840.2140x10 Page Background jpg Image

Page 18
Even Page Address

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
Deposit Number 4   Arrow 230.6640x10 Page Background jpg Image 230.6640x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1828.6340x10 Page Background jpg Image $390.4640x10 Page Background jpg Image $1438.1840x10 Page Background jpg Image $609.5540x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
Loan Number 4   Arrow 230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 207.5940x10 Page Background jpg Image
$1828.6340x10 Page Background jpg Image $182.8740x10 Page Background jpg Image $1645.7740x10 Page Background jpg Image $817.1440x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
Deposit Number 5   Arrow 155.6940x10 Page Background jpg Image 155.6940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1984.3240x10 Page Background jpg Image $338.5640x10 Page Background jpg Image $1645.7740x10 Page Background jpg Image $661.4540x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
Loan Number 5   Arrow 155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 140.1240x10 Page Background jpg Image
$1984.3240x10 Page Background jpg Image $198.4440x10 Page Background jpg Image $1785.8940x10 Page Background jpg Image $801.5740x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
Deposit Number 6   Arrow 105.0940x10 Page Background jpg Image 105.0940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2089.4140x10 Page Background jpg Image $303.5340x10 Page Background jpg Image $1785.8940x10 Page Background jpg Image $696.4840x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
Loan Number 6   Arrow 105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 94.5840x10 Page Background jpg Image
$2089.4140x10 Page Background jpg Image $208.9540x10 Page Background jpg Image $1880.4740x10 Page Background jpg Image $791.0640x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
Deposit Number 7   Arrow 70.9340x10 Page Background jpg Image 70.9340x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2160.3440x10 Page Background jpg Image $279.8840x10 Page Background jpg Image $1880.4740x10 Page Background jpg Image $720.1340x10 Page Background jpg Image

Odd Page Address
Page 19

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
Loan Number 7   Arrow 70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 63.8440x10 Page Background jpg Image
$2160.3440x10 Page Background jpg Image $216.0440x10 Page Background jpg Image $1944.3140x10 Page Background jpg Image $783.9740x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
Deposit Number 8   Arrow 47.8840x10 Page Background jpg Image 47.8840x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2208.2240x10 Page Background jpg Image $263.9240x10 Page Background jpg Image $1944.3140x10 Page Background jpg Image $736.0940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
Loan Number 8   Arrow 47.8840x10 Page Background jpg Image 4.7940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image
$2208.2240x10 Page Background jpg Image $220.8340x10 Page Background jpg Image $1987.4040x10 Page Background jpg Image $779.1840x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
47.8840x10 Page Background jpg Image 4.7940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image 10.7740x10 Page Background jpg Image
Deposit Number 9   Arrow 32.3240x10 Page Background jpg Image 32.3240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2240.5440x10 Page Background jpg Image $253.1540x10 Page Background jpg Image $1987.4040x10 Page Background jpg Image $746.8640x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
47.8840x10 Page Background jpg Image 4.7940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image 10.7740x10 Page Background jpg Image
Loan Number 9   Arrow 32.3240x10 Page Background jpg Image 3.2340x10 Page Background jpg Image 29.0940x10 Page Background jpg Image 29.0940x10 Page Background jpg Image
$2240.5440x10 Page Background jpg Image $224.0640x10 Page Background jpg Image $2016.4940x10 Page Background jpg Image $775.9540x10 Page Background jpg Image

Page 20
Even Page Address

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
47.8840x10 Page Background jpg Image 4.7940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image 10.7740x10 Page Background jpg Image
32.3240x10 Page Background jpg Image 3.2340x10 Page Background jpg Image 29.0940x10 Page Background jpg Image 7.2740x10 Page Background jpg Image
Deposit Number 10   Arrow 21.8240x10 Page Background jpg Image 21.8240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2262.3640x10 Page Background jpg Image $245.8840x10 Page Background jpg Image $2016.4940x10 Page Background jpg Image $754.1340x10 Page Background jpg Image
0
Deposits Recorded 
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$250.0040x10 Page Background jpg Image
$750.0040x10 Page Background jpg Image $75.0040x10 Page Background jpg Image $675.0040x10 Page Background jpg Image 168.7540x10 Page Background jpg Image
506.2540x10 Page Background jpg Image 50.6340x10 Page Background jpg Image 455.6340x10 Page Background jpg Image 113.9140x10 Page Background jpg Image
341.7240x10 Page Background jpg Image 34.1740x10 Page Background jpg Image 307.5540x10 Page Background jpg Image 76.8940x10 Page Background jpg Image
230.6640x10 Page Background jpg Image 23.0740x10 Page Background jpg Image 207.5940x10 Page Background jpg Image 51.9040x10 Page Background jpg Image
155.6940x10 Page Background jpg Image 15.5740x10 Page Background jpg Image 140.1240x10 Page Background jpg Image 35.0340x10 Page Background jpg Image
105.0940x10 Page Background jpg Image 10.5140x10 Page Background jpg Image 94.5840x10 Page Background jpg Image 23.6540x10 Page Background jpg Image
70.9340x10 Page Background jpg Image 7.0940x10 Page Background jpg Image 63.8440x10 Page Background jpg Image 15.9640x10 Page Background jpg Image
47.8840x10 Page Background jpg Image 4.7940x10 Page Background jpg Image 43.0940x10 Page Background jpg Image 10.7740x10 Page Background jpg Image
32.3240x10 Page Background jpg Image 3.2340x10 Page Background jpg Image 29.0940x10 Page Background jpg Image 7.2740x10 Page Background jpg Image
Loan Number 10   Arrow 21.8240x10 Page Background jpg Image 2.1840x10 Page Background jpg Image 19.6440x10 Page Background jpg Image 19.6440x10 Page Background jpg Image
$2262.3640x10 Page Background jpg Image $226.2440x10 Page Background jpg Image $2036.1340x10 Page Background jpg Image $773.7740x10 Page Background jpg Image
0
Fraction withheld from initial deposit = 0
Fraction held on reserve = .1
Fraction withheld from redeposit = 0
Fraction redeposited = 1.0
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Initial Condition   Arrow $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Deposit Number 1   Arrow $1000.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
Loan Number 1   Arrow $1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
Deposit Number 2   Arrow 900.0040x10 Page Background jpg Image 900.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$1900.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
Loan Number 2   Arrow 900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image
$1900.0040x10 Page Background jpg Image $190.0040x10 Page Background jpg Image $1710.0040x10 Page Background jpg Image $810.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 3   Arrow 810.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$2710.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $1710.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 3   Arrow 810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image
$2710.0040x10 Page Background jpg Image $271.0040x10 Page Background jpg Image $2439.0040x10 Page Background jpg Image $729.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 4   Arrow 729.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$3439.0040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $2439.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image

Odd Page Address
Page 21

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 4   Arrow 729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image
$3439.0040x10 Page Background jpg Image $343.9040x10 Page Background jpg Image $3095.1040x10 Page Background jpg Image $656.1040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 5   Arrow 656.1040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$4095.1040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $3095.1040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 5   Arrow 656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 590.4940x10 Page Background jpg Image
$4095.1040x10 Page Background jpg Image $409.5140x10 Page Background jpg Image $3685.5940x10 Page Background jpg Image $590.4940x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 6   Arrow 590.4940x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$4685.5940x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $3685.5940x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 6   Arrow 590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 531.4440x10 Page Background jpg Image
$4685.5940x10 Page Background jpg Image $468.5640x10 Page Background jpg Image $4217.0340x10 Page Background jpg Image $531.4440x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 7   Arrow 531.4440x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$5217.0340x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $4217.0340x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 7   Arrow 531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 478.3040x10 Page Background jpg Image
$5217.0340x10 Page Background jpg Image $521.7040x10 Page Background jpg Image $4695.3340x10 Page Background jpg Image $478.3040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 8    ^Arrow 478.3040x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$5695.3340x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $4695.3340x10 Page Background jpg Image $0.0040x10 Page Background jpg Image

Page 22
Even Page Address

 
 
 
They Can Fool Too Many of the People Too Much of the Time

Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 8   Arrow 478.3040x10 Page Background jpg Image 47.8340x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 430.4740x10 Page Background jpg Image
$5695.3340x10 Page Background jpg Image $569.5340x10 Page Background jpg Image $5125.8040x10 Page Background jpg Image $430.4740x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
478.3040x10 Page Background jpg Image 47.8340x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 9   Arrow 430.4740x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$6125.8040x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $5125.8040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
478.3040x10 Page Background jpg Image 47.8340x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 9   Arrow 430.4740x10 Page Background jpg Image 43.0540x10 Page Background jpg Image 387.4240x10 Page Background jpg Image 387.4240x10 Page Background jpg Image
$6125.8040x10 Page Background jpg Image $612.5840x10 Page Background jpg Image $5513.2240x10 Page Background jpg Image $387.4240x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
478.3040x10 Page Background jpg Image 47.8340x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
430.4740x10 Page Background jpg Image 43.0540x10 Page Background jpg Image 387.4240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Deposit Number 10   Arrow 387.4240x10 Page Background jpg Image 387.4240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
$6513.2240x10 Page Background jpg Image $1000.0040x10 Page Background jpg Image $5513.2240x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
0
Deposits Recorded
(Deposit Dollars)
Cash Dollars
in the Bank
Debt
to the Bank
Cash Dollars
in Circulation
$1000.0040x10 Page Background jpg Image $100.0040x10 Page Background jpg Image $900.0040x10 Page Background jpg Image $0.0040x10 Page Background jpg Image
900.0040x10 Page Background jpg Image 90.0040x10 Page Background jpg Image 810.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
810.0040x10 Page Background jpg Image 81.0040x10 Page Background jpg Image 729.0040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
729.0040x10 Page Background jpg Image 72.9040x10 Page Background jpg Image 656.1040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
656.1040x10 Page Background jpg Image 65.6140x10 Page Background jpg Image 590.4940x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
590.4940x10 Page Background jpg Image 59.0540x10 Page Background jpg Image 531.4440x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
531.4440x10 Page Background jpg Image 53.1440x10 Page Background jpg Image 478.3040x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
478.3040x10 Page Background jpg Image 47.8340x10 Page Background jpg Image 430.4740x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
430.4740x10 Page Background jpg Image 43.0540x10 Page Background jpg Image 387.4240x10 Page Background jpg Image 0.0040x10 Page Background jpg Image
Loan Number 10   Arrow 387.4240x10 Page Background jpg Image 38.7440x10 Page Background jpg Image 348.6840x10 Page Background jpg Image 348.6840x10 Page Background jpg Image
$6513.2240x10 Page Background jpg Image $651.3240x10 Page Background jpg Image $5861.9040x10 Page Background jpg Image $348.6840x10 Page Background jpg Image

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Appendix 2.  Equations   

Dollars in Circulation - Cash Dollars
The accumulated number of dollars in circulation (cash dollars) can be calculated after any number n of deposits by the following equations.
1. $cn = W1$c1 + Sum(Wi$ci) i=2,n 
 
where $cn is the total dollars in circulation, after n deposits, 
W1 is the fraction of the available dollars that was withheld from deposit 1, 
$c1 is the number of dollars in circulation before deposit 1, 
Wi is the fraction of the available dollars that was withheld from deposit i, and 
$ci is the number of dollars in circulation before deposit i.
2.  $ci = $Li-1 
 
where $Li-1 is the number of dollars loaned after deposit i-1.
3. Therefore, 

$cn = W1$c1 + SUM(Wi$Li-1) i=2,n 
 

4. $Li-1 = $di-1 - R$di-1 
 
where $di-1 is the number of dollars deposited at deposit i-1, and 
R is the fraction held on reserve.
5. Therefore 

$cn = W1$c1 + SUM(Wi($di-1 - R$di-1)) i=2,n 
 

For example, if 
dollars available for deposit 1 = $1000 
the fraction withheld at deposit 1 = 0 
fraction held on reserve = .10 
fraction withheld from redeposit i = 0 
the total dollars in circulation after the fourth deposit can be found by setting n = 4 

$cn = W1$c1 + SUM(Wi($di-1 - R$di-1)) i=2,n 
$cn = 0x1000+(0x($d1-R$d1))+ (0x($d2-R$d2)+(0x($d3-R$d3) 
$cn = 0 

Upon reflection, this answer is obvious.  That is, if 100% is redeposited, then none remains in circulation. 

If the fraction withheld from redeposit at each deposit i is .25, then

$cn = W1$c1 + SUM(Wi($di-1 - R$di-1)) i=2,n 
$cn = 0x1000+(.25x($d1-R$d1))+ (.25x($d2-R$d2)+(.25x($d3-R$d3) 
$cn = 0 + 225 + 151.88 + 102.52 
$cn = 479.40 

If the fraction withheld from redeposit at each deposit i is .50, then

$cn = W1$c1 + SUM(Wi($di-1 - R$di-1)) i=2,n 
$cn = 0x1000+(.5x($d1-R$d1))+ (.5x($d2-R$d2)+(.5x($d3-R$d3) 
$cn = 0 + 450+202.50+ 91.13 
$cn = 743.63   


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Dollars in the Bank - Deposit Dollars   
The accumulated number of dollars on deposit can be calculated for any number n of deposits by the following equations. 
1. $dn = $d1 + SUM($di) i=2,n 
 
where $dn is the total of all deposits, through deposit n. 
$d1 is the number of dollars deposited for deposit number 1 
$di is the number of dollars deposited for each deposit i.
2. $di = D$li-1 
 
where D is the fraction of each previous loan that is redeposited, and 
li-1 is the amount of the previous loan.
3.  $dn = $d1 + SUM(D$li-1) i=2,n 
4.  $li-1 = $di-1 - R$di-1
 
where R is the fraction held on reserve.
5.  Therefore, 

$dn = $d1 + SUM(D($di-1 - R$di-1)) i=2,n 

For example, if 

initial deposit = $1000 
fraction held on reserve = .10 
fraction redeposited = 1.00 

the total accumulated deposits after the fourth deposit can be found by setting n = 4 

$d4 = $d1 + D($d(2-1)-R$d(2-1)) + D($d(3-1)-R$d(3-1)) + D($d(4-1)-R$d(4-1))
$d4 = $d1 + D($d1 -R$d1) + D($d2 -R$d2) + D($d3 -R$d3) 
$d4 = 1000 + 900 + 810 + 729 
$d4 = 3439 

If the fraction redeposited = .75, then 

$d4 = $d1 + D($d(2-1)-R$d(2-1)) + D($d(3-1)-R$d(3-1)) + D($d(4-1)-R$d(4-1))
$d4 = $d1 + D($d1 -R$d1) + D($d2 -R$d2) + D($d3 -R$d3) 
$d4 = 1000 + 675 + 455.63 + 307.55 
$d4 = 2438.18 

If the fraction redeposited = .50, then 

$d4 = $d1 + D($d(2-1)-R$d(2-1)) + D($d(3-1)-R$d(3-1)) + D($d(4-1)-R$d(4-1))
$d4 = $d1 + D($d1 -R$d1) + D($d2 -R$d2) + D($d3 -R$d3) 
$d4 = 1000 + 450 + 202.50 + 91.13 
$d4 = 1743.63   


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They Can Fool Too Many of the People Too Much of the Time

Dollars Owed to the Bank - Repayment Dollars   
The accumulated number of dollars loaned by the bank, and owed to the bank (repayment dollars), can be calculated after any number n of loans by the following equations. 

1. $Ln = $L1 + SUM($Li) i=2,n
 
where $Ln is the total dollars loaned by (and owed to) the bank, after n loans.
$L1 is the number of dollars loaned at loan number 1, after deposit number 1, and 
$Li is the number of dollars loaned at each loan i, after each deposit i.
2. $L1 = A$d1 
 
where A is the fraction not held on reserve, and therefore available to loan.
A = 1-R, where R is the fraction held on reserve, and 
$d1 is the amount of the initial deposit.
3. Therefore 

$Ln = A$d1 + SUM($Li) i=2,n 

4. $Li = A$di 
 
where $di is the amount deposited at deposit i.
5. Therefore 

$Ln = A$d1 + SUM(A$di) i=2,n 

6. $di = Di$ci 
 
where Di is the fraction of the available dollars that was redeposited at deposit i. 
$ci is the number of dollars available for deposit i.
7. Therefore 

$Ln = A$d1 + SUM(ADi$ci) i=2,n 

8. $ci = $Li-1 
 
where $Li-1 is the number of dollars loaned after deposit i-1.
9. Therefore, 

$Ln = A$d1 + SUM(ADi$Li-1) i=2,n 

For example, if 

initial deposit = $1000 
fraction held on reserve = .10 
fraction redeposited = .50 

the total accumulated deposits after the fourth deposit can be found by setting n = 4 

$Ln = A$d1 + SUM(ADi$Li-1) i=2,n 
$Ln = .9x1000 + SUM(ADi$Li-1) i=2,n
$Ln = 900 + AD2$L2-1 + AD3$L3-1 + AD4$L4-1 
$Ln = 900 + AD2$L1 + AD3$L2 + AD4$L2   


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They Can Fool Too Many of the People Too Much of the Time

Since L1 = 900, 

$Ln = 900 + .9x.5x900 + AD3$L2 + AD4$L2 
$Ln = 900 + 405 + .9x.5x405 + AD4$L2 
$Ln = 900 + 405 + 182.25 + .9x.5x182.25 
$Ln = 900 + 405 + 182.25 + 82.01 
$Ln = 1569.27   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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Appendix 3.  HP-25 Calculator Programs   

The HP-25 program shown below will calculate the accumulated number of dollars in circulation for any combination of the following parameters:

1.  number of cash dollars available for initial deposit.
2.  fraction withheld from initial deposit.
3.  fraction held on reserve.
4.  fraction withheld from redeposit.
step program code key explanation
INITIALIZE
01 01 1
02 23 05 STO 5 initialize i
03 00 0
04 23 06 STO 6 initialize accumulating dollars
CALCULATE DEPOSIT 1
05 24 05 RCL 5 i
06 14 74 PAUSE use this step to display i
06 15 74 NOP use this step to not display i
07 24 01 RCL 1 amount available for deposit 1
08 24 03 RCL 3 fraction withheld from deposit 1
09 61 x amount in circulation after deposit 1
10 23 51 06 STO + 6
11 14 74 PAUSE use this step to pause
11 74 R/S use this step to stop
11 15 74 NOP use this step to continue, no pause or stop
12 24 01 RCL 1
13 21 xDiamondy
14 41 — amount of deposit 1
15 23 01 STO 1
CALCULATE NEXT DEPOSIT
16 01 1
17 23 51 05 STO + 5 increment i
18 24 05 RCL 5
19 14 74 PAUSE use this step to display i
19 15 74 NOP use this step to not display i
20 24 01 RCL 1 previous deposit
21 24 02 RCL 2 fraction held on reserve
22 61 x
23 23 41 01 STO — 1 amount loaned, available for next deposit   


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24 24 01 RCL 1
25 24 04 RCL 4 fraction withheld from deposit
26 61 x amount remaining in circulation after deposit
27 23 51 06 STO + 6
28 14 74 PAUSE use this step to pause
28 74 R/S use this step to stop
28 15 74 NOP use this step continue, no pause or stop
29 24 01 RCL 1
30 21 xDiamondy
31 41 — amount of next deposit
32 23 01 STO 1
33 24 06 RCL 6
34 14 74 PAUSE use this step to pause
34 74 R/S use this step to stop
34 15 74 NOP use this step to continue, no pause or stop
35 13 16 GTO 16
Switch the calculator to RUN.

Press CLEAR STK.

Press CLEAR REG.

Press CLEAR PRGM.

Place the amount available for the initial deposit in register 1.

Place the fraction held on reserve in register 2.

Place the fraction withheld from deposit 1 in register 3.

Place the fraction withheld from redeposit in register 4.

Press R/S.

The calculator will show the deposit number and the amount withheld from deposit (cash dollars).  Starting with deposit 2, it will also show the accumulating number of cash dollars. 
Register Contents
1 amount available for deposit, or amount deposited
2 fraction held on reserve
3 fraction withheld from deposit 1
4 fraction withheld from deposit i
5 accumulation of i
6 accumulating dollars in circulation   


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The HP-25 program shown below will calculate the accumulated number of dollars recorded as on deposit for any combination of the following parameters:

1.  number of cash dollars available for initial deposit.
2.  fraction held on reserve.
3.  fraction withheld from redeposit.
step program code key explanation
01 24 01 RCL 1 amount of deposit 1
02 23 05 STO 5
03 02 2 i = 2
04 23 04 STO 4 initialize i
05 24 04 RCL 4
06 14 74 PAUSE display i
07 24 05 RCL 5 amount of previous deposit
08 31 ENTER
09 24 02 RCL 2 percent held on reserve
10 15 21 
11 41 —
12 24 03 RCL 3 percent redeposited
13 15 21 % amount redeposited
14 23 05 STO 5
15 14 74 PAUSE use this step to pause
15 74 R/S use this step to stop
15 15 74 NOP use this step to continue, no pause or stop
16 23 51 01 STO + 1 add to total deposits
17 24 01 RCL 1 recall accumulated total value of deposits
18 14 74 PAUSE use this step to pause
18 74 R/S use this step to stop
18 15 74 NOP use this step to continue, no pause or stop
19 01 1
20 23 51 04 STO + 4 increment i
21 13 05 GTO 05

Switch the calculator to RUN.

Press CLEAR STK, CLEAR REG, and CLEAR PRGM.

Place the amount of the initial actual deposit in register 1.

Place the percent held on reserve in register 2.

Place the percent redeposited in register 3.

Press R/S.   


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The calculator will show the deposit number, the amount deposited (deposit dollars), and the accumulating number of deposit dollars. 
Register Contents
1 amount of deposit 1 and accumulating deposit
2 percent held on reserve
3 percent redeposited
4 accumulation of i
5 amount of deposit i   

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


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This program will calculate the number of dollars owed to the bank for any combination of:

1.  the number of dollars initially deposited,
2.  the fraction not held on reserve, and
3.  the fraction redeposited.
step program code key explanation
01  01 
02 23 04 STO 4 initialize i
03 00 0
04 23 05 STO 5 initialize accumulating loan
05 24 01 RCL 1 amount of initial deposit
06 24 02 RCL 2 fraction not held on reserve
07 61 x
08 23 01 STO 1 amount of initial loan
09 23 51 05 STO + 5
10 24 02 RCL 2 fraction not held on reserve
11 24 03 RCL 3 fraction redeposited
12 61 x
13 24 01 RCL 1 loan
14 61 x amount of next loan
15 23 01 STO 1
16 23 51 05 STO + 5
17 01 1
18 23 51 04 STO + 4
19 24 04 RCL 4
20 14 74 PAUSE use this step to display i
20 15 74 NOP use this step to not display i
21 24 01 RCL 1 loan
22 14 74 PAUSE use this step to pause
22 74 R/S use this step to stop
22 15 74 NOP use this step to continue, no pause or stop
23 24 05 RCL 5 accumulating loan
24 14 74 PAUSE use this step to pause
24 74 R/S use this step to stop
24 15 74 NOP use this step to continue, no pause or stop
25 13 10 GTO 10    


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Switch the calculator to RUN.

Press CLEAR STK, CLEAR REG, and CLEAR PRGM.

Place the amount of the initial actual deposit in register 1.

Place the fraction not held on reserve in register 2.

Place the fraction redeposited in register 3.

Press R/S.

The calculator will show the number of the current loan, and then the amount of the current loan, and the accumulating amount owed to the bank.
Register Contents
1 amount of initial deposit and current loan
2 fraction not held on reserve
3 fraction redeposited
4 accumulation of i
5 accumulating dollars loaned   

 
 
 
 
 
 
 


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They Can Fool Too Many of the People Too Much of the Time

References
 
1. 1952
ARISTOTLE'S POLITICS AND POETICS, Translated by BENJAMIN JOWETT & THOMAS TWINING, with an Introduction by LINCOLN DIAMANT, FINE EDITIONS PRESS, CLEVELAND, THE SPECIAL CONTENTS OF THIS EDITION COPYRIGHT 1952 BY THE WORLD PUBLISHING COMPANY, MANUFACTURED IN THE UNITED STATES OF AMERICA

See especially Politics, Book 1, Chapters 9, 10, and 11.

0
2. 1967
Gold and Economic Freedom, ALAN GREENSPAN, as reprinted from the book Capitalism, the Unknown Ideal, by Ayn Rand with additional articles by Alan Greenspan, 1967, http://www.gold-eagle.com/article/gold-and-economic-freedom
0
3. 1975
HEWLETT PACKARD HP-25 Owner’s Handbook, May 1975, 00025-90001, Printed in U.S.A., © Hewlett-Packard Company 1975
0
4. 1980
THE MIRACLE ON MAIN STREET, F. Tupper Saussy, SPENCER JUDD, PUBLISHERS, SEWANEE, TENNESSEE  37375, Copyright 1980
0
5. 1983
Gold ... The Yellow Devil, Andrei Vladimirovich Anikin, © 1978 and 1983 by Progress Publishers, First United States edition 1983 by International Publishers, ISBN 0-7178-0599-9
0
6. 1983
The Story of Checks and Electronic Payments, Federal Reserve Bank of New York, Public Information Department, 33 Liberty Street, New York, N.Y.  10045, 1983
0
7. 1984
The Story of Money, Federal Reserve Bank of New York, Public Information Department, 33 Liberty Street, New York, N.Y.  10045, Fourth Edition, 1984
0
8. 1985
The Story of Banks and Thrifts, Federal Reserve Bank of New York, Public Information Department, 33 Liberty Street, New York, N.Y.  10045, 1985
0
9. 1991
Money, Wednesday, March 13, 1991, Sam Aurelius Milam III

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