September 21, 2012
Comma Splices and Fragments- LB p 294-300
-6. The exact origin of paper money is unknown it has not survived as coins, shells, and other durable objects have. 7. Scholars disagree over where paper money originated because many believe it was first used in Europe. 8. Perhaps goldsmiths were also bankers; thus they held the gold of their wealthy customers. 9. The goldsmiths probably gave customers receipts for their gold, and these receipts were then used in trade. 10. The goldsmiths were something like modern-day bankers; their receipts were something like modern-day money. -11. The goldsmiths became even more like modern-day bankers. They began issuing receipts for more gold than they actually held in their vaults. 12. Today’s bankers owe more to their customers than they actually have in reserve; therefore they keep enough assets on hand to meet reasonable withdrawals. 13. In economic crises, bank customers sometimes fear the loss of their money; consequently, they demand their deposits. 14. Depositors’ demands may exceed a bank’s reserves, and the bank may collapse. 15. The government now regulates banks to protect depositors; thus bank failures are less frequent than they once were. 36.2
-6. As money, these objects acquired additional value they represented other goods. 7. Today money may be made of worthless paper, and it may even consist of a bit of data in a computer’s memory. Although, today money may be made of worthless paper, it may even consist of a bit of data in a computer’s memory. 8. We think of money as valuable; only our common faith in it makes it valuable. Even though we think of money as valuable, only our common faith in it makes it valuable. 9. That faith is sometimes fragile; consequently, currencies themselves are fragile. That faith is sometimes fragile; even so currencies themselves are fragile. 10. Although, economic crises often shake the belief in money, indeed, such a...
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