Howey = AUleTIONS AND. stevuinmaeEIcA Nee _ Memy cau be da feusd a, oe 7 nee Madu el cichauoe, Me ure ? vals, te af valur ad vhoudayd: ef de erred bespeataks ( (roms sotey). | Go, wmorry & defeaed Gy Mu down ePidy Lurction ‘- Mousy vv a mates of dus etiou focus - wales ma anii, perderd, store we) Tha Cuelink word” Rony" & dbivi'd Bima latte woud Mendes 0 own ee Roman beddey quro, Money drcludes currency malts, toms, demaud dal b, dequss, K) The voluti ow af monty cau he cuplasae dd ac Qtnws ae Wow of Evolution Sportansous Grvousts Thes’ ey tte Sea — Grr. Grovolies ~ buoluttion ef worry haben obser urd ch eo & Money esem'h urd by 0 foakintar purer ev ae mae shonlaxaouly developed ( ou 1\'s mud wa Teatiee ago pode suptem fore prnoye uur dover MEARE urd wolwd fem presiors pardals to mirablic mony so jae mony— —_ aud do ovu come Mune Ab a " * cular, pape maowty usd \mrrduced (20, Chuir a) « Te popu movay, th ked to incovertible paper rmoney ond features unclude’— 3) Q. Snengorrtve ey Monaata My witral Bauk c- Go ae shore, hans port bak Gara gusrivensen of papu monty \uads to tiarive supply ad timer, banner Lukiedrom aud Vr ewindidenes + 4 Ga et Dun ko pari on od hades, bantig s dean wnolved oud wnfaded, wauiod poe JoaredFurdtiow of Moy 3 ; ie AEE eae oad oat due fev ciows of mony cow be divide a. acon ake Junchi ov y Secandoy /Subsidiong functlou, ¢ Bi Cats’ Pamehi our - Te HE fasndions axe Wore Haric and prime furctious es eae ee ea ee Ce a. Medium of ex chomge Mony iy Her mode of Jaritilating tawaction,. Me adie emowuy solved Me problewer ee jot pln wabich urcludes double w-uncidurce of woah , ; : d sade aud dibosnsindag de vata 4a « sovansits ys Sane ae 4 “iy, wack of Qcenaack voli facGdats Lay'd’ Mur problem of cewmmon tit bmenweud of valu 4 ditloent @ unity of mronttasy faim: Bo, monty walika- ddeverin ation aid obi’ m Boudad in bartr sytem. Gioes aon soe 9 2 dormole Exe one m0, ter formula eA (m1). ; Tr. Steond fancdlows oe arprds papers d x0 Pima Jauohi ome - Ms aut! a» Siaudeld ddaurd port yomy utd a a shoudad te pay us je on darted Gs Wor iow ation hayed Mus prerum phon ef pies stabi ye Store of Vabue eeHowuy acts as a chore -\ value the hy value abpreci ate, sola santd aud caveded Me tee fsa, roblemabic un oe Nae einen voli addition ould be observed ae eds ae chive ve c Trawsha oP Nalane een ba Fe en weediuin =P Farah oP valu. Mman wack Wane wwubal plitd aud Mu dumauds eaunel be fitted a place aud ed given poork rune. by, purchan a ood. Lita aod place, or posadl ws Wk frawhu af value Peat T. wotinqued Junetins aur Hirose furctious’dadaded on monty, 2, 4 J oukeomr af etonpwie duneliprrmd. Thay as i a 4-44 vy Kus bares Odd evtahi on. Cred qwailed arog ly Foneuntal guard bat mw (bombs) eis Bi ah diorrk 7 vrata Wd vr eed ution, wiih yULv wk qeonomnic dela print: wy Mendmum ar basjacte Cowulmicr wer sain fadiow & wierd che em e a = WU devon Aoncr, Win. baka muhadion f Hug margural why oP b ol, wel sabindaction. tormnmodi rer Aad dodiow uw cee Lavo distbettyuds’ ae Avot MM Ot en shokt Vatouct hoon ¢ Wy cou He tabs saat re. pres Valu. ae A. Bear R option. hee tof. bivoham aceordid ops ° be arcumubatid for a ae ty teu he speak 94 ovo mud “fue Pras y ony hay hin opti aceon ding 49 Ws wl andf & Yuaautee ef Solver fle Jeok eye Ee id taeus e re ey ae un fe colveney hy actu fon of sand cc ot 4 Th, happen beast Vnomey ack, « store of uae P-Aneseare s we Raquidity” a Sear Me 40 buyer, Momsy hansen ee eae oud. eas wh cack aud Woy fausackioy minauintawines iquidity of capital . Tas we, Uquidity naydia, Tukey Re esd Qrccaulion, Comiheation nie ee = jee gape a Fi why Gy. Gold eoeas é Med wkor wy se one ey Ca o : ay oa filter see eatin ih ue, gala Vals” we enacacd i han, Syesrel a Speen) %x) Yererd oti Yt Hovuy cous ty , ada Spar disidecl tucte Conyyettste =) grout rudy! Hee rnoway wed o- an = ase ; 4, pilatoties oak of aaa Bia Ca 44 ote auth Prowastion a wary, — alro coliad Adeoh or Horta es fe Mer basin PA oly oa Y TUBA mony, UY vgs? pe Se oe a is - she mi. Auda Kia, ia seo Dyol Teds v te ries aged ‘sg: laceaphed vudien of Hamahon, wo w ate ee of cA fremeaction. 42 oy 2s Ao aterph Hon orkid ony, re bate oe i ab Syed ey ee ‘ eh vn ee er Vili aM (= (Wudled legal tudor can en a edWiden, aud Vuchids Hoy “i 8 Outide mary oy Hue mowslary ak chick ar dh origin iy Han at epee et ener mmuth puiort Bt Ae aude suvicts o trans fh, Sar nr « potprd of lana by prvi Sictor pele qe Ree _ Hroupactions dn ovtaide. enomny wns yn ae olny, ech elie id pin i wh Grandia ourkilukiour'en.hauke ‘ ea oa Stivieos - ov" ~ ee 4 d saa ud eave ena etenidus Sp awmoty coide Mee Porancial cubibatioue) asd wel emu oi CF an public fpr toma cows «| ) Stok Grertares eskan flrouei ab Hod. co orca ses Leia f. See ten 2 Qu tee bast: op matisiad Hdalie ES fa os : < 4 eta Houta Lousy mak wt 81 Bote feubdnic valu i ie Bac, silves, wickle eke. q 2b wir be Piste etowsfied! we ( eurtwbty, Mavderd Tos Cun a Oak tate 4° A Vleudad cou /. —bodind cour acby ee au uate oH Ae Tolan con aopereuh pea pant, dtu ol bd atenss Ap eae Yr fors volt of Ae ubsiiady, coun vefieudty Macon ule nose Hep Mau cel jou. walute cur geal vo munatisecs’s | dooke sidakid task dade, RF BO cous JA} eesiy sue form ef casey wade out op oe unig | Nates Las boa porno ‘ple (Wich dotifies 4o hay Hee bears, de H Dinuad by Countach ide ty ary aoe i) ; bet Salina cele ler area x) Rouk of Riyal Sats bons Mate Parrd Japes money tn Toye wd eects clarnde d in do Tae Hone, fot Aucomuerdible Honey 11) Rabrruatation Money ononiy fully backed ob by ald oud sple | rive 40 check Mu wen oud ba ey metallic Lynads voit objec Lae semen tn tial bs tguavaluut do due gald oud scloes AOuvEr wd Gove mmeud - Yau , Mato pate nels os a call sudh youre s | \) me geld oud silver backup (end fuicotechag) atu 3 confide las geople cig popes on b fatty - convuttible orto (djaud) sduer “0 tagalse” cchaneyl) haber meena oe (at Py Be Nek me Ube ubonvedible mouy pap wou ———— ae oon of HAE val convert bletduts..s du 4 uch, yn, lw holds ou oy eo a awd Haoug r er by Pan Mow, he rere’ to exch tee babe y) ara ive ak o fixed ae an wonverst A? a Rhy: tok: om ae preouch ble Powientete bared ox enh dat ty wobec bi fuk Wee Uc Quad unt OYE ai ALUN Oval meom Ly pet of revere fic to madrdanned. ‘tir Ha oven af ito) gkaudard cours oud dort. scusnbizs L pedple da domed dno Ga qetdere paper esutsen ates ey Dae Y repouate fond naman d fre a a 4 yr fog mercy ws, Nd aud giver seeryS wattle Honey) v gash domveatible Gets shesland enue sates Rogen HASTA Ey aycthusqaernmnc 1 Hin fone of 2 {4 y sa ie vag. wateblic sree * He 4 4 Bs ole, we melallic rererves - ares a on Mie Yaris 2D Lt: DP ewveruman ck (orn pee ‘ arn e of mute Cer ae Septum ou d alter fealdrer of cou tittous ef rercruc) . JM to 0B Ack 1980, dius ventinuain vertere Septem of fon lay EVO0CY (EttSer a geld and seduce roend and LIScr a forsig = wadeys “To sugpeet dae ee old aud siWwer oun fees . (Gecee()ein) Wrawe 40 be dafors 6g fo fullic en eM \y Qladold Mev 2 tudiriked by ‘ ay dM, “4 P YL Grckavign Cais of se cna oH af uuusenerts bo or fo : y)Giak Motsy derivation +) cronedtle igen oka isituation fomoction oud cisettlation, ‘ ee {abi seed thet “he a LNo Reserve Rad wndut anard fox bi Vunduartd teal tad © / Y apaally coush ov leiniled gAa Was Howey Mowuy Whee oma; umes, Moy uy ‘teh ay which cauuod be See i Vay. Such foo P wiowy ulicl S wot o be Uqeid form bok han te be comvedsd date due Geer Se Pa aae it vit with od for of fer £y. Tore dehoeits Te Ru, ‘ Shossy Wend Mekuligicen Fe he ib ales holies, %) Tad + lubosiba {ss fa defers): ie Lehn tind fooae puied ok © givux rete ti heal x) Teo eS und Bi ftcrin patio i es fo © bunvally planar. vee x) Bu ef ea «ake a4 (an Poo short bru d tid fee Doran wid ay oeomecme tat 2 fed | + abies attracts wht athe a ay vhesiod) (ell gedep) wed ws j rans ction ke drauon Bata. 1) Shows : Leashes ede blow encis by em sforac st seek dow Ww ours wy) bods Pe cian wf “i Comma be pultenane 0 ee wn troy Teen ixeusoute Gow mii cnt ined pronase: ( oe ae ( : spause nePPrO waetare fj « Lonnas ts O biu fi fseee fy Siro 1 onal a netieo ar 6 aa Cap acy Rony ednomye sis atin Sia = a ee ecutd se) ae ¥) Howy Aub by ca. 1 defined a dt ‘, Todiveual odo doom (vies) \ Curie moles, cow any ont Sead * deondud Apors, kine aud duwaud defor se 3 eee sedate, oii fisawcial supply and Wares Luty wo form i @ yok of) wary sty oles hudacd un tranmcKour . XK)Guary Hoy dn o alld awd cabled Wah- powued 7 i " (wosd Udit foun). 5 dee cand cots okt inurd Wy Ceteall bau - arte Ls ts TE Rowe Qouk of Andia was wowstituled 1980 aud finctious uudu Tle ABI WA 1924 Warder Hee ack, kes fr porki orate 4 s Vguiad Bu awd do be ca fue coon Id an bliows g Gor} fordan moran menev ues . “TenelAr ( UGH ho be ok Lhoper ok ally port The s oi Hinimamn Rizerve Suphum Us (956 volicls Qa Teer gf F200. (Zuses ald bat an x t t] “Tle am Deus dilbuay eh proacte Ao de fae a-fuoditiouall Mprorcl/Conventinel Mifveachs Honey with be bifaeed anid, dn furctions & we pouct, afe to Wis de foe momuy Compr quay weg mola, Ad, ox commusial banks « Thin tn analytically comida 4x cufecion af an MO WA & Gqusd fom gdate ik on awe f median + ethan! tt,, Wawa Tn approach aol utd du th mara prea i 7 baud Rove of mgt| b- Hoesactia eat fp Houttasrirt int Mosh ) | a eanetorecoe de deaivanih ty yea eka erie | Miller Fitdwiew Gia, Wf chicage rs Je es Ve duos peas quad youde/s gues a7 & eashora 0 “A pow” Ur Haey eLomowly | iy coed Soot aye Swdude woh cour, mole, dd wk Commer peaks, fn Ante, (close a eek os wm tanen if on covveiked wake ck une = sherk beried prc 4 5) e- Gusley ond Shas Af fveach”! ~dedid Sette hale he spany dan Tony me Wafete tom, mony suply ogre od ton ponehaiy Ac unaeich dose dd wom iL, Subshtuctid ou. 54. a include, Baraudiad der Rte wut Jovamcieak oi f. Uptindiows vq. 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Qua UV = eT eles Jramracions velo ( dade vatlirs ten Betts tea gage fon TotaNee OA an ee So, V> e.T A M 0 cold. fies Carbon as uid fan Quantty of ahs, V (hawractions oe ultra dt Aads oo a4 eyonomy , tt dur de fawartion | wont) © oa jiu fausaction velncily sonar th dake ods vole.wp 2 Factow duet oleh Vcr of Hamay = a nA dete a i Mae “l oka vu EVEL See7? qe my deargesty k cn ea sine puddeaning poise = a a pice nikU « Syd = Ski chy dic, ap ue tig ae Lanegan aud wlociby seein So, wh Be Gs Wale , velvety i, , ME agit 4 {49}: .9 3 ; oAd | Mast ms ! Pe itor phos cine Deke» ip qengse add ua hon sg Sibel gee * pelalt ai siiolpet aig ~an ehhoed dbfeemeut Ma e att Gene 4 F Wp mioury chase wh obec Seek home eae Seley Laces Re ase idiom A tee Wea PF aey AE } A)Tes var ef monry serv popodi onal 1K “quand poy AE Tes au. 2 chps/omuttad, to vvdirton si og Cree See fv antablintss Ganctiorad vial asia die ann eee Vio orange a {us pre two aos aes pee and Gyeudity of ory ere} ; a .t, bared om amurpiion just te, 1 lw » al pau lw tuo» fined yelodi oxbi} ey CG wh quality of money, Sette Otw) So, P -kKM Hore, Pia lwe red me quent wn vod odusnr york ables. i 94 wo enylacaed 1 Bnei Can EcOmomer dun yao Teas Cote :Ou fuer wody,” » puss Mutvep ut aii eowdoud vay Sd quae ia Ciylation, U4 dak rier \wh abso Urctenin, Us ok [rpmtion cad Me vale of manny Hy yp aud ere ween, Th & beau, Wuetort vA Bie susly & tueiation furchastrr to we dewand a ia supply & iv warble *e Pra lwel ro sane Bore dealt, K) Tua Plat, Cyuetian cP Brobarge, c stand blows = Veet , 8o, = He ase, our side i Gabbly any se i crculation aud pepe Hor V vee cities oe Wye ne aaa dows pote) ft pedhisfue fatal of wo Aibune an (actual vats) Heat le of usta aah a sit am commnns isa ne weaken (aura a tach oun. Ho may" she dor pussies, of Mowy merivd +e OL) Grown gaa = ao ccuee go eWay tucenee bn Wee yoo aun Swviews poland te, cod fo dn team of vr ud { 4 Ni «fe ae 7H o Tee font “oe refeudts po eed (0 e ' ee ou Hr Tee MS th aur vehi eaten ie H aud & eet, a TOU The US? far Us eo oe Vw vonomsiy sobhYy aud bie \uel | The oe Noun 9 thud Jue valatio i oe tt): Te ett repeeud suivexye retationshif ‘ oe od Co pratt, ke \ de weit vi Gado Wah de 8cae sity THe b ta frie Wd ko Py wottin da , OLose Se ubhye op ae ee y obrereck crys ote ne Har wn aes ea BR deeaed a8 ay Pry prow, ees L. Conrouk Vlod DAA oats dar wie eqn “girls libs telat nated and 3 Nous aul ooo L. seabhty, Wenel saeber GReuk Ue ara baht wrrtaut. 9) velotdr vin t, pre Nw we ra hao w sally + eritheelene gr Ju, T djudy ou deobuols | lttete De Fall aaa wee aA Wa quoter, so frou actions eonwe Eee woh me deter absuck 2. Mat 0 joist Racker’ Suires "Pie Seen sea tA f ott vouabley: «| “sei echo UW ae ue sie Hoy ony wee madion oh Kove olan Ig poe Luka sheonladioe 5: lovg- sind AULD’ Nasiabl oe ve and fromactiows! arity Oe aul Tea ; alice cok ee tog ay RiGuidiati — Suriticaed by Howdy tronomink on dus Wises gree 0. High ileda bun duuce ughabbotad poet svelte “Too Hromy Jouko woud to be Cafudefendust Ub Velock Senin \ Ga) fre as ee. mag wrdunk or Honsy Ss ery on dk pat) ,T aes b-Unsralintic anunibtion af loag-purod THe mo mation, of Se ducuations ehich make i courcalin We. Sever, Rayne ecowide, oO [eied as ames tain avd tong yuied duuaris Ua, dunrebials \e ‘ c Prnmaption of I fobloyaat _ mapa anumption ef Qt euploy work Covrse ee. A Go ou. cae, mmaasisdartiariag at Waeuledion & wd do: PSWUE Mer amuupiien ef ful eah tog mee Wad viable. hea shai Serce Comer Tha Heaosieremeaee Vilas ecg uigtaid? Vola wsliel ca -vesioh, Uk Moshareess ©. Dt displays giuple. Maia (too id Oy of peal is ake quo tion daa eat of ply D te ee Neate. Pe. uslicl ) moh tut 4. fas beueto sapledis trade. + Trods cycle, Tyre ud burdien J a 0 fe dghich wurigdur, trade cyelr, gov'= : xu vil en . Ma Keron9 St ignore tome ote Hpbi snare) praete: - Aledo Hs teh pie lel uv ddr wre d by pec 1waplr, vole chy amank wud trausaction eM *): 4 r Atermined by tus 5 (rice wok & obo ot Sucome level g carl P prdestion ds 8 ea eee, de a fe a b. Gomori Yur Yow at vad Wrst Pion, ‘teas Sime Mas neon ome ars sp peracid dad ty “o De ) Vitosity sf sony al tditid an del Fackoy ae eater earl ba be Ba obod bee area Me dro yes stad a Yedov run dsr eo eda) dev tow vie et peery ae es ead ) Wo died aad proportion la adalit ‘ge a Yuin Mu pie ascot Wa queabiows bi ral Som adtagaanisedt douy + fronds, o sole yp] on ation 2 aDetrawin anc of eet Subhty fadtow onduiires west piggy a ane px beloes vadlony Ve. uch a Na Baca ae ary a ane ase (B) 8irten0 gv dake wan Mrputy S ey oO Mahe Ay ee Fysd ibaa ae 7 Vowdt Yoru a exaust wesnuter ene “Och tus weolomy ares gms fod tod y juli ov erties wr War ear 0. | Rui 400 ceenpoweatty of lesan i 7 a. Cork orwe Jaeposda wa aera) pubtic h. Cred ae oi. 3 stckor, Zo, Jud Serena Ve MoO bis sees Aare ctl eae » wd dee We coaiias which cowbidute; Huw dodeh noisy ee coun er bas vuth pus ' ca sa é Quak eau b ousted ty Ho bo seckor eas ial af emstibts scant vie bie RaEB lene it a a fe mo comes} vd ahaa aud seubge Guan L difositn aie PS bars dor Her volume Bee commisciall bap. Si deermeSaeneuad Gants Ye vebue ef Mo ants ‘ ceeTeVIRLY aT mS supty ow dhs. oe WMO NIA, tt ¢ quran E Rastio Tpakaniouval natio which Ligltiglh Mu ratio of ww Be oa dumand ree on (Jou. J ceomnwny fia. Hae, aneelk air mony os! Mee mot a money dg ass ie eta oi haat tty dud ratio Fe tite 4 qed wn monly eT aki ey ou prove, Veeare ee vay ay wl we ba money Vent form, aud vices 2 duit. A wa ~ VOM. dees te kus seid fabe J & Fou pak rmousiy : Te a word Joe ah people % Fok Tet do fel te Hesis towumytiow wads wu defen diot ou fener ratio, cu die Lonowy, shalitty o Jouk pudenauce, ‘ooo! oath lB Miedescisn ek. dy bower fads vr vo wo , feopte decd ior oud wid wow Nous eiow Haseougte Ww se Noskin o pouk worry, riya aia wreniedtion ae ba ah My ‘W\ nvves,: e@ Vetus sf Huge rey \plus } oie by Mis steiprocal 4 bowl eu Nalus aid vier VUsa + VOU lower vole of wou : wo Moo sR monn stouk adn aihond aud sub hy a Qual WACOM Rool » Scour a tee Juco Youu 3 COWUMLA sm eS i ym pba Pais oP ortrk by charged ty \urdin ot wads and cating 94 fosrkiSuet wlth ute 069 vderet vedio Hall, aud vatur af mo re mubtip\en tal, ho wast” sabhy +} wou & uate aid Liege “a & Satan, tebicy hes aa dapeddys ou woth witha oy eae CRR xe, wo mast E pte tins Pelt, ‘aud subhy, =p Areveares, Hence, type are m poury may offeck fe? sofhl, oa or 7 CLapoy ral tow wy Mase duwinady which lacks he , an Sg ih sah so apt tlead 8 sy * 4 Nacation feared (68 fom req ular eoortinne feriod) Yale lly Re ave ‘ qayuucy radio, wil’ 2 val pun aud Geer, anowey moh fete 4 Haguisseiehiaonty snffy sr Suda me Ts OA A al de Suivi fom ie ee ; aby eae ey ten se Ladies a TA 18c4-02, ROT daar d me ont Wea yen eae ae Var realinadion' el’ additicval compone, SY a do i ddshticn sf A ' Ny ; ~i eae os w th a + lod bhice wad see ar A ” tt bea ashosda ae me Olu diboscn. Gos Sta Pr pow Ashosihe unctude, dsjords ws ET. Vindicatss Names fs once . itt . = *_ uo oud ducbude oa Sethe eee ewe _goueud Waway!— “Wr witir mo peduerd by Jug worst ee tT oaunnty (inads ah a couhy & oye fous d mou 14), Voorn ae Ja Mer monet bore of au Leon my b avYuuek Aro Hy because Weds bank quuve (8) bud dou) wr duds demand depos. The dvcitou- making power 40 dele wre HAL cash Wrens qarcon oud stu eh dana d ajar by houks Wir ody Mo Rata The titi smouy ui woway auttionly & logle wud wa om Wu wel es tede a decaten dain a} chal woystayy adver