In God We Trust! All others pay cash.
Even if it's rote memory, her mastery of the subject is quite amazing. She says more succinctly in a few minutes what my nearly 80 year old Money & Banking prof took nearly a semester to convey.And she's also apparently quite right. In 1968, Canada's reserve requirement was between 5-6%, by 2008 it was at about 25 basis points (0.25%), having phased out the reserve requirement altogether in the early '90s. For rough comparison, the U.S. reserve requirement shrank from about 12% to 10% over the same time period (though argued by some to be largely irrelevant).
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