[1] At Italy’s velocity of 1.2, Circulating Money is 10% of the Money Supply. To increase Circulating Money by 10% requires 1% of the Money Supply to move from hoarding to circulation. 1% of the Money Supply is 1.11% of the Hoarded Money. Thus a 1.11% fall in the Hoarded Money will raise the Circulating Money by 10%. return

[1] =300*(B5-B3)/(B5+B4+B3) return

[2] Bank Liquidity Hoarding and the Financial Crisis: An Empirical Evaluation, Jose Berrospide 2013-03, Federal Reserve Board, Washington, D.C. https://www.federalreserve.gov/pubs/feds/2013/201303/201303pap.pdf return

[3] Bank Liquidity Hoarding and the Financial Crisis: An Empirical Evaluation, Jose Berrospide 2013-03, Federal Reserve Board, Washington, D.C. https://www.federalreserve.gov/pubs/feds/2013/201303/201303pap.pdf return

[4] Bank Liquidity Hoarding and the Financial Crisis: An Empirical Evaluation, Jose Berrospide 2013-03, Federal Reserve Board, Washington, D.C. https://www.federalreserve.gov/pubs/feds/2013/201303/201303pap.pdf return

[5] Why Are Banks Holding So Many Excess Reserves? by Todd Keister and James J. McAndrews https://www.newyorkfed.org/medialibrary/media/research/current_issues/ci15-8.pdf retrieved 2017-01-12 return

[6] 2016 figures. 100%x€191.5billion/€1458billion=13.134% return

[7] https://www.bancaditalia.it/pubblicazioni/rapporto-stabilita/2016-2/index.html?com.dotmarketing.htmlpage.language=1 retrieved 2017-04-21 return

[8] IMF Working Paper WP/16/135 Cleaning-up Bank Balance Sheets: Economic, Legal, and Supervisory Measures for Italy by José Garrido, Emanuel Kopp, and Anke Weber return

[1] This equates to 1.2% per annum on Hoarded Money. If spent back into circulation, this would raise the Circulating Money by (1.2x92xM3)/(8%xM3)=13.8% return

[1] Billions for the Bankers Debts for the People The Real Story of the Money-Control Over America by Sheldon Emry return

[1] IMF website. “The IMF at a Glance” https://www.imf.org/external/about/howwedo.htm retrieved 2017-02-25. return

[2] IMF website about page. “The IMF at a Glance” http://www.imf.org/external/about.htm retrieved 2017-01-29. return

[3] IMF website about page. “About the IMF” http://www.imf.org/external/about.htm retrieved 2017-01-29. return

[4] IMF website “How we do it.” www.imf.org/external/about/howwedo.htm retrieved 2017-01-30. return

[5] European Central Bank website “IMF Surveillance in Europe” www.ecb.europa.eu/pub/pdf/scpops/ecbop158.en.pdf retrieved 2017-01-30. return

[6] Kari Polanyi Levitt, cited in Torrie, J. 1983, Introduction return

[7] Che Guevara, Regarding the International Monetary Fund (IMF), interview with Radio Rivadavia of Argentina, 3 November 1959. return

[8] Luis Ignacio Silva, at the Havana Debt Conference in August 1985, quoted by Susan George, A Fate Worse Than Death P238 return

[9] “IMF Now Ready To Slam The Door On The U.S. And The Dollar” www.alt-market.com/articles/2444-imf-now-ready-to-slam-the-door-on-the-us-and-the-dollar return

[10] Edward S. Herman, economist, U.S. media and foreign policy critic, and author of “The Real Terror Network.” http://free.freespeech.org/americanstateterrorism/RealTerrorNetwork.html return

[11] https://www.imf.org/external/pubs/ft/scr/2016/cr16241.pdf return

[12] IMF website “How we do it.” www.imf.org/external/about/howwedo.htm retrieved 2017-01-30. return

[13] Lib. de Tob., c. 15. as quoted in “The History of Usury from the Earliest Period to the Present Time” by J. B. C. Murray. 1866 return

[14] 3 Inst., 151. as quoted in “The History of Usury from the Earliest Period to the Present Time” by J. B. C. Murray. 1866 return

[15] IMF website about page. “About the IMF” http://www.imf.org/external/about.htm retrieved 2017-01-29. return

[16] European Central Bank website “IMF Surveillance in Europe” www.ecb.europa.eu/pub/pdf/scpops/ecbop158.en.pdf retrieved 2017-01-30. return

[17] IMF website “How we do it.” www.imf.org/external/about/howwedo.htm retrieved 2017-01-30. return

[18] IMF website about page. “The IMF at a Glance” http://www.imf.org/external/about.htm retrieved 2017-01-29. return

[19] IMF website about page. “The IMF at a Glance” http://www.imf.org/external/about.htm retrieved 2017-01-29. return

[20] IMF website about page. “The IMF at a Glance” http://www.imf.org/external/about.htm retrieved 2017-01-29. return