ABSTRACT
The three nations of Htrae were Surplusia, Deficitia and Balancia. In Surplusia there had been a great inflation. The chronicles of the planet Htrae which we were able to study are of particular interest since they give an account, not only of the rise, but also of the fall of the Namyac-Bal. Surplusian Bal deposits were all 'time' deposits which could not be withdrawn or even transferred to another owner. Economists in Deficitia in consequence of the new development became alarmed by the apparent impossibility of controlling the money supply. The Balancian central bank agreed to open a deposit account, designated in Bals in favor of the Deficitian bank, the quid pro quo being an equivalent deposit account, designated in Defs, opened by the Deficitian central bank in favor of the Balancian central bank. Economists on Htrae before the rise of the Namyac-Bal market believed that all bank deposits, whether sight or time, should be counted in the money stock.
