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If it were true, then printing more money would lead to lower interest rates, and many of the same people think it does. The next time someone tells you that the interest rate is the price of money, ask him what he thinks a reasonable interest rate is and offer to buy some money from him—at ten cents on the dollar if the rate he suggests is ten percent. As that example illustrates, the interest rate is not the price of money. The price of money is what you must give up to get it. If apples cost fifty cents each, the price of money is two apples. More generally, the price of money is the inverse of the price level—when prices are high, that means that money is not worth very much. The interest rate is the rent of money measured in money. Suppose you borrow a hundred dollars at ten percent. If the price of a dollar is two apples, you are borrowing the price of two hundred apples and paying the price of twenty apples a year in interest. This is a terrific and exciting historical account of the subject. If you remember the movie "The Outlaw Josey Wales" and the line, "My name's Anderson. They call me Bloody Bill. " you'll know the type of action written about very credibly and very carefully. Now, I know why John Wayne's character in "True Grit" called his cat what he called him. Worth reading. When I was a young man I had an emotional reaction to the Apostles Creed recited in churches. It was not because I did not believe it, because I did, and do believe it. On the contrary, that’s why I did not like to hear it. It was recited by rote and mumbled by people I assumed did not believe it, or if they did believe it they did not seem to care if they believed it. Then one Sunday fifty some years ago I happened to be in the Presbyterian Church of the Covenant in Bala Cynwood, Pennsylvania on a Sunday morning. Mitten Weather I was just going through some of my favorites, and I found this on recycled mittens. We all know very cold days and snow are ahead for some of us. We really are praying for snow as we have been in a terrible drought. We have been so busy doing some home make-overs, that it has been a challenge to find time to do anything else. I love to sew and to craft and to make things lovely for my home and family. We posted this picture in better quality here, now it's much bigger. The third of four eggs hatched late last night, watched by innumerable people around the world. Some have kindly taken screenshots and posted them on our Flickr Group. Here are a selection of them, each helpfully containing the date and time stamp: Note: Some of you may have spotted that the actual webcam addresses have changed. You are currently being redirected to the new locations. It snowed again, I was just thrilled. Old Man Winter is baaaack, and it was no Aprils Fools Joke either. I am reverting back to my cheerful frozen mood. Far Guy is so happy. No fooling. Today I'm teaming up with Shades of Light to make a big change in my kitchen! I'm so excited to share this change I made to the kitchen of the Hydeaway Cottage! It makes a HUGE difference and wasn't hard at all. Here's my kitchen the way it looked before I moved in. but really good. I'll let you all in on everything as soon as I can. But for now let's check out some highlights from last week's party. Amazing what a bit of paint-able wallpaper can do! On to my Frugal Round-up. First up, I love, love, love this chair redo by Two Thirty-Five Designs. The linen upholstery with black trim is so tailored and classic. There is simply no bloody way that I would go out at mid-day to the mall or big-box store let alone waiting in line for five hours to push through the doors at midnight or four AM. There is nothing in this world, no bargain, no deal, no incentive to suffer that sort of indignity when there is left-over turkey in the fridge, the beer is cold and there is football on the TV. I'm not at all certain that this is authentic. But, it is possible:. Minister of State for Antiquities Mohamed Ibrahim announced the hotline would open on Monday. An article at the BBC explores why so many Americans live in mobile homes. "Not everyone who lives in a trailer park is poor. " My father lived in one in Texas for many years. The WildCat is an impressive robot developed by the U. S. Defense Department. I am so backlogged on stories about my trip here to England that I decided I would just start from the beginning and gradually get to the present. sort of like Star Trek and time disturbances. New Chapters added to my new cancer diary every Friday. I DON’T REMEMBER exactly when yacht chandlers turned into huge fancy supermarkets. The marine stores of my youth were mostly dark, dank places that smelled intriguingly of tar and hemp, and had a long wooden counter with a couple of tough-looking guys behind it. One of them invariably had a wooden leg and a parrot on his shoulder. The other never wore anything above the waist other than a dirty singlet, the better to show off his tattoos of ladies with long legs and exposed bosoms. .