Links: 2013-08-29

Worthwhile Canadian Initiative: Banks are special because the medium of exchange is special
"If we used cows as media of exchange (if we bought and sold everything else in exchange for cows), would you say that dairy farming is a special industry that is macroeconomically important?I would. Because if we used cows as media of exchange, then what happened on dairy farms would affect the supply of media of exchange, and I think the supply of media of exchange is macroeconomically important in explaining short-run recessions."
Lira hits new low as EM concerns intensify -
"Against the Turkish currency, the dollar climbed 1.1 per cent to TL2.0550, having touched a record TL2.0730.The lira has lost a more modest 3.5 per cent this week but still a heavy bout of selling in currency terms...

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