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<p>[QUOTE=&quot;fatima, post: 1309133, member: 22143&quot;]You are wrong again.&nbsp; </p><p><br /></p><p>Money Market Funds were not included in the figures I gave above.&nbsp; The Federal Reserve does not count them in M1 &amp; M2.&nbsp; May you got confused and thought that Money Market Account at a bank was a Money Market Fund.&nbsp; It isn&#039;t.&nbsp; It&#039;s nothing more than an account at a Federal Reserve institution and it&#039;s Federal Reserve dollars.&nbsp; </p><p><br /></p><p>In the United States, a traveler&#039;s check can only be created from Federal Reserve dollars and they are redeemed as Federal Reserve dollars. The party taking them as payment assumes the risk until they are accepted by a Federal Reserve institution.&nbsp; Hence, they are nothing more than a convenience item to move money from one federal reserve account to another.[/QUOTE]</p><p><br /></p>

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