of money part 2

7/28/2019 Of Money Part 2

http://slidepdf.com/reader/full/of-money-part-2 1/33

1

!"

# "$%

"&'(

#" )"*+,

- !)

"

"#."

#"



2

- " #

"

/012%

) )

#

)"

!#""3

" 4

5

"#)%

" !

63

7."

"7#."

"# ! " "#3

"

" !

"" 8

7."

" #

" &9:;(7 )

<

6 ) 6 &::(. '

&9:=(7

"

! 5

&>>%%("" 4?@AAB@AC

C/012DC,C,

@

8@



3

! "

#"

73.-

8

"#)>"

7

."

" "

!!&E6 (

@)

3 #"

7 &F (.

'"

!" " )

"&(

G

! & (

#"*+

$

%"



4

!")

% "

> H@ F

"A:$

%

#

)%"8

5

1"# I"" # *"#+ )

"

#"""3""

) "

%$""

"&"(%3

@

"

"

& )(

6)>6)

" J .

")#-

# !6)

""

3

""

7

E8

"



5

" #

A ) # :9

5IK> &! I ?E

I%E('::"I%E

@;L#"3

)M

N > "

". )

A#"-

& 'O' I :P

::(=%"*Q+7

"

&>>%("

N. " A

6 ) - (

"(

""&;

::( "" ;( Q Q

> " "

"")

::%">"#

5 63 " "

< 6 Q 6 J )#""

A>>3%#

""

-"@#

@.@)"")

! *) + ("

" $8 ( "

8;(")

!"

Q/""/

%N$"

8Q

N36)JRQ

:;.

"#"%

""))"



6

"" " N !"

&:;=;:( " " &:;:M=(

N > &:MMS( &:SMS( I &:S::S(

I"?&::( %

- " " 3

#

! . 7

"

""3/>"

*+

"/

3!%3!%3!%3!%

3 E

&#(

. ! "-

".

)

)""@# -"

"7 .#

>

#"-$"

&(("

( " *+ " " &

*+(3

%""#"

#. ##

#*+

T"#"-

# )7

3 ""

"#" "" #

"""

"#A

"

" " #.



7

!-"

# "

-

%

*+

J % "

""7

#

" " *+

"!"" %

>

"

%"-

"#"$-(

"" #3 (

&#( " "

""

F"$"#"-#

&33(

"

3

""#%)

" !

"#9

!"" -"LA

&(!7."

" % 3!

%7"

"

! " # G

" " & (

"@A #!""

* + * +

# -

# " @

#



8

""#"

"$

LA)F

&$

( " M=U!

#

$"3))

%#"

& "#(

"#"

"A3""

""

( ) & ( (

& ( 6 # &( #

#"#!&

( "#

- " ! V 7

.

)S

! *+ &(

# A - #

& ) (

"&

( , " & #( ! "

)"#

7 " # )

&(

#8"

""*#+

! &LA (

-#&

*+ ( & #" *#+( %

F

)-*"#

+ &$( ) & "

(8 " &*

+( > " A

*) +8



9

"" " # &

Q#A(8

@

7"5N

63"J3*@+7

"

!*+#"

F1F1F1F1

6 " "

!

")

&*+("" #"#8")L"#?

"-"A

" " " )

" "

$

"

#N4

!

" %:S:"

#"3"# :

#

!

# 7)

"#"

4

"3#""

# 5

A")3-"

>>%% J# . .

" "

6""

@



10

&("

) )" ..

8"!

"""

#

! A

!6W%W

" & 3( # G $

!#"

" "

#&#6(.

"#

$ ) 4 %

" F"

. $. " X")

%Q"

& ( 3

""

@ A

E

"#

#

" F

3"-

"

1! @ @ #

&

#(012 ;

5 !

"#"( &(

( ." )

4<J""

" T " !

A$#"#



11

" *+

>&(M!"@

$

#

A *+ IJ

*+"V

*+="

#7"

.

! @

#

- " )

*"+"N# - #

@""#89

##

!"#

")

$)

6*+*+7

''''

! " # Αιρεσι 7 *

+'. .

" #" "- " A

""8""#S

E "

%""

"

3%3"#"

%)@-

?

:



12

( "#"""

%"

%"

( ! "

& ( # &

( *+

- " *+!""

"

@-

;( !#""

" ) " " !

$ -

" "

&(

# *+7"*+)8 "

> 7

7

"*$+7

*+"$"

&( "

&(3

" - "

7!Q"

<"!

$ Q "

#"#

<

)" " & (

? &(

% " $

"

")/

*+

&< ( < " -

&" *3+ (

&)("

" "'



13

#

" # " ) &

( 7 "# !

"$E

"

&(I"

" "# & ( .

*+"8"

E

)

.

!) - )"

=

!#"

E

)*+=

#

#7

"I

"

?@"

) ! "

E"< "

" " &

"( A<6&I QE

(>"

& "(

)#"

$A)&()#

%="

" " " )

)

""-*+&

*+ (" 3 " "

)

6 )

!"

E



14

#

" "

A >"

8 @ - A

"

))

""&(6

" "

""@

L#"#

A)#

#

%""-

R " %

"

* + "

".

"""

!

>

#!#" " " " "

""

"#

4 >

F""/E

##3

" #

3 %A

"-(#

4 ! ' A "

"@

-)



15

8(

!!'Q!!'Q!!'Q!!'Q

I"

? 33

EA"

::"3N

":;&(

AQ)

" " " F

F# N ""#< " * ) +

F#"

"*+

"3 " ! "

"# " "- A "

= 8

-"#"

>3"

*+.3 "

."""" 4 ' " "

"

"

%""'#

!""'

"

E "# >Y

"

=

""##

I "

$

";

*

In other words, Hebecker acted in the capacity of emergency mint.



16

! 3 " ! "

-&)(8*+

)&">Y(3

)#*+8&

# (8 )

&)(8&

*+( !

L#"#"

" "

)

"#>Y

E"

M

"# & $( 6

* + 63 L Q=

")"5K3'

<56#&<56(<#")

Q"

9 P'3 ' )

"#!)

";=>"!)"

- # #3

*+ S!Q

>8

=="#M

! !

"

" .3 P )

!-

"#

"# # "

")

A "

A#"#<

)"" )"



17

)

"

#)

9= )

%:

< # ! 5 & "

::(#Q#)

8;*+&

(4"

7"

"-

> # *+ #

##

"#

(

# (

&(

@ % # #

!5

# "

#&(

< ) * +

"

%FEL' J?! &J?) !( !FIXTEL;

":: FEL' !"

%IT

8"A"

&( % FEL' " 7

" EFEL'

@3"#L<"#

!%&

4!



18

("@"

-

""

#@"

;

! " "# J?! )

#! J?!

" !FIXTEL @ 7 #"

. @

"""Q<

< :::!A

- !FIXTEL U

U *+!FIXTEL

"7"%"3""

-6

F# $ " " 3

A@Q3<< <

"A-

#" " "#8 "

7!Q""

3

1 1 1 1

E#

#

N" ::: ; 3 N3 #

"7""."

* )+ "

! " $-

Q N1LA " 3 "

#"

N "

# " " " " "

!""

")@A%



19

"#*@+

*A+- " "

)7!"

#-"

" " ! !"

3"#"

#7"

M &LA

("""#"#

6"#3"#3

"#

%

" " "

;;Q""

" .3)"""

) ! "

*# +

T # " A

.")

.$@"#

3"L!""#"@

L":S:"

!" N#?3" :::A ) ) #

";M!"'

< ' $ "

#! "

&A

(;=%""

*$+-""3

" "

" 3 N

;"<'N#5

A" "

""*+-<

#

";9



20

%

#N"/#

/

I@!

" 3 "3

# & ? V

S-(-">"3@

"

"A""#

#

" "

3)

*+"

#L@

*+ % N# ?)LS"

"

# &*) +( "

.#;S

%A"

:"

8; )& (

"))<

L Z < "

' # L ! -"@<N%

<;:

!##"@

!)"#8

# "

*+ > *+ " )

@"

!#"#"*+-

#L#A@#

#5.

;

! #3

"#=

3 9



21

3 # N# !

A"#"

*+"

! #

" "

"# "

" * + 6

"

" ) 7"

@3 @

# " "

M

! 3

6 " #"""

"""

#

!3#"0"<2"

3!3

" < ' 02 "

"# M

!# "

*G+@

#" * +

">

@

)

%3

!!

" " J . * *+&*+(*+>

@8

""".

) .

*X+

&(8*'+



22

A

E

"

""

6""

#

"!3P6X&;

:M9(QL"

".".

3 ! "

"

# " X

"M

EJ%<&9S:MS(T

L" 3

- <

*+ M;!

"#"

#*A+

" " "

N# # A

)% $

N""$

*#+-

(%" &(#"

"#X&"#(

)!"

""

"")

"!3"

) " "

@

Q * #

""

"+MM



23

!#-

("##

" 6

" '3 Q

""

'3"

% *J+ "

#

? ' M=

#3

!

@M9

#3

"L G J 5MS !

'M"

"#"#3 M:

<N% %

@ I S=

!

#3#

#3

H!

#- " "@

" A ! @

)<Q

""3

"-"

#

=

;(I#

*#+ "

&(!

" *+ 7 ?3 Q3

QQ3 " 3.

3 * + F " "

3

# "

" !



24

" ) - (

" " " 8 (

8 (

" @ "

""!@ )

#JL

"#7<6#.

-?[

=

>.

&(.

"">

).#"*+ =;.

L"# " " *5 Q+ I

Q3 *+ >63 *N#+-" #

"

="=M

Q*+"

# $

*+==?F

>N3:

$% " "

")) #"3-

> " / 012 J"

"012

>3<$#/>"

;/

" Z Z:S ) ! "

" !"

"@#-"

012L""#

012%02<"

"#A:"

"

)"

012!#

"%:

)=9



25

J

@ A

"#"$

3

! - "

"#

#"

""

! " N " *+ " A

$$

????X!!N-N0:MM29

SJA< 6-::M; !I?E !)- <

:M<P??

*<?- !V '+ % P

? &<PE3N(V;

M=EF

! < ' ::: Q- N :9

0:9:28 53 %

:9:;;<A-6I?::;:8

Q$FF"N6!'

J-=M=S9

N#78")

)&(

*+ !

"&()

"



26

S!V!!JQ I"T#-6::

!@&V V V V ("-

v

vvv...vvvPV

n

n

−

−

=+++= 1

132

" iv

+= 1

1

8 !@

# W)%

*Q+)7A&(

"))"

!*A+

&)"

# (

* + " " ) " @!"

&###(

"Z:\&(

"AZ< ∞

V\G V\G V\G V\G !

& (

7.@&A

(:>5R5 M;

!'6? I"T#-6X:90;92MM

! N ? # 7A

* % +. 9

-GG"""GGG] P@P#5V-Q>35

::=S::=; ? ' Q ! E Q J-

>9=MM 3 =9

)3$%NJ)&LL

L9(8!

. *"#+

* # +. :

XI'#*>?>>X"+

F36A ;9 :9 6 I" "



27

^"C"#^"

".

" $

L"$=9-GG"""GG;M:

-GG"""$$G$G=!V!? I"T#-N>F

:Q%99 *+7 #

. "::= :::

>3#<

!N#"

" 'A -

A &( "

"!

N# " * +

"#"N#3#

".!""

# "# =

!!"

#" @

# " " 3<J>!N6

" I"T#-<

6?MM=M!

# "

"#-""#

"6%6<=

#

!?*<+;S ' %!# -<

FIT-::=0:2'>?-!<>?

J-':SS0:2:3

*6!Q"-'

? L+ '" '

? V;M<9



28

5$

"A

: 5 '"O >

AVK? N-<<%< I"T#-Q:;;S

;%M-GG"""G=!6*!#J6+NNQE 9<

S-GG"#GGGG9;;;9;8*"

?+!5! PS

-GG"""#GG$/)\GGSGGG)

IX"*?Q<3/+E% 9

6S-GG"""GGG=M9:S=9%

"--GGG8

-GG"""G)/\R\:8

-GG"""S -GG"""G@]

) 56 *S T ' >" 5

QQ+ %PQQ

'V&(: : % ?3

)" &<

('3)#

6:;;;-GGG;!F6-LQ

! > ' P V!- Q Q !

" !# J?! % F -

-GG"""G<<G -GG"""GGG

-GG"""G;:;;X7*+".$

" & ( )

&P(-*5""3

#3"@"

#37



29

%3

#"

"N

!"A"

# 8""012

" A 012 ! "

A-#

""7#

"

!"

012"@

) 7

""+&

X!'5? I"T#->>I

S;S(5-"3#"#

"LA&3(&

""(%"LA

& ( #@

&( - & (

"&"(N#

&(&(

*+-"F"/X

7)"# ;M>NI#A*J@!-F"!

F" ? !+ IN?' ># :::

-GG"""GG"SM=;= 6 *E _ N % ' +

># < ' N# '

-GG"""GG"GG";;9 ? < X P 5 *6 _%'

?+<'N#5 6;

-GG"""GGG;G;M;SNA*J@!+MM;<*6J<6EAQ-

?<+'I"# 6

-GGG;G/]\;9M:-

-GG"""GGGUGU

U6J]ES



30

;:66!N#! I)- ! I"> 6

QN#? I"T#-!!::SSSM'Y*'Q.JQ?/+

5N#? 5-?

IM;G9-GG"""#G"G#"G#G9G9M;#]

%"$

N# . ' !

Q. " "

*"

3#"+&X"*?Q<3/+(

5 "

# )

##"!""

<'Y"

*+ " ) &

()&"#("#

)."&

:( T" -*%

+F"*

) A"" +

%""J

. " .#&

( % " " ) I

&#("

"

"@#".#

"

>63 = #

T""

"

@A

*3

"

+ & : ( I"

@ " " #



31

" *+."

I#

#""

N* +) "

7# " <

# # 3&

"Z::"Z

(."

#&)>T

M=( F " 7"

&*+(."8

" ) "

")

<

. *

"" + & (!

< I%E

@

6 "#"

'#")

N "

$ "

%

."

8

)

!3

)A#"

* + " !"

" A

.@"@

#*+!"

)"E:;

")A$@



32

&\`(&(

&("

*)+#&σ(N

)A@&@M;(

&λ("σ *

02+F *

02"

012< 012+&

;(F""

σ, " " "

*+ "

" )A #

" ) # )

# 6)A

)*"+

*+*)+&S(!#

"*

" +

&6(>#)

")

"""

")E

"Q3#&6(A"*"+9

& (1E N#"

#

" ) "

*+%"

"

A

AMQ )M < X 3 *E %- P 6

X3 3 6 ?+ '

?VS=MM; % < 6 F 6 I" T#-

Q:;MM



MMJ">*%6

+Q%N <3

-GG"""GGGM=! ;S:M9Q-GG"""G-GG"""GMS-GG"""GM-GG"""GGGG;M:-GG"""GG=-GGGG

)G=;;== =J> MM='*!"<6#6+QP VI=; P ' *>3 I) N/6 [Q3+

9E:=M6N*Q!E"QXQ<"3

L! ME:==>N*I%'->!QQN#

IT/+<! S6:=9 I 6#" *%6 ! ! < I+I" T#

! M:

of money part 2

Documents