�y��vlog

“Foreign-currency exposure is no longer a simple numéraire that can be hedged away or ignored,” wrote Geraldine Sundstrom of PIMCO, a fund manager.

Monetary calculation rests on these market prices so a freely determined numéraire is vitally important.

There can be more than one numéraire and it can be introduced externally rather than provided internally within the game.

It will be necessary that the payments of the ten per cent, be made in numeraire for the first year from the establishment of the plan.

But after the expiration of the first year, the inheritors of property may pay ten per cent either in bank notes issued upon the fund, or in numeraire, If the payments be in numeraire, it will lie as a deposit at the bank, to be exchanged for a quantity of notes equal to that amount; and if in notes issued upon the fund, it will cause a demand upon the fund, equal thereto; and thus the operation of the plan will create means to carry itself into execution.