What has been happening with bank regulation over the last 40-50 years? What is a run on a bank or a bank run? Why is it bad? What is barter? What is "double coincidence of wants"? Why is this potentially problematic? How does money help? What are the three roles/functions which money serves? What kinds of things have served as money? What do the Yap of Micronesia use as money? What is commodity money? What is the most common "commodity money" historically? Who invented paper money? Is paper money commodity money? Why or why not? What is fiat money? What is M1 and what does it include? What is M2 and what does it include? What are near moneys? Explain liquidity. What role did goldsmiths play in early banking and paper money? How did "fractional reserve banking" come to being? (Hint: Goldsmiths had a lot to do with this). What are the three features of fractional reserve banking? How did goldsmiths "create money" (answer is under Bank Discretion over the Money Supply)? What does the amount of money they create depend on? Why are runs bad under fractional reserve banking? What is deposit insurance? Why do we need it? What