1. Assets Ngân hàng thương mại China hoạt động theo cơ chế trung gian tài chính+tạo tiền qua tín dụng (fractional reserves banking). Với cơ chế credit creation linh hoạt nhờ RRR + window guidance PBoC khác với cơ chế của Fed khi chưa chuyển sang reserves abundant. Với PBoC cơ chế này tăng cường tiền gửi, còn Fed tiền được tạo ra chủ yếu qua Capital, Regulation Basel III và liquidity constraints (reserves không còn ý nghĩa). Để giải thích cơ chế: NHTM khi nhận tiền gửi (D) sẽ dự trữ một phần bắt buộc (R), phần còn lại đem đi cho vay, đầu tư => Đó là lý do vì sao bản chất R được trích ra từ D. Quá trình tạo tiền không tiếp diễn vô hạn vì số tiền Cho vay giảm dần. Độ lớn khối tiền được tạo ra phụ thuộc vào tỷ lệ dự trữ nên PboC thường hay điều chỉnh RRR (Ví dụ: rr = 7% sẽ tạo được lượng tiền gấp 7 lần lượng tiền ban đầu). Ta có Số nhân tiền = MS/MB. Trong đó khi tăng mẫu số thì đồng thời tử số cũng tăng lên. Ví dụ: từ 2015, PBoC điều chỉnh cách tính deposits bằng việc cộng thêm: Funds deposited by non-deposit-taking institutions, Margin deposits từ công ty chứng khoán. Mẫu số tăng => base tính RRR lớn hơn. Ngoài ra, PBoC còn sử dụng RRR như một loại “công cụ vĩ mô thận trọng” với vai trò như một khoản thuế.

Mấy thằng Việt Nam thấy tôi thua thì tự dưng vào hỏi thăm tới tấp. Bình thường khi thắng thì chúng nó coi như không có gì. Thôi. Tôi cũng biết đó là tính người Việt mà. Kiểu ghen tị khi người khác thành công và hả hê khi thấy họ thất bại. Nhưng tôi rất buồn phải thông báo cho mấy thằng biết. Tôi thuộc team QUYỀN LỰC CÒN NGUYÊN. monster | hela piped.video/DfDqKpG2Faw?si=LRLs… qua @YouTube

They won?

BREAKING: Vietnam’s Lâm Đồng plans to bring Starlink to areas where poor mobile coverage makes rescue efforts harder. Around Gia Bắc Pass in Sơn Điền, mountains and deep valleys make it hard to stay connected. During road accidents, floods and landslides, that can make calling for help difficult. Local officials are working with FPT Telecom to choose a location for Starlink, helping rescue teams stay connected and organise emergency responses.

Lately, my recommendations have been flooded with “Let You Down.” I guess the universe thinks I need to sit with this weight on my soul a little longer. We should share the pain. 🥲 I need to do something. NF - Let You Down piped.video/fbHbTBP_u7U?si=OBh3… qua @YouTube

I don’t know whether, in the future, white African women will be calling for Iran or other countries to be purged, or whether she’ll be advocating for the extermination of people simply because they belong to a different faction. But one thing I’m certain of: I’ll still have the ability to influence other countries in the future. She won’t. Well you stop being cynical when you’re one of the reason.

#TrafficAlert The following restrictions will be in place as part of work underway replacing two watermains along University Avenue. From 7 a.m. Nov. 4 to 7 p.m. Nov. 25: ➡️ Gerrard St. traffic will not be permitted to travel through the University Ave. intersection. ➡️ No left turns from southbound University Ave. onto Gerrard St. ➡️ Westbound Gerrard St. traffic must turn right onto University Ave.; no left turns or through movements permitted.

@World_Data_A She’s crazy. I don’t even care about her anymore. She’s still trying so hard to prove that she knows everything and has connections in political circles. It’s honestly embarrassing. What a shame.

🇺🇸🫵🏻 Aux Etats-Unis, aucun président en poste ne gagne jamais les élections de mi-mandat, dites les Midterms. Barack Obama les a perdues, Joe Biden les a perdues, etc. Mais vous verrez que ce soir, dans nos médias, ils en feront des caisses : ils présenteront la défaite des Républicains comme un désaveu énorme pour Donald Trump, un échec cuisant, et bla-bla-bla… Si ça avait été un président du camp démocrate, nos médias se seraient contentés d’une petite dépêche. Là, ils basculeront en édition spéciale et, comme c’est Donald Trump, ils en feront une défaite cinglante, alors que c’est courant dans la vie politique et démocratique américaine. 🤣 #Midterms2026

tech bros after this week

It’s almost 3 AM now. I guess it’s really a lost cause. But well, at least I’ll have more time to rest. And if things actually get “Lawyer Up”, I’ll be barely affected. Almost unscathed, really. There’s very little evidence against me. What I’m worried about is that the people I care about might start getting investigated. And I guess that’s inevitable. I hope they’ll be safe. I am still here. I’ll look into Plan B’, B’’, and see if there’s anything I can do. Hard to imagine. But I’m still going to try to make things work.

With so much fake news going around, I want you guys to understand a few simple things. 1. Things look very different from up here. From a legal perspective, it comes down to your position and whether your standing is legitimate. I don’t see the fake news or the one-sided narratives in these ads running. Honestly, 99% of them are wrong. 2. Most people don’t understand elections, regimes. They get caught up in partisan arguments, blamed games and forget that the outcome is what actually matters to the winning. I can’t stand people who keep repeating the same propaganda and then act like they’re experts on everything: climate change, religion, leftism, taxes, etc. 3. Most of it is just noise. People love blaming each other. But I’m sure about one thing: election outcomes aren’t determined by which side gets more popular (they get a lot of funding), or the fake news you hear more often. Take Mamdani, he wasn’t everyone’s favorite. But he managed to win. The factors that actually determine the outcome rarely have much to do with what you say publicly.

Keep learning until the very last minute. If it was impossible to redraw the map through the legislature, I’ll find another way to redraw it. I’m Leonardo da Vinci.

California’s largest law enforcement union is urging voters to reject state Supreme Court Justice Kelli Evans on Tuesday. The union argues that Justice Evans is attempting to reopen criminal cases that it believes should remain closed. calmatters.org/justice/2026/…

"Over the past decade, the two national teachers unions and their state and local affiliates have steered more than $1 billion in dues and PAC money into political causes, according to Defending Education, which tracked the spending through federal labor and campaign finance filings. The National Education Association and the American Federation of Teachers alone account for $669 million since 2015. More than $85 million went straight to Democrat Party committees. More than $60 million went to the State Engagement Fund, a progressive clearinghouse most teachers have never heard of." - @RyanWalters_ townhall.com/columnists/ryan…

The promise to lower health insurance premiums is a scam. 1. You have no idea how long this reduction will last or how much you’ll actually save. 2. The ones taking credit for these savings are the Democrats themselves, essentially taking the money out of their own budget. 3. Lower premiums would only hurt the middlemen, brokers, the insurance providers. It wouldn’t even affect hospitals’ benefits. Do you have any idea how much hospitals and the legs make every year just from insurance payments?

My Plan C is to tell everyone that it’s my first time. Ok I don’t have plan C.