It’s not difficult to see why quantitative easing was not high on the Federal Reserve’s list of priorities in 1982. The term was nowhere to be found in the handy booklet pictured above, which I found while perusing the shelves of Reuters’ two-desk bureau inside the U.S. Treasury. Paul Volcker’s Fed was still battling runaway inflation, so policy options designed for a zero interest rate environment were nowhere near the horizon.

More interesting, perhaps, is what the pamphlet’s brief introduction says about a technology that is now so commonplace it is overlooked — and about the social milieu of central bankers.

These days, it would be quite reasonable for an expert in ‘EFTS’ to inform a co-worker that he used a ‘debit card’ at an ‘ATM’ to get money to buy a tennis racket.

Thanks to Denny Gulino of Market News for posing the question that instigated this post: “Is QE in there?”