And we can place a price on it too: 15% of the nominal value of the bonds.
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In deflation the nominal value of debts remains fixed even as nominal wages, prices and profits fall.
In the absence of convertibility into specie, there must be a monetary rule to anchor the nominal value of paper currency.
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Lower inflation expectations raise the nominal value of a stock bonds.
It means your payments don't reduce the nominal value of the loan, and therefore the amount of interest you pay, until the end of December each year.
But the nominal value of mortgage debts would remain fixed.
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If they thought the Bank of England could deliver a rise in what people earn relative to the nominal value of their respective debts, they would vote for that.
Unlike urban middle-class families on the main island of Java, these farmers have benefited from the collapse of Indonesia's currency, since that raised the nominal value of cash crops such as coffee, palm oil and rubber.
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Properly done Purchasing Power Parity (PPP) adjustments are very complicated, but if we judge by 2011 IMF figures than roughly speaking we should boost the nominal value of Russian wages by about 28% to capture their actual purchasing power.
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The EFSF is such a handy device that this week has also seen renewed talk about its lending money to Greece so that the government there can buy back its bonds at today's depressed prices, which would lower the nominal value of its towering debt.
Well, Sir Mervyn King will be relieved to hear that Wadhwani does not like the idea of targeting nominal GDP - the cash value of the economy - instead of inflation.
When it falls in value the nominal price of commodities zooms up, with the poor being hurt disproportionately.
This is intellectually dishonest, as the value in money does not come from its nominal value but rather from its purchasing power.
The fall in inflation, which is driving down future nominal returns and so reducing the prospective value of the endowment policies, also means that homebuyers are paying less in mortgage-interest payments.
In the first three months of this year, Japan's real global exports were 10% lower than during the same period a year earlier, according to Richard Katz of the Oriental Economist Report. (A "real export" measures units shipped, not the yen value.) Nominal exports, measured in yen instead of number of widgets, have not taken such a severe beating.
It steals from taxpayers through higher nominal taxes while depreciating the value of their financial assets.
And the fact that his nominal (face value) covered earnings is being compared with my earnings up through 60, albeit indexed by wage growth through age 60, means that I and everyone else in my boat that earns above the ceiling can benefit, potentially big time, from working very late in life.
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The eurozone finance ministers announced that it expected Greece's private sector creditors to accept a nominal 50% cut to the value of the loans they have made to Greece.
In his speech, Mr Carney said it might make more sense in today's circumstances to target not the growth of prices (inflation) but the growth in the cash value of economic output: nominal GDP.
Another, which on its face is quite plausible, is that Romney stuffed far more into his retirement plans each year than the maximum allowed by law by claiming that the stock of the Bain company deals that the retirement plan acquired had only a nominal value.
To start with probably the least important aspect of all this, I am surprised by how little emotion has been sparked by Mr Carney's remarks, that there might be a case for replacing narrow inflation as a target with nominal GDP target, or the cash value of annual economic output.
Weak wage growth is permeating the labor market from virtually all sides: Nominal hourly wages are growing slower than before the recession, the real value of wages has fallen over the past year, new job creation is skewing to lower-paying jobs and wages for new and returning entrants in the workforce are declining.
This is purely nominal rebalancing, but it cuts the real value of government debt by a third, slashes government spending in real terms and balances the budget by inflating income and deflating liabilities and overheads.
Likewise, many bad investments made during prosperous times will be bailed out by inflation since the value of their output can now show nominal profits.
Under the terms of their issues, it would also allow borrowers to redeem the bonds at par ie, at their nominal value.
In this respect, a trade agreement with the United States has multiplied benefits far in excess of its nominal value.
Housing is not gold-like in the sense that gold priced in all currencies tends to rise when currencies decline in value, but the historical correlation between commodity spikes and nominal housing health is very real, and was there during the Bush years for all to see.
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Note, for instance, that its vertical axes show nominal prices (dollars per ounce for gold, index value for the tech-stock Nasdaq).
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In fact, at a 4% withdrawal rate, at the end of 35 years the investor would have had almost seven times his initial portfolio value (in nominal terms), and at a 5% withdrawal rate he would have had more than three times his portfolio value.
The act of central bank money printing temporarily drives down nominal interest rates, while at the same time creating inflation and lowering the intrinsic value of the currency that is printed.
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