Figure 2

MONETARY CIRCLE

The above describes an uncompleted seven-factor monetary circle. The issuer starts the circle by buying before selling (BS). The six trader-transmitters sell before buying (SB). Any number of additional trader-transmitters may be imagined before closing the line to the buyer-issuer, but this line ultimately must be closed by the buyer-issuer making a sale to the last trader-transmitter, and thus the circle is completed from issue to retirement.