Production of blood.

(the formation of blood cells in the living body - especially in the bone marrow) 


(Source: http://wordnetweb.princeton.edu/perl/webwn?s=haematogenesis


 
The act or habit of describing or regarding something as unimportant, of having no value or being worthless


(Source: http://en.wiktionary.org/wiki/floccinaucinihilipilification)