" Remember that normally if you think something is obvious, the opposite is true when it comes to Economics. "
- Richard Murphy #Quote
#RichardMurphy

Click to hear ➡️ https://redirect.invidious.io/watch?v=nUxT17ZOTP8&t=04m11s
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#Economics #Banks #Money #Loans #Savings #Economy built on bad / negative / empty accounting

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THE REST BELOW IS JUST BONUS
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⚠️ We are TOTALLY dependent on #BANKS so imagine banks do things badly then what happens with life?

https://redirect.invidious.io/watch?v=nUxT17ZOTP8

By RichardMurphy @RichardJMurphy

Banks are a record keeping system in which "loans create savings"...

The way THEY do accounting can be different to what you think!

The DOUBLE-ENTRY BOOKKEEPING means a Bank's loan is creating someone else's deposit. (Not the other way around!)... LOOOOL the #fuckery

The deposit doesn't come before the loan. The loan comes first lol...

Loans create savings... LOL no don't say it again...

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So #QUESTION ....
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❓ Do people actually have money or just accounting entries as a loan? (see link for simplified video)