Banks are [BAD] record keeping systems in which "loans create savings"... (not the other way around)
⚠️ We are TOTALLY dependent on #BANKS so imagine banks do things badly then what happens with life?
https://invidious.jing.rocks/watch?v=nUxT17ZOTP8
or
https://redirect.invidious.io/watch?v=nUxT17ZOTP8
By RichardMurphy #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...
So #QUESTION ....
❓ Do people actually have money or just accounting entries as a loan? (see link for simplified video)
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FUNNY #QUOTE AT 4.11
Click to hear ➡️ https://redirect.invidious.io/watch?v=nUxT17ZOTP8&t=04m11s
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" Remember that normally if you think something is obvious, the opposite is true when it comes to Economics. " - #RichardMurphy
