one coin, two sides
congrats on the book deal :) I'll be in line for it! :)
The franchise arrangement is a great analogy. Ultimately, yes, it is public money, partly cuz the government is willing to be the back stop, as they prove each time these banks get into trouble.
Also, yes, most money is created by bank lending and is a liability of the bank. But the govt provides the reserves behind the scenes to make the payment system work, which "effectively" monetizes that credit into government money. (not so sure about that fractional reserve thing / that's kind of a myth)
So, yes, I'm on board with your comment about all money is government money, and is a monopoly of the state. Sorry, Thatcher.
I like your writing style!
very happy to hear you are writing a book! I'll pre-order.
i read these for the quotes. kyla is a good quote selector
They don't earn big bucks! ... People always say that but banks aren't that profitable compared with other industries. (Which might be to be expected given that there are over 4,500 of them competing for business.)
It’s interesting to watch the erosion of trust in banking happen only recently, because it follows the erosion in trust in other institutions and cultural practices. I don’t think we are out of the woods yet.
Congrats and good luck on the book!
Where did the cash run out of 3S banks?
Love your finance slang. The article is a total slay. 😎
Confidence is what prevents bank run 😉
The US Government is like "we are very confident in banks. Bank confidence is high."👍
It reminds me of Tyler Durden's #1, and #2 rule about Fight Club..
"The first rule of Fight Club is: you do not talk about Fight Club.
The second rule of Fight Club is: you DO NOT talk about Fight Club!"✊👊