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roman
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It's common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty's police. Yet there's a small collection of companies that are authorised to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called "monetary and financial institutions", but you probably know them by their street name: "banks". The money that they create, effectively out of nothing, isn't the paper money that bears the logo of the government-owned Bank of England. It's the electronic money that flashes up on the screen when you check your balance at an ATM. Right now, this electronic money makes up over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched.

 

marc
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It's All About the Future: The Future is a very convenient political out, because it can never ever arrive. The past is past and can be studied, and today (the present) is always here; but "The Future" has become a political mantra because it can never be attained. The Future is forever locked into something that shall always be "coming" but never does it ever arrive. That's why politicians and scam-artists and so many religions have always turned to this over-used word to justify whichever con their trying to pull off.

After some interesting intro material, Max Kaiser talks with William Black. In just a few minutes you’ll learn more about the reality of the US financial system than you could get from a Harvard MBA.