Almost 80 years ago, the bank manager explained to clients how fiat money and fractional reserve banking actually work without blushing. Do you know the difference between an IOU and a bearer asset? $FRC

“Your money is not here! Well your money is in Joe’s house. That is right next to yours and in the Kennedy`s house and Miss Madeleine`s house and 100 others!!” -It's A Wonderful Life (1946)

#firstrepublicbank #siliconvalleybank #creditsuisse #bankrun