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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

#hayek #friedman #goldstandard #nakamotoinstitute #bitcoin #NYKNYC https://video.nostr.build/020b491584e10e2fb038d22a33740f95bd2d27770019827464ba5c57ad325e5f.mov

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Discussion

Phillip Leslie 2y ago

Lol George Bailey was not a bank manager- he ran a family business, a building and loan, a community funded way for working class people to get access to credit and loans to buy homes, gaining access to the middle class.

The bad guy in the film, potter, is a banker. He tries to collapse the building and loan by promoting a Run on it. If he can scare the citizens enough they’ll pull deposits from the building and loan, making it insolvent, and potter will be the only source of credit in town and be able to gouge the citizens. He’s a monopolist.

Enjoy the ride 2y ago

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