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Basics of banking system and how money is created

Several recipients of my Banking Digest have asked for some help to understand the basics of our banking system and how money is created. One of the main causes of the ongoing global financial crisis is fractional reserve banking (FRB) system so it’s really important to understand how it operates. My experience has been that that even people who work in Banks and the investment industry, do not have any idea how money is created.

In a speech last October, at The Economist’s Buttonwood Gathering in New York, the Governor of the Bank of England, Mervyn King said what he really thought, arguing that “of all the many ways of organising banking, the worst is the one we have today.” Possible remedies included not just breaking up banks, but also “eliminating fractional reserve banking”.

Here are some simple primers on FRB. Each adopts a different presentation style so at least one should convey the principles to you. The videos have been made on low budgets, without Bank sponsorship.

Short Videos

XXXXX How Money is Created & How Banking Works in the UK http://www.positivemoney.org.uk/videos/money-created-banking-works-videos/

XXXXX The Consequences of Fractional Reserve Banking http://www.positivemoney.org.uk/videos/consequences-fractional-reserve-b...

XXXXX 8 minutes…………Money As Debt (1 of 5) Video http://www.youtube.com/watch?v=HUiNNYfQSc0

XXXXX 4 minutes…….Money Creation by Chris Martenson http://www.youtube.com/watch?v=qIxhsF6JLEA&feature=related

5 minutes…………..How Do Banks Create Money from Nothing? The Basics of the Economic Crisis in 5 Minutes Crash Course: http://www.youtube.com/watch?v=Hg_1iXbIjFQ&feature=related

10 minutes………Fractional Banking and the US Federal Reserve System Explained! Video http://www.youtube.com/watch?v=pC8I3J-1GSM

10 minutes…….How Money is Created and Destroyed http://www.youtube.com/watch?v=xNehYxy77RI&NR=1

Written

XXXXX XXXXX Simple Fractional Reserve Banking Model http://www.novapoly.com/articles/finance/fractional-reserve-banking-model/

Fractional reserve banking - Wikipedia, http://en.wikipedia.org/wiki/Fractional-reserve_banking

Criticism of fractional-reserve banking http://en.wikipedia.org/wiki/Criticism_of_fractional-reserve_banking

Fractional Reserve Banking http://austrianeco.blogspot.com/2007/09/fractional-reserve-banking.html

Fractional reserve banking and money creation http://www.pascalroussel.net/fractional_reserve_banking.htm

The Fractional Reserve Banking System Explained http://www.marketoracle.co.uk/Article20300.html

Modern Banking and the Fractional Reserve System http://www.basicincome.com/basic_banks.htm

Regards

Mike