Lesson 30. What is Money?

Lesson 30. Task 5. A. This is the New Economic Foundation’s comprehensive guide to the modern monetary and banking system

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It explains how The UK arrived with a system where the vast majority of new money is created by commercial banks. Watch the video and sum it up using the questions below:

 

 

Where does money come from?

1. Which fundamental issues are touched upon in the video?

2. What happens to the money paid to the bank?

3. What is common people’s idea of what banks do?

4. What is the mistaken understanding of money’s nature?

5. In what form did the money circulate before coinage?

6. What is the origin of the vast majority of money in circulation?

7. What are the mechanisms of creating deposits?

8. What is a deposit? How can it be used?

9. What is the impact of the money pumped into the economy and money sucked out of the economy?

10. What is crucial for understanding the stability of the financial system?

11. Why is the current system the worst example of a financial system?

12. When was this system established?

13. Which alternative examples suggested by history should be explored seriously to create a better financial system?

14. What does the current system of money creation and allocation need most of all?

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