THE BASICS: Who Creates Money? [Central Banks or Commercial Banks]

THE BASICS SERIES:

"Covering the Foundational Building Blocks of Business"

-In the Basics Series, we cover the foundational building blocks of what makes a highly profitable business from accounting, finance, branding, management, and more.

CURRENT EPISODE:

"Do the Commercial Banks or the Central Banks Create Money?"

-In this episode, we look at which entity creates most of the money in our current monetary system. This entity can make money out of thin air. It started with the Goldsmiths in London in the 1600s when they started lending out fractions of promissory notes to individuals from the Gold they had in their vaults. These lending practices were not legal, yet the impetus for the development of the Bank of London, and the entire financial system started from these practices.

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