model
Jiang argues that even under fractional reserves, banks expand money beyond deposited cash; the important point is that bank accounting creates money in practice.
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Money Creation
Jiang argues that even under fractional reserves, banks expand money beyond deposited cash; the important point is that bank accounting creates money in practice.
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Key Notes
evidence
He cites Chinese banks' infrastructure lending over the prior twenty years as evidence that banks create money out of nothing to finance real projects.
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model
The economics-class answer to banking is fractional reserve logic, but Jiang says the real system creates a larger balance sheet by treating the loan and deposit as coexisting claims.
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Timestamped Evidence
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"You cannot loan all the money that you have. They will have a limit like 25%. I don't know. Okay. Maybe 10%. So you..."
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"Okay. Really good point. Okay. Yes. Okay. So that's really good. So in economics, you learn about the idea of the fractional reserve system...."
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"Because over the past 20 years, Chinese banks, like the Bank of China, the Bank of Industry and Commerce, the Agricultural Bank of China,..."
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"Okay. Really good point. Okay. Oh, yes. Okay. So that's really good. So in economics, you learn about the idea of the fractional reserve..."
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Relevant Lectures And Readings
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The first Secret History class begins with Kant and ends with alchemy.
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The first Secret History class starts with Kant and ends with alchemy.
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