austindefender

Criminal defense in Austin Texas.

Your Money’s Not Here!

Posted By on December 21, 2008

Your money’s in Joe’s house!

It’s a Wonderful Life is a hugely underappreciated film.  It’s one of my favorites.  (Thanks to Richard Green for reminding me.)

As a bonus, George Bailey explains bank runs, and what the bank really does with your money.

I always think of this scene, when people talk about the banking economy, and about how banks create money.

Fun fact: the FDIC deposit insurance fund has about $45 billion, as of last summer. Citibank alone owes its customers almost $800 billion in deposits.


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