Your Money’s Not Here!
Posted By Lance Stott 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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