I have re-added the video on the page about banks not making loans and not taking deposits. The video link was broken.
A full transcript of the video is on this page along with commentary. This is one of the popular pages on this site. Worth watching the video and reading the transcript many times to see what is really happening.
The banks actually promise to buy thy IOU (loan application). They borrow thy deposits.
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- watch Richard McDonald's seminar intro
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