What's The Impact Of Negative Interests Rates On the Average Person? (w/Guest: Prof. Steve Keen)

[thomhartmann]

[NWProf]

1. If you watch no other video, WATCH THIS ONE!

Not only will you pass Econ 101, but you will learn a new economic theory. Until this moment, I, like Thom Hartmann, thought that banks lent out the money that you put into your savings account. In reality they create money out of thin air. They keep the money that you have in your savings accounts as cash reserves so that if there is ever a run on the bank they have the money to pay it out. The FDIC which requires banks to do this learned their lesson in the 1930s during the Great Depression.

With this one interview, Tom Hartman has earned his paycheck for the week.