What is money?
Mike and David discuss types of money, then delve into the mysterious world of fractional reserve banking, where wealth is said to appear naturally out of thin air. Government money printing and genuine silver and gold coins are examined to determine the true extent of value loss due to inflation.
They then return to the strange world of fractional reserve commercial banking and debt-funded money creation to consider what actually happens when you borrow money to buy a Jaguar. Bank runs, inflation, booms and busts, central banks, and war financing all come into play in this wide-ranging conversation.
As the end drew near, it became clear that the main advantages of silver and gold as currency were as much political as economic.
