“Richard Werner, Chair in International Banking at Southampton, Zurich, February 2018. The textbook says banks take deposits and lend them on. The accounting says something else. Watch the section where he lays out the 3 competing theories side by side, then shows which one the ledger supports. A lectern, a conference badge, a dark screen behind him. Central banks published the same answer. The textbooks never changed.”
Click the link for the 14-minute video: (1) Mirren on X: “A banking professor ran the test on a real bank to settle where money comes from. Almost nobody watches him show the result. Richard Werner, Chair in International Banking at Southampton, Zurich, February 2018. The textbook says banks take deposits and lend them on. The https://t.co/M5gptzTYDK” / X