This episode describes and tells a lot about the current monetary system. The features of current monetary system are mentioned. It is explained how the current monetary system works. The role of commercial banks in money creation is explained. The notion of fractional reserve banking is mentioned but also the notion of full reserve banking. And the other alternative of no reserve banking. I mention my definition of governmental banking system and governmental financing system. These notions will get more detailed explanations in further episodes of this podcast.
