why is a strong banking system essential to a prosperous society?
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Why is a strong banking system essential to a prosperous society?. Mark 12:15-17. - PowerPoint PPT PresentationTRANSCRIPT
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Why is a strong banking system essential to a prosperous society?
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Mark 12:15-17
• “…he said to them, “Why put me to the test? Bring me a denarius and let me look at it.” 16 And they brought one. And he said to them, “Whose likeness and inscription is this?” They said to him, “Caesar's.” 17 Jesus said to them, “Render to Caesar the things that are Caesar's, and to God the things that are God's.” And they marveled at him.
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Money and the Banking System
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Is money wealth??
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Is money wealth??
• No
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Is money wealth??
• No• Money is just a way to transfer wealth or to
give people incentives to produce wealth
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Is money wealth??
• No• Money is just a way to transfer wealth or to
give people incentives to produce wealth• All people have to do is agree on something as
an intermediary means of exchange and bingo, money!
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Money, money, money
• Money only works because other individuals will supply real goods and services in exchange for that money
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Money, money, money
• Money only works because other individuals will supply real goods and services in exchange for that money
• History of money?
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Money, money, money
• Money only works because other individuals will supply real goods and services in exchange for that money
• History of money?• So... The definition of Money: Something
generally accepted as a medium of exchange
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Alternate money
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Alternate money
• Credit cards, debit cards, checks, IOUs, gold
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Alternate money
• Credit cards, debit cards, checks, IOUs, gold• Barter: lots of this going on at Craigslist
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Alternate money
• Credit cards, debit cards, checks, IOUs, gold• Barter: lots of this going on at Craigslist• “2006 Fender Telecaster Deluxe FMT HH, will
trade for clean Lamborghini or Ferrari.”
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Alternate money
• Credit cards, debit cards, checks, IOUs, gold• Barter: lots of this going on at Craigslist• “2006 Fender Telecaster Deluxe FMT HH, will
trade for clean Lamborghini or Ferrari.”• Bitcoin
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When money goes bad
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Inflation
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Inflation
• Inflation is a general rise in prices
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Inflation
• Inflation is a general rise in prices• Prices rise when there is more demanded than
supplied at a given price
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Inflation
• Inflation is a general rise in prices• Prices rise when there is more demanded than
supplied at a given price• So when there is more money, people tend to
spend more. Without increase in output, prices simply rise
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Inflation
• Inflation can be viewed as general decline in the real value of money, loss of purchasing power
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Inflation
• Inflation can be viewed as general decline in the real value of money, loss of purchasing power
• Rule: more money in society means higher prices
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Inflation
• “The big problem with money created by the government is that those who run the government face the temptation to create more money and spend it”
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$787 billion “porkulus” bill signed by POTUS in 2009
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Inflation at work
• What was inflation for the last 10 years?
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Inflation at work
• What was inflation for the last 10 years? 24.3%
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Inflation at work
• What was inflation for the last 10 years? 24.3%
• What was inflation for the last 20 years?
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Inflation at work
• What was inflation for the last 10 years? 24.3%
• What was inflation for the last 20 years? 58.4%
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Inflation in real life
• Inflation over last 50 years (1964-2014): 657%• I.e., if I bought an item for $10,000 in 1964 it
would cost $75,735 today
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Now that’s inflation
• Inflation in Zimbabwe in 2008: 79 million%
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Now that’s inflation
• Inflation in Zimbabwe in 2008: 79 million% per month!
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Now that’s inflation
• Inflation in Zimbabwe in 2008: 79 million% per month!
• Annual rate in 2008….. 89,700,000,000,000,000,000,000%
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How do politicians use inflation?
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How do politicians use inflation?
• Because raising taxes can be political danger, politicians print more money
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How do politicians use inflation?
• Because raising taxes can be political danger, politicians print more money
• Result: prices rise, eroding purchasing power
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How do politicians use inflation?
• Because raising taxes can be political danger, politicians print more money
• Result: prices rise, eroding purchasing power• Inflation is in effect a hidden tax… the money
that people saved is robbed of purchasing power which is transferred to the government issuing the money
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“Our economic problems worry me much less than our political solutions, which have a far worse track record.” Dr. Sowell
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Deflation
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Deflation
• Persistent decrease in the general prices of goods and services
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Deflation
• Persistent decrease in the general prices of goods and services
• Can be disastrous: people hold onto money, creating less demand, prices continue to drop
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Deflation
• Persistent decrease in the general prices of goods and services
• Can be disastrous: people hold onto money, creating less demand, prices continue to drop
• Raises fears of the Great Depression
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The Banking System
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Why have banks at all?
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Why have banks at all?
• Safety… economies of scale in guarding money
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Why have banks at all?
• Safety… economies of scale in guarding money• Enable business to achieve economy of scale
by financing much more than individual businesses could on their own
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Why have banks at all?
• Safety… economies of scale in guarding money• Enable business to achieve economy of scale
by financing much more than individual businesses could on their own
• And you can make money from a bank: people acting in their own self interest lead to a more prosperous society
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What is the U.S. banking system??
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What is the U.S. banking system??
• A group of private institutions that transfer savings from people to others who want to borrow
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What is the U.S. banking system??
• A group of private institutions that transfer savings from people to others who want to borrow
• There are about 7,042 FDIC-insured banks and S&Ls in the U.S.
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What is the U.S. banking system??
• A group of private institutions that transfer savings from people to others who want to borrow
• There are about 7,042 FDIC-insured banks and S&Ls in the U.S.
• That’s down from about 8,430 in ‘08
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Top U.S. banks
• JP Morgan Chase• Bank of America• Citi Group• Wells Fargo• Goldman Sachs• Honest George’s Bank, Used Car Parts and Pet
Boutique
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What is the U.S. banking system??
• Banking system enables millions of people to spend money belonging to millions of other people for purchases and investments
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What is the U.S. banking system??
• Banking system enables millions of people to spend money belonging to millions of other people for purchases and investments
• Banking system affects total demand in the economy as a whole by adding to the money supply through “fractional reserve banking”
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So, how do banks work?
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Fractional Reserve Banking
• A system that enables banks to only have on hand a fraction of the total reserves needed to cover all deposits
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Fractional Reserve Banking
• A system that enables banks to only have on hand a fraction of the total reserves needed to cover all deposits
• Since all depositors won’t demand their money at once, banks lend out the rest and earn interest and fees
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Fractional Reserve Banking
• A system that enables banks to only have on hand a fraction of the total reserves needed to cover all deposits
• Since all depositors won’t demand their money at once, banks lend out the rest and earn interest and fees
• Fractional reserve banking creates “new” money to create wealth
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Fractional Reserve Banking
• U.S. Required Reserve Ratio is 10% on demand deposits (all deposits except savings accounts and CDs), above $79.5 million
• Down from 12.3% in 1968
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Fractional Reserve Banking
• U.S. Required Reserve Ratio is 10% on demand deposits (all deposits except savings accounts and CDs), above $79.5 million
• Down from 12.3% in 1968• So if a bank has $500 million in deposits, it
must maintain $50 million in cash in its vaults or in a Federal Reserve Bank
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What economics looks like in college
• M1= Mb*mm• mm= (1+c)/c+R• M1 is money supply; Mb is monetary base;
mm is money multiplier; c is currency ratio; R is reserve ratio
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Fractional reserve banking
• Ratio varies by country
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Fractional reserve banking
• Ratio varies by country• 0% in Australia, Canada, Mexico to 19.5% in
China, to 30% in Lebanon
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Fractional reserve banking
• Ratio varies by country• 0% in Australia, Canada, Mexico to 19.5% in
China, to 30% in Lebanon• Enough!!! How exactly does fractional reserve
banking create wealth???????
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Federal Reserve System
• A central bank created in 1913 by Congress to control all private banks
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Federal Reserve System
• A central bank created in 1913 by Congress to control all private banks
• Role is to prevent banking panics… runs on the bank
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Federal Reserve System
• A central bank created in 1913 by Congress to control all private banks
• Role is to prevent banking panics… runs on the bank
• Tells banks what reserves they can hold
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Federal Reserve System
• A central bank created in 1913 by Congress to control all private banks
• Role is to prevent banking panics… runs on the bank
• Tells banks what reserves they can hold• Insure deposits through the FDIC (Federal
Deposit Insurance Corp.)... thus prevent “runs” on banks
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The Fed
• Sets interest rates on loans to banks, thus indirectly controlling interest rates throughout the banking system
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The Fed
• Sets interest rates on loans to banks, thus indirectly controlling interest rates throughout the banking system
• Operates 12 Federal Reserve Banks throughout the country that work with private banks to distribute funds, extend credit, process U.S. money, etc.
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Assignment for April 1
• Read and study Chapter 17 of Basic Economics: “Government Functions”