geldschepping en de reële economie
Summary
TLDRThis script delves into the medieval origins of paper money and its evolution into modern banking systems. It explains how banks create money through lending, which initially was backed by gold but now operates on a debt-based system. The video highlights the Netherlands' role as a global leader in mortgage debt, illustrating the connection between money creation and debt crises. It contrasts the real economy, including everyday businesses and services, with the financial sector, which includes banks and investment firms. The script also touches on the dangers of the asset market, exemplified by the Lehman Brothers' collapse, and how financial crises can impact the real economy, leading to a situation where the real economy serves the financial sector rather than the other way around.
Takeaways
- 🏰 In medieval times, gold and silver coins were used for payment, and when people had too many coins, they could store them with a goldsmith who would issue a paper receipt for the amount of gold deposited.
- 📜 This paper receipt became a precursor to paper money, as it was more convenient than carrying around physical coins, and it started to be used as a medium of exchange.
- 💼 The goldsmith noticed that people rarely came to exchange their receipts for gold at the same time, which allowed him to issue more paper receipts than he had gold in reserve.
- 🏦 The role of the goldsmith evolved into what we now know as a bank, where loans are given, and value papers (loans) are issued with a promise to repay with interest within a certain time.
- 💵 Banks create money by lending. When a business requests a loan, the bank creates new money by registering a new asset, effectively creating money out of thin air.
- 🔄 The newly created money from loans enters the economy, is used for transactions, and circulates, becoming as real as any other form of currency.
- 🌐 The financial sector, which includes banks and other financial institutions, plays a crucial role in the economy by facilitating payments, savings, investments, and risk spreading.
- 🏢 The wealth market deals with shares, bonds, derivatives, real estate, and other investment and speculative instruments. It can be both beneficial and perilous, as seen with the case of Lehman Brothers during the financial crisis.
- 📉 The financial crisis can have a significant impact on the real economy, affecting the value of homes, the performance of pension funds, and the availability of loans.
- 🏛 The relationship between the financial sector and the real economy has become inverted, with the real economy now largely serving the financial sector and the wealth market, rather than the other way around.
Q & A
How did paper money originate in Europe during the Middle Ages?
-Paper money originated in Europe during the Middle Ages when goldsmiths offered to keep people's excess gold and silver coins safe. In return, they issued paper receipts that represented the amount of gold deposited. These receipts were more convenient than carrying coins and started to be used as a medium of exchange.
What was the role of the goldsmith in the early form of banking?
-The goldsmith played the role of an early banker by issuing paper receipts for the gold and silver coins kept in their safekeeping. They also began to lend money and issue loans, which led to the creation of more value papers than they had gold to back them up.
How does the process of banks creating money through loans work?
-Banks create money by lending out more than they have in deposits. When a loan is approved, the bank creates a new account with the loan amount, which did not exist before, by simply entering numbers into a computer system. This new money enters the economy and circulates as real currency.
What is the difference between the real sector and the financial sector of an economy?
-The real sector consists of tangible goods and services like housing, supermarkets, and schools. The financial sector includes banks and other financial institutions that facilitate payments, savings, investments, and risk management. The financial sector is meant to support the real sector.
Why do banks lend more money than they have in deposits?
-Banks lend more money than they have in deposits because they rely on the fractional reserve system. They only need to keep a fraction of their deposits as reserves to meet the demand for withdrawals, allowing them to lend out the rest and create new money in the process.
How does the creation of money through loans affect the total amount of money in circulation?
-The creation of money through loans increases the total amount of money in circulation. As banks lend money, the borrowed funds are used for transactions, which increases the money supply without changing the ownership of the existing money.
What is the significance of the statement 'money is actually debt'?
-The statement 'money is actually debt' signifies that the money in circulation is created as a result of loans, which are a form of debt. If all debts were repaid, the corresponding money would effectively disappear, highlighting the interconnectedness of money and debt.
How did the housing market crash in the United States affect the global financial system?
-The housing market crash in the United States led to a failure of banks like Lehman Brothers, which had speculated heavily on the market. This triggered a global financial crisis as the real economy was impacted, with houses losing value, pensions and savings yielding less, and reduced lending capabilities.
What is the role of the asset market in the economy, and how can it be dangerous?
-The asset market deals with trading shares, bonds, real estate, and other investable assets. It can be dangerous because it involves speculation and leverage, which can lead to bubbles and crashes. The 2008 financial crisis was partly due to the collapse of the asset market, affecting pensions, savings, and overall economic stability.
How has the relationship between the real economy and the financial sector changed over time?
-The relationship has shifted so that the real economy, which should be served by the financial sector, is now largely in service to the financial sector and the asset market. This is evident in the way government bailouts of banks were funded by cuts to the real sector, reflecting a prioritization of financial interests.
What are the implications of the financial sector's dominance over the real economy?
-The dominance of the financial sector can lead to an economy that prioritizes speculative activities over productive investments, potentially leading to economic instability and crises. It can also result in wealth concentration and reduced funding for public services and infrastructure.
Outlines
💰 The Origin and Function of Paper Money
This paragraph explains the historical origin of paper money in medieval Europe. It describes how people used to pay with gold and silver coins, and how the excess of coins led to the need for storage. The role of the goldsmith, who offered to keep the coins in his secure workshop and provided paper receipts as proof of the stored gold, is highlighted. These receipts eventually became a more convenient form of payment than physical coins. The goldsmith noticed that people rarely came to exchange their receipts for gold, leading him to issue more value papers than he had gold in reserve. This practice evolved into the modern banking system, where banks create money by lending and the concept of loans is introduced. The paragraph also touches on the idea that money is essentially debt, and how banks create money through lending, which is a fundamental aspect of the economy.
🏦 The Shift from Serving to Serving the Financial Sector
Paragraph 2 discusses the current state of the economy, where the financial sector and the capital market have become dominant over the real economy. It suggests that instead of banks serving the real economy, the real economy is now largely in service to the financial sector and the capital market. This shift implies a change in the relationship between the financial industry and the economy, where the latter is now more influenced and controlled by the former, potentially leading to imbalances and vulnerabilities in the economic system.
Mindmap
Keywords
💡Medieval
💡Goldsmith
💡Paper Money
💡Bank
💡Loan
💡Money Creation
💡Debt
💡Financial Sector
💡Real Economy
💡Asset Market
💡Subprime Mortgage Crisis
Highlights
In the Middle Ages, people paid with gold and silver coins, and sometimes had too many coins at home.
The Smith offered to keep the excess coins in his well-secured workshop and provided paper proof for the amount of gold deposited.
People began to use these paper proofs as a medium of exchange, which was more convenient than using loose coins.
The Smith noticed that people rarely came to exchange their paper proofs for gold, allowing him to issue more value papers than he had gold in reserve.
The role of the Smith evolved into that of a bank, as we know it in modern capitalist times.
When people asked for loans, they received value papers that stated they had to repay the Smith with interest within a certain time.
The more loans given out, the more money was in circulation.
The concept that banks use deposited money to give loans is common, but banks actually create money through loans.
When an entrepreneur wants a loan, the bank creates the money by registering a new account without waiting for deposits.
The money created through loans is as real as any other money and circulates in the economy.
Money is essentially debt, and if all debts were repaid, there would be almost no money left.
Since 2000, banks have been creating more money than ever, mostly in the form of mortgage debts.
The Netherlands is a world leader in mortgage debts, linking money creation to debt crises.
In 1982, there was approximately 00 billion euros in circulation in the Netherlands, and now there is 800 billion.
The economy consists of a real sector and a financial sector, with the financial sector including banks and other financial businesses.
The financial sector is supposed to help the real sector with payments, savings, investments, and risk spreading.
There is also a capital market where shares, bonds, derivatives, land, houses, and offices are traded.
The capital market can be dangerous, as seen with the collapse of Lehman Brothers due to speculation in the mortgage market.
The financial crisis affected the real economy, with houses losing value, pension funds not performing well, and savings yielding less.
Banks were bailed out with government money, which was then cut from the real sector.
The situation is now reversed, with the real economy largely serving the financial sector and the capital market.
Transcripts
in de middeleeuwen betaalde je met
gouden en zilveren munten soms hadden
mensen teveel munten in huis en de Smit
bood aan ze voor je in bewaring te
houden zijn werkplaats was toch al goed
beveiligd je kreeg dan van hem een
papier dat als bewijs diende voor de
hoeveelheid goud die je had
ingeleverd als snel gingen met
waarden onderling gebruiken als
betaalmiddel veel handiger dan al die
losse munten zo is papiergeld in Europa
ontstaan de goudsmid merkte dat mensen
bijna nooit tegelijk hun papieren kwamen
omruilen voor
goud hij rekende uit hoeveel hij aan
munten in kast moest hebben om aan de
directe vraag van goud te kunnen voldoen
als hij zich daar maar aan hield kon die
best meer waardepapieren
uitschrijven dat kwam goed uit kwen
regel mensen aan de deur om een lening
vragen die kregen ook een waardepapier
en daar stond op dat ze de Smit met
rente moesten terugbetalen binnen een
bepaalde tijd de goudsmid kreeg de rol
van een bank zoals wij dat kennen in de
moderne kapitalistische
tijd hoe meer er dus geleend werd hoe
meer geld er in omloop kwam je zet je
spaargeld op de bank vaak hebben we het
idee dat de bank dit geld gebruikt om
leningen aan ondernemers te geven maar
dan zou de totale hoeveelheid geld
groeien het zou alleen van eigenaar
veranderen maar alleen al in Nederland
komt er elk jaar meer dan 30 miljard bij
ieder jaar hoe ontstaat dat geld dat
maken de banken Stel je bent ondernemer
en je hebt een goed plan maar geen geld
je wilt een lening van €1000 van de bank
Wat doet de bank die hoeft niet te
wachten tot er bij de achterdeur een
spaarde komt met een zak geld de bank
creëert zelf het geld door een nieuw te
goed van €1000 op naam te registreren
geld dat er nog niet was tegelijkertijd
registreert ze een schuld van
€1000 gewoon door wat getallen in de
computer te zetten dat is het nu is een
nieuw geld gecreëerd is dat nou echt
geld het zijn toch alleen maar cijfers
in een
Je kunt het geld van de lening gebruiken
om een rekening te betalen of je kunt
het besteden bij je supermarkt Hmm het
geld wordt gebruikt om mee te kopen en
verkopen en het circuleert in de
economie Het geld is zo echt als maar
kan zo maken de banken dus geld door
leningen te verstrekken Geld is dus
eigenlijk schuld als we alle schulden
zouden afbetalen Dan is er bijna geen
geld meer sinds 2000 wordt er door de
banken meer dan ooit geld gecreëerd het
meeste in de vorm van hypotheekschulden
hier ligt de link tussen geldschepping
en schuldencrisis Nederland is
wereldwijd Koploper op het gebied van
hypotheekschulden onder andere Hierdoor
is er heel veel geld bijgekomen
in 1982 was in Nederland ongeveer 00
miljard euro in omloop en nu 800
miljard onze economie bestaat uit een
reële sector en een financiële sector de
reële sector dat is de wereld om je heen
je huishouden Je Bakker de supermarkt de
garage en je
school De Financiële sector zijn banken
en andere financiële bedrijven zoals je
pensioenfonds en je verzekeraars
eigenlijk zijn die er om de reële sector
te helpen en op gang te houden
betalingen doen sparen investeringen en
risicospreiding je zou denken dat hier
alles mee gezegd is maar dat is niet zo
Er is ook nog een vermogensmarkt Hier
wordt gehandeld in aandelen obligaties
derivaten land huizen kantoren Kortom
alles waarin je kan beleggen of
speculeren jouw pensioenpremie wordt
hier belegd de verwachting is dat die in
Waarde toeneemt zodat je later meer
pensioen krijgt zo word je geholpen door
de vermogensmarkt maar vermogensmarkt
kunnen ook heel gevaarlijk zijn Leeman
Brothers een grote bank in Amerika had
miljarden dollars geleend om op de
vermogensmarkt mee te speculeren vooral
in hypotheken toen de Amerikaanse
huizenprijzen zakten kon de bank zijn
schulden niet meer terugbetalen en ging
failliet dat was het begin van een
wereldwijde crisis op vermogensmarkt wat
merkte jij daar nou van in de reële
economie nou ook je Nederlandse huis
werd minder waard je pensioenfonds
haalde geen rendement meer Je spaargeld
bracht weinig meer op je kon weinig meer
lenen en je moest ook nog meehelpen om
de banken te redden banken werden gered
met overheidsgeld dat vervolgens werd
wegbezuinigd uit de reële sector de
situatie is nu vedig op zijn kop gezet
in plaats van dat banken in dienst staan
van de reële economie staat de reële
economie nu voor een groot deel in
dienst van de financiële sector en de
vermogensmarkt
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