The History of Global Banking - A Broken System?

The History of Global Banking - A Broken System?

Author's description: "The 2008 Global Financial crisis was kicked off by major structural issues in the global banking system and exacerbated by record levels of household debt. Today the world is on the brink of yet another major financial downturn, and yet again household debts are at record levels. So is banking really to blame?"

My comment: The author of the video mentions the fact that fiat currencies and the bank system are now just based on 'trust' and 'faith', something that is a very serious issue to me because of its implications. But then he diverts to make, what seems to be a relatively small point: that banks will contribute more positively to the world if they acted like cooperative banks and provide loans to businesses. Still, I share it because he gives a very digestible brief history of banking. I also like the fact that he highlights the compares the concept of economic output with the idea of GDP, that just measures the transactions (the table example).

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Tags:   banking system global banking
Have you seen the video? What are your thoughts on it?


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