Tucker with Richard Werner
nearly 3 hours
A bit long winded, but a very careful and complete exposition of what banks are (and are not) and how the Fed fits in.
That may sound tedious, and pedestrian, but its not and this will turn over much of your thinking.
It follows the Krugman Keen debates of 2012 (no role for banking or credit in keynesian macro).
It reviews some Great Depression history, just as in Great Taking. (Screwed Again.)
And it all LEADS up to what Trump and Bessent are planning to do.
New plumbing and retooling Finance to serve Main St not Wall St.
Werner also circles around British history and law, that underpins the critical legalities of banking.
You are not a bank depositor, but instead you are a creditor to the bank. UNDER LAW.
And given the 2005 reworkings of those laws, you are probably an unsecured lender when push comes to shove.
(derivative counterparties get priority)
Take it slow and in measured doses.
50 min mark … “BUT ITS A PONZI SCHEME” !!!!