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Banks aren't what you think they are which has become a huge, huge problem.

Eurodollar University

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Banks Aren't What You Think They Are, They're Just Bookkeepers

Every time you use a credit card, for example, which is another form of electronic payment, whether you realize it or not, you have access to this negligible cash virtual euro dollar system. So the upshot here, banks aren't what you think they are, they're just glorified bookkeepers. The monetary system doesn't have government money in it, it's all ledger based money, which is a different thing. In some ways, it's amazing that it operates in the way that it does.

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