Episode 42

Who's Vault Is It, Anyway?: How Banking Went Wrong

We continue our study of money and economics by looking at how banking evolved (and how I contend that it devolved in modern times).

We ask and answer these questions to solve the puzzle of money and banking:

  1. What is a bank?
  2. How did banks begin?
  3. What do banks do?
  4. How did fractional reserve banking happen?
  5. What really is wrong with fractional reserve banking?
  6. What are some possible solutions to fractional reserve banking?

We see from history that "full reserve" banking came first, and fractional reserve banking arose from banking misbehavior.

We see the challenges that keep away full reserve banking today, but we propose how it would work and actually be better for the economy.


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About your host

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Daniel Mynyk

Daniel Mynyk is a software developer with experience in the education, real estate, and manufacturing industries. He is a devout Christian and an affluent lay apologist, having taught adult Sunday School classes in theology and church history. Daniel has authored the book "Freedom To Give: The Biblical Truth About Tithing." He has also been a guest on the syndicated radio show Bob Enyart Live and popular podcasts such as Apologetics Live, Theology Throw Down, and The Rap Report with Andrew Rappaport. He runs the apologetic website TruthHub.org and hosts the weekly podcast Truthspresso. Daniel lives with his wife Chelsea their four kids.