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🏦 “Banks don't take deposits, and banks don't lend money. And there's rulings in English courts. What is actually a bank deposit? Well, that is to confuse people.
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🏦 “Banks don't take deposits, and banks don't lend money. And there's rulings in English courts. What is actually a bank deposit? Well, that is to confuse people. At law, there's no such thing as a bank deposit. It's simply a loan. Well, hang on. “A deposit is a loan?” Yes, it's a loan we give to the bank.”
[World-renowned economist Richard Werner]
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