Banking 4: Multiplier effect and the money supply발음듣기
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Banking 4: Multiplier effect and the money supply
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And then let's talk about whether it's fair for people to think that they really have the money that they have So in the original video, after the crop was harvested, the farmers deposited 1,000 gold pieces in my bank.발음듣기
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You know, someone has a great idea to build an irrigation canal, so that more fields become usable and get access to water.발음듣기
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So to build that irritation canal, they take those 900 gold pieces, and they pay a bunch of workers.발음듣기
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Let's say I lend it out for an entrepreneur who wants to build a factory to build some type of tools that might make the apple harvest more efficient, or faster, or need less labor, or whatever.발음듣기
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And then the builder now has 810 gold pieces, and then he gives the money back to me in my bank.발음듣기
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But then I take the builder's money, and I said, well, you know, this banking idea's a new idea to me.발음듣기
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Or how much stuff is there in the system that could be immediately used for conducting a transaction.발음듣기
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And I'm assuming, for the sake of this argument, that none of these players actually kept any gold in their pockets, or kept some cash in their wallets for a rainy day.발음듣기
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And then 810 here. And if you add those up, you get 1,000 gold pieces in the system, which makes a lot of sense.발음듣기
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In the example, at least as I described it - we didn't have anyone discovering any new gold. nor was any a gold eaten or destroyed in some way.발음듣기
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If you went around the city, and you asked everyone how much money they had, they'll say, I have this much in my checking account with the Bank of Sal.발음듣기
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I actually have very little cash in my wallet right now, if any of you are thinking of mugging me.발음듣기
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So if you went around the town, and you asked everyone, how much money do you have, and you added it up, you would get the total of the of their checking accounts.발음듣기
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And so we had 810 gold pieces from the contractors, 900 gold pieces from the ditch diggers, and then 1,000 gold pieces from the farmers.발음듣기
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And we call that M1. And I'm calling these that for a reason because these are the actual words that are used by economists and our government officials.발음듣기
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And then, this 2,710, does it represent real wealth, or was this some kind of weird shell game we played, and it represents some type of weird pyramid scheme?발음듣기
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So if this 900 gold pieces that were used to build this irrigation ditch or whatever it is, if that project actually does generate at least 900 gold pieces of future wealth essentially you could at least pay back the 900 gold pieces.발음듣기
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But if it generates at least 900 gold pieces of future wealth, then this is a real asset, right?발음듣기
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This is a real asset. Likewise, if this factory really does generate at least 810 gold pieces of future wealth, if it really will allow us produce that much more apples or gold or whatever, this is a real asset here, right?발음듣기
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This 2,710 gold pieces of quota quote wealth, really does exist as long as the projects that were the justification for borrowing the money actually do generate future wealth.발음듣기
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But if these projects are real projects that are actually not mismanaged, they're not just some type of pouring-money-into-a-hole type of project, then we do have 2,710 gold pieces worth of wealth.발음듣기
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So this 2,710 perceived gold pieces, that does represent real wealth, although it doesn't represent real gold pieces.발음듣기
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So as long as this factory does generate wealth, or this irrigation ditch does generate wealth, then the money supply did not grow faster than the amount of wealth out there.발음듣기
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So gold piece, you know, if before a gold piece bought an apple, now hopefully a gold piece will still buy an apple.발음듣기
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In fact, and this is an important thing to realize, if these investments are very good, you're actually going to have let's say that we used to produce 1,000 apples per year.발음듣기
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They will keep you living. And you can also view them as a form of investment, because by eating them you're able to do work.발음듣기
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But anyway, let's say before all of this investment started happening, our economy could produce 1,000 apples.발음듣기
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Now let's say that after this irrigation ditch was produced, instead of 1,000 apples, we go from being able to produce 1,000 apples to being able to produce 2,000 apples a year.발음듣기
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We're able to produce another incremental 1,000 apples a year, which, in our old economy, was worth 1,000 gold pieces.발음듣기
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You borrowed 900 gold pieces and this project will generate, not 1,000 gold pieces in total, it'll actually generate the equivalent of 1,000 gold pieces per year.발음듣기
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They really improved our productivity. So now, if you say everyone in the economy thinks that they have 2,710 gold pieces, or some equivalent of them, and we can produce 3,000 apples, now the money supply, 2,710, actually grew slower than our wealth.발음듣기
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But before we had 1,000 gold pieces, before the banking and this fractional reserve system existed.발음듣기
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We now produce 3,000 apples. So notice the ratio of gold to apples actually improved And now, if you think about it, an apple is actually going to cost less gold.발음듣기
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Before roughly you had one gold piece per apple; now you have less than one gold piece per apple.발음듣기
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This money doesn't exist. This will lead to inflation. But no, this is a very important point, because the money was put to work in actual productive investments that create wealth, that make the pie bigger, or the pie of apples bigger, we actually experience deflation.발음듣기
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