Simple fractional reserve accounting (part 1)발음듣기
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Simple fractional reserve accounting (part 1)
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[Voiceover] What I want to do in this video is start to visualize the balance sheet for a simple bank so we can start to understand the actual mechanics for how a bank accounts for its assets and liabilities in the context of a fractional reserve system.발음듣기
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First, let's just give a general idea of what a balance sheet is, and I go into a lot more depth in other playlists, but when we talk about a balance sheet, we're really just talking about how many assets does something have, and how many liabilities offset it, and how much is left over for the owners of the firm or whatever we're talking about.발음듣기
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For example, So, for example, if I have, let's say, let's just say, generalize it to any type of company.발음듣기
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Let's say that they have, so over here, I'll draw their assets, so their assets, I'll do it in this green box.발음듣기
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Let's say there's some company that has $100 million in assets, and assets, you probably understand.발음듣기
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The more formal definition is something that gives you some future value, and it's generally considered to have some positive economic value, so it could be cash because cash can be converted into other things.발음듣기
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A building would be an asset, because it gives you the future value of giving you shelter, so assets could be anything, but here for the sake of this company, we could even visualize it as cash, if you like.발음듣기
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It has $100 million of assets, and let's say it has some liabilities, so let's say this company right over here has 60 million in liabilities.발음듣기
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Liabilities are just obligations, so it owes people $60 million worth of stuff, and so when you look at it this way, this entity here, it could be a company, a firm, you could even call this a person, if this was a person.발음듣기
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They have $100 million of assets, but they owe 60 million of that 100, or you could say they owe 60, and you could view it of that 100 million, so they would have 40 million left over for themselves.발음듣기
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That's just a basic primary primer in assets and liabilities, and now I want to use, I want to build on that to think about what's actually happening in a fractional reserve system with the bank, and what we're going to see is, the way it's actually done mechanically in a modern fractional reserve system is slightly different than the way you would conceptualize it, the way you, actually, I've been conceptualizing it for you guys, because that's just an easier way to think about things.발음듣기
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Let's say I want to start a bank, and what I do is I go and I take, I go buy a, I don't know.발음듣기
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Here, I have an asset, which is my equipment and the building and all of the computers and all of the things, all of the things that can essentially run a bank, and that's worth $10 million, and this is my owner's equity.발음듣기
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Let's just say that I inherited that money, or that was just money that I had saved up, so I went in and bought a $10 million asset, and so my equity, since there's no offsetting liabilities is $10 million, so this is my owner's equity right over here, is $10 million, so I'll just call it equity.발음듣기
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Now, let's say that, you know, you were impressed with my building, and my IT systems, and the number of ATMs that I have around town, so you decide that you want to deposit some money with me, so let's say that you take your, you take a wheelbarrow, and in your wheelbarrow, you come and you deposit, let's say you deposit $100 million in my bank, in cash.발음듣기
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These are federal reserve notes that you're depositing in my bank, so I'll draw these as assets.발음듣기
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So, let me do $100 million, so it should be about 10 times as high as what I've already drawn, so you're going to come here, and you're going to deposit.발음듣기
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We'll visualize it as physical cash, and it goes into these vaults that I had purchased, and so that's the asset that I got, but obviously, you're not just giving me this cash.발음듣기
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You want that in a checking account so that you can write checks against it and access it from your ATM, and so I have an offsetting liability.발음듣기
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My offsetting liability is that this is essentially a demand deposit for you, so this is, I guess the way we can view it is, the way we can view it is, we can write it as a checkable, checkable deposit, and I'm viewing it from the bank's perspective.발음듣기
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That's why it's a liability because someone can hand me a check, and I would have to give them some money.발음듣기
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If someone writes a check against these deposits to someone else, that's an obligation that I, as the bank, have to service.발음듣기
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Maybe that makes it easier to, A's checking account is a liability for me, so let me call it, if I haven't called them person A already, I'm calling them now.발음듣기
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Person A's checking account, checking account, and that's a liability because person A can come at any time and they can demand $100 million of cash.발음듣기
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We know in a fractional reserve system, I can lend out a good bit of money, so that's, essentially, what I could then do, if we're talking about fractional reserve.발음듣기
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Let me clear that, and so let's say I took out 90% out of it, and lent it out, and so we only have 10 million of the original cash there as reserves, and I'll call them reserves now.발음듣기
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But that's 10 million of the original, so I'm going to have 10 million of reserves left, and everything else I lent out, so everything else I lent out, so 90 million, I lent, 90 million of lending, so we can even visualize it as big stacks of cash that I handed out to people, and then you might say, "Well, I didn't just give that to those people."발음듣기
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So, if I'm a bank, if I'm a bank, and there's a borrower, there is a borrower, there is a borrower, and if I give the borrower, if I give the borrower $1, if I give them $1, you could visualize it, although that's not exactly how it works, is that they give an IOU.발음듣기
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If you write a check to someone, the bank has a responsibility to, if someone were to give that check to the bank, to give them cash.발음듣기
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So, in a similar way, when the bank lends out all of this money, they're going to get IOUs from all the people that they lent it to, so they're going to have, they're going to get 90 million of IOUs.발음듣기
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We could say 90 million worth of loans, but you really could just view those as these are IOUs to other people.발음듣기
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I'm going to leave you there, because what I did here, this is conceptually identical to everything we've been talking about.발음듣기
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You get 100 million reserves, you lend out 90 million of that reserves, and you exchange that for an asset, which is essentially an IOU.발음듣기
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It could actually take just the 10 million of reserves and then it could create these assets, which are functionally equivalent.발음듣기
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