WEBVTT Kind: captions Language: en 00:00:01.439 --> 00:00:03.350 align:start position:0% anonymous<00:00:02.159> asks 00:00:03.350 --> 00:00:03.360 align:start position:0% anonymous asks 00:00:03.360 --> 00:00:05.349 align:start position:0% anonymous asks what<00:00:03.520> are<00:00:03.760> some<00:00:04.000> common<00:00:04.400> confusions<00:00:05.040> about 00:00:05.349 --> 00:00:05.359 align:start position:0% what are some common confusions about 00:00:05.359 --> 00:00:07.510 align:start position:0% what are some common confusions about fractional<00:00:06.000> reserve<00:00:06.560> banking<00:00:07.120> and<00:00:07.200> what's 00:00:07.510 --> 00:00:07.520 align:start position:0% fractional reserve banking and what's 00:00:07.520 --> 00:00:09.589 align:start position:0% fractional reserve banking and what's the<00:00:07.600> right<00:00:07.759> way<00:00:07.919> to<00:00:08.080> think<00:00:08.240> about<00:00:08.559> it 00:00:09.589 --> 00:00:09.599 align:start position:0% the right way to think about it 00:00:09.599 --> 00:00:14.150 align:start position:0% the right way to think about it and<00:00:09.920> he<00:00:10.160> links<00:00:10.800> an<00:00:11.280> austrian<00:00:11.759> video 00:00:14.150 --> 00:00:14.160 align:start position:0% and he links an austrian video 00:00:14.160 --> 00:00:16.630 align:start position:0% and he links an austrian video so<00:00:14.480> i<00:00:14.559> was<00:00:14.799> curious<00:00:15.120> about<00:00:15.280> this<00:00:15.519> issue<00:00:16.240> and<00:00:16.480> i 00:00:16.630 --> 00:00:16.640 align:start position:0% so i was curious about this issue and i 00:00:16.640 --> 00:00:18.870 align:start position:0% so i was curious about this issue and i looked<00:00:16.960> into<00:00:17.279> it<00:00:17.920> and<00:00:18.160> i<00:00:18.320> talked<00:00:18.560> to<00:00:18.640> some 00:00:18.870 --> 00:00:18.880 align:start position:0% looked into it and i talked to some 00:00:18.880 --> 00:00:20.630 align:start position:0% looked into it and i talked to some people<00:00:19.119> and<00:00:19.199> i<00:00:19.279> read<00:00:19.520> some<00:00:19.680> things<00:00:20.320> and<00:00:20.480> i 00:00:20.630 --> 00:00:20.640 align:start position:0% people and i read some things and i 00:00:20.640 --> 00:00:21.830 align:start position:0% people and i read some things and i found 00:00:21.830 --> 00:00:21.840 align:start position:0% found 00:00:21.840 --> 00:00:23.590 align:start position:0% found what<00:00:22.080> people<00:00:22.480> say<00:00:22.640> about<00:00:22.960> it<00:00:23.119> is<00:00:23.279> really 00:00:23.590 --> 00:00:23.600 align:start position:0% what people say about it is really 00:00:23.600 --> 00:00:25.589 align:start position:0% what people say about it is really unclear<00:00:24.080> and<00:00:24.160> confusing 00:00:25.589 --> 00:00:25.599 align:start position:0% unclear and confusing 00:00:25.599 --> 00:00:27.509 align:start position:0% unclear and confusing but<00:00:25.760> the<00:00:25.920> actual<00:00:26.400> issues<00:00:26.880> i<00:00:26.960> don't<00:00:27.119> think<00:00:27.439> are 00:00:27.509 --> 00:00:27.519 align:start position:0% but the actual issues i don't think are 00:00:27.519 --> 00:00:33.350 align:start position:0% but the actual issues i don't think are all<00:00:27.680> that<00:00:27.920> hard 00:00:33.350 --> 00:00:33.360 align:start position:0% 00:00:33.360 --> 00:00:36.950 align:start position:0% so<00:00:33.600> here's<00:00:33.920> roughly<00:00:34.320> what<00:00:34.640> should<00:00:34.960> happen 00:00:36.950 --> 00:00:36.960 align:start position:0% so here's roughly what should happen 00:00:36.960 --> 00:00:39.830 align:start position:0% so here's roughly what should happen you<00:00:37.520> lend<00:00:38.160> your<00:00:38.320> money<00:00:38.559> to<00:00:38.719> a<00:00:38.800> bank<00:00:39.280> you<00:00:39.440> put<00:00:39.600> it 00:00:39.830 --> 00:00:39.840 align:start position:0% you lend your money to a bank you put it 00:00:39.840 --> 00:00:43.030 align:start position:0% you lend your money to a bank you put it in<00:00:40.079> an<00:00:40.559> account 00:00:43.030 --> 00:00:43.040 align:start position:0% in an account 00:00:43.040 --> 00:00:44.950 align:start position:0% in an account that<00:00:43.280> pays<00:00:43.600> interest<00:00:44.239> and<00:00:44.320> the<00:00:44.480> bank<00:00:44.719> is<00:00:44.879> going 00:00:44.950 --> 00:00:44.960 align:start position:0% that pays interest and the bank is going 00:00:44.960 --> 00:00:46.950 align:start position:0% that pays interest and the bank is going to<00:00:45.039> lend<00:00:45.280> it<00:00:45.440> out<00:00:45.520> to<00:00:45.680> people<00:00:46.160> if<00:00:46.320> the<00:00:46.399> bank<00:00:46.640> was 00:00:46.950 --> 00:00:46.960 align:start position:0% to lend it out to people if the bank was 00:00:46.960 --> 00:00:48.310 align:start position:0% to lend it out to people if the bank was not<00:00:47.120> lending<00:00:47.520> it<00:00:47.680> out<00:00:47.760> to<00:00:47.920> people<00:00:48.079> they<00:00:48.239> would 00:00:48.310 --> 00:00:48.320 align:start position:0% not lending it out to people they would 00:00:48.320 --> 00:00:49.590 align:start position:0% not lending it out to people they would not<00:00:48.480> pay<00:00:48.640> you<00:00:48.800> interest<00:00:49.120> they<00:00:49.200> would<00:00:49.360> charge 00:00:49.590 --> 00:00:49.600 align:start position:0% not pay you interest they would charge 00:00:49.600 --> 00:00:51.670 align:start position:0% not pay you interest they would charge you<00:00:49.760> money<00:00:50.160> for<00:00:50.320> holding<00:00:50.800> their<00:00:51.199> onto<00:00:51.520> your 00:00:51.670 --> 00:00:51.680 align:start position:0% you money for holding their onto your 00:00:51.680 --> 00:00:53.189 align:start position:0% you money for holding their onto your money<00:00:51.920> for<00:00:52.079> you 00:00:53.189 --> 00:00:53.199 align:start position:0% money for you 00:00:53.199 --> 00:00:55.990 align:start position:0% money for you like<00:00:53.440> a<00:00:53.520> storage<00:00:54.000> fee 00:00:55.990 --> 00:00:56.000 align:start position:0% like a storage fee 00:00:56.000 --> 00:00:57.270 align:start position:0% like a storage fee it<00:00:56.160> wouldn't<00:00:56.399> be<00:00:56.559> very<00:00:56.800> large<00:00:57.039> but<00:00:57.199> there 00:00:57.270 --> 00:00:57.280 align:start position:0% it wouldn't be very large but there 00:00:57.280 --> 00:00:58.950 align:start position:0% it wouldn't be very large but there would<00:00:57.360> be<00:00:57.440> like<00:00:57.600> a<00:00:57.680> small<00:00:58.079> storage<00:00:58.480> fee<00:00:58.800> to 00:00:58.950 --> 00:00:58.960 align:start position:0% would be like a small storage fee to 00:00:58.960 --> 00:01:00.709 align:start position:0% would be like a small storage fee to have<00:00:59.120> a<00:00:59.199> bank<00:00:59.440> account 00:01:00.709 --> 00:01:00.719 align:start position:0% have a bank account 00:01:00.719 --> 00:01:02.150 align:start position:0% have a bank account if<00:01:00.879> the<00:01:01.039> bank<00:01:01.280> was<00:01:01.440> just<00:01:01.600> going<00:01:01.760> to<00:01:01.840> keep<00:01:02.000> your 00:01:02.150 --> 00:01:02.160 align:start position:0% if the bank was just going to keep your 00:01:02.160 --> 00:01:04.469 align:start position:0% if the bank was just going to keep your money<00:01:02.640> keep<00:01:02.879> 100<00:01:03.520> of<00:01:03.680> your<00:01:03.760> money<00:01:04.080> and<00:01:04.159> then 00:01:04.469 --> 00:01:04.479 align:start position:0% money keep 100 of your money and then 00:01:04.479 --> 00:01:09.270 align:start position:0% money keep 100 of your money and then give<00:01:04.720> it<00:01:04.799> back<00:01:04.960> whenever<00:01:05.280> you<00:01:05.360> want<00:01:05.600> it 00:01:09.270 --> 00:01:09.280 align:start position:0% 00:01:09.280 --> 00:01:10.870 align:start position:0% that<00:01:09.520> is<00:01:09.600> not<00:01:09.840> the<00:01:09.920> type<00:01:10.080> of<00:01:10.240> account<00:01:10.640> most 00:01:10.870 --> 00:01:10.880 align:start position:0% that is not the type of account most 00:01:10.880 --> 00:01:13.990 align:start position:0% that is not the type of account most people<00:01:11.200> want<00:01:11.439> most<00:01:11.680> people<00:01:12.000> want<00:01:12.159> the<00:01:12.320> bank<00:01:13.040> to 00:01:13.990 --> 00:01:14.000 align:start position:0% people want most people want the bank to 00:01:14.000 --> 00:01:15.749 align:start position:0% people want most people want the bank to lend<00:01:14.320> out<00:01:14.479> their<00:01:14.640> money<00:01:15.040> and<00:01:15.280> pay<00:01:15.520> some 00:01:15.749 --> 00:01:15.759 align:start position:0% lend out their money and pay some 00:01:15.759 --> 00:01:16.950 align:start position:0% lend out their money and pay some interest 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don't want to figure out<00:01:22.720> who<00:01:22.880> to<00:01:22.960> lend<00:01:23.200> money<00:01:23.439> to<00:01:23.600> themselves 00:01:24.149 --> 00:01:24.159 align:start position:0% out who to lend money to themselves 00:01:24.159 --> 00:01:25.590 align:start position:0% out who to lend money to themselves that's<00:01:24.400> hard 00:01:25.590 --> 00:01:25.600 align:start position:0% that's hard 00:01:25.600 --> 00:01:27.109 align:start position:0% that's hard and<00:01:25.680> that's<00:01:25.920> risky<00:01:26.320> they<00:01:26.479> might<00:01:26.640> lend<00:01:26.880> it<00:01:26.960> to 00:01:27.109 --> 00:01:27.119 align:start position:0% and that's risky they might lend it to 00:01:27.119 --> 00:01:28.149 align:start position:0% and that's risky they might lend it to someone 00:01:28.149 --> 00:01:28.159 align:start position:0% someone 00:01:28.159 --> 00:01:29.910 align:start position:0% someone who<00:01:28.320> never<00:01:28.640> pays<00:01:28.880> them<00:01:29.040> back<00:01:29.520> so<00:01:29.680> you<00:01:29.759> give 00:01:29.910 --> 00:01:29.920 align:start position:0% who never pays them back so you give 00:01:29.920 --> 00:01:31.429 align:start position:0% who never pays them back so you give your<00:01:30.000> money<00:01:30.240> to<00:01:30.400> the<00:01:30.479> bank<00:01:30.880> who<00:01:31.040> are<00:01:31.119> like 00:01:31.429 --> 00:01:31.439 align:start position:0% your money to the bank who are like 00:01:31.439 --> 00:01:33.429 align:start position:0% your money to the bank who are like expert<00:01:32.000> lenders<00:01:32.640> and<00:01:32.799> they<00:01:32.880> have<00:01:33.040> a<00:01:33.119> large 00:01:33.429 --> 00:01:33.439 align:start position:0% expert lenders and they have a large 00:01:33.439 --> 00:01:35.190 align:start position:0% expert lenders and they have a large portfolio<00:01:34.000> they<00:01:34.079> lend<00:01:34.320> to<00:01:34.400> a<00:01:34.479> lot<00:01:34.640> of<00:01:34.720> people 00:01:35.190 --> 00:01:35.200 align:start position:0% portfolio they lend to a lot of people 00:01:35.200 --> 00:01:36.149 align:start position:0% portfolio they lend to a lot of people so 00:01:36.149 --> 00:01:36.159 align:start position:0% so 00:01:36.159 --> 00:01:38.149 align:start position:0% so if<00:01:36.560> one<00:01:36.799> in<00:01:36.960> a<00:01:37.040> thousand<00:01:37.439> people<00:01:37.759> don't<00:01:37.920> pay 00:01:38.149 --> 00:01:38.159 align:start position:0% if one in a thousand people don't pay 00:01:38.159 --> 00:01:39.510 align:start position:0% if one in a thousand people don't pay the<00:01:38.240> money<00:01:38.560> back 00:01:39.510 --> 00:01:39.520 align:start position:0% the money back 00:01:39.520 --> 00:01:41.510 align:start position:0% the money back the<00:01:39.680> bank<00:01:40.000> still<00:01:40.320> makes<00:01:40.640> money<00:01:40.880> on<00:01:41.040> lending 00:01:41.510 --> 00:01:41.520 align:start position:0% the bank still makes money on lending 00:01:41.520 --> 00:01:45.030 align:start position:0% the bank still makes money on lending overall<00:01:42.000> so<00:01:42.240> everyone<00:01:42.479> gets<00:01:42.720> paid<00:01:42.960> interest 00:01:45.030 --> 00:01:45.040 align:start position:0% overall so everyone gets paid interest 00:01:45.040 --> 00:01:46.950 align:start position:0% overall so everyone gets paid interest because<00:01:45.360> the<00:01:45.520> risk<00:01:45.759> is<00:01:45.920> shared<00:01:46.240> between<00:01:46.720> all 00:01:46.950 --> 00:01:46.960 align:start position:0% because the risk is shared between all 00:01:46.960 --> 00:01:48.950 align:start position:0% because the risk is shared between all the<00:01:47.119> depositors<00:01:48.079> whereas<00:01:48.320> if<00:01:48.479> you<00:01:48.560> were<00:01:48.720> doing 00:01:48.950 --> 00:01:48.960 align:start position:0% the depositors whereas if you were doing 00:01:48.960 --> 00:01:50.550 align:start position:0% the depositors whereas if you were doing lending<00:01:49.360> yourself 00:01:50.550 --> 00:01:50.560 align:start position:0% lending yourself 00:01:50.560 --> 00:01:52.310 align:start position:0% lending yourself and<00:01:50.799> one<00:01:50.960> in<00:01:51.119> a<00:01:51.200> thousand<00:01:51.600> people<00:01:51.840> didn't<00:01:52.079> pay 00:01:52.310 --> 00:01:52.320 align:start position:0% and one in a thousand people didn't pay 00:01:52.320 --> 00:01:54.389 align:start position:0% and one in a thousand people didn't pay the<00:01:52.399> money<00:01:52.640> back<00:01:53.280> you<00:01:53.439> might<00:01:53.600> get<00:01:53.840> unlucky<00:01:54.320> and 00:01:54.389 --> 00:01:54.399 align:start position:0% the money back you might get unlucky and 00:01:54.399 --> 00:01:55.990 align:start position:0% the money back you might get unlucky and lose<00:01:54.640> a<00:01:54.720> bunch<00:01:54.880> of<00:01:54.960> money 00:01:55.990 --> 00:01:56.000 align:start position:0% lose a bunch of money 00:01:56.000 --> 00:01:58.709 align:start position:0% lose a bunch of money so<00:01:56.159> there's<00:01:56.399> the<00:01:56.799> the<00:01:56.960> risk<00:01:57.280> splitting<00:01:57.759> up<00:01:57.920> too 00:01:58.709 --> 00:01:58.719 align:start position:0% so there's the the risk splitting up too 00:01:58.719 --> 00:02:00.709 align:start position:0% so there's the the risk splitting up too so<00:01:58.880> anyways<00:01:59.280> we<00:01:59.360> want<00:01:59.520> to<00:01:59.840> deposit<00:02:00.320> money<00:02:00.560> in<00:02:00.640> a 00:02:00.709 --> 00:02:00.719 align:start position:0% so anyways we want to deposit money in a 00:02:00.719 --> 00:02:04.389 align:start position:0% so anyways we want to deposit money in a bank<00:02:01.280> and<00:02:01.439> get<00:02:01.680> some<00:02:01.920> interest 00:02:04.389 --> 00:02:04.399 align:start position:0% bank and get some interest 00:02:04.399 --> 00:02:07.270 align:start position:0% bank and get some interest and 00:02:07.270 --> 00:02:07.280 align:start position:0% 00:02:07.280 --> 00:02:09.669 align:start position:0% the<00:02:07.439> basic<00:02:07.840> fact<00:02:08.160> is<00:02:08.479> if<00:02:08.720> the<00:02:08.879> bank<00:02:09.200> lends<00:02:09.520> out 00:02:09.669 --> 00:02:09.679 align:start position:0% the basic fact is if the bank lends out 00:02:09.679 --> 00:02:10.869 align:start position:0% the basic fact is if the bank lends out the<00:02:09.840> money 00:02:10.869 --> 00:02:10.879 align:start position:0% the money 00:02:10.879 --> 00:02:12.309 align:start position:0% the money then<00:02:11.200> not<00:02:11.440> all<00:02:11.599> of<00:02:11.680> the<00:02:11.840> money<00:02:12.080> can<00:02:12.239> be 00:02:12.309 --> 00:02:12.319 align:start position:0% then not all of the money can be 00:02:12.319 --> 00:02:13.430 align:start position:0% then not all of the money can be withdrawn 00:02:13.430 --> 00:02:13.440 align:start position:0% withdrawn 00:02:13.440 --> 00:02:16.229 align:start position:0% withdrawn so<00:02:13.760> fractional<00:02:14.160> reserve<00:02:14.560> banking<00:02:15.120> means 00:02:16.229 --> 00:02:16.239 align:start position:0% so fractional reserve banking means 00:02:16.239 --> 00:02:18.630 align:start position:0% so fractional reserve banking means the<00:02:16.720> bank<00:02:17.120> lends<00:02:17.440> out<00:02:17.680> some<00:02:17.840> of<00:02:18.000> the<00:02:18.080> money 00:02:18.630 --> 00:02:18.640 align:start position:0% the bank lends out some of the money 00:02:18.640 --> 00:02:20.790 align:start position:0% the bank lends out some of the money rather<00:02:19.040> than<00:02:19.200> being<00:02:19.520> storage<00:02:20.160> for<00:02:20.319> example 00:02:20.790 --> 00:02:20.800 align:start position:0% rather than being storage for example 00:02:20.800 --> 00:02:22.470 align:start position:0% rather than being storage for example the<00:02:20.959> bank<00:02:21.120> could<00:02:21.280> lend<00:02:21.520> out<00:02:21.760> 80<00:02:22.000> percent<00:02:22.319> of 00:02:22.470 --> 00:02:22.480 align:start position:0% the bank could lend out 80 percent of 00:02:22.480 --> 00:02:24.710 align:start position:0% the bank could lend out 80 percent of the<00:02:22.560> money<00:02:23.120> and<00:02:23.200> they<00:02:23.360> could<00:02:23.520> keep<00:02:23.760> 20<00:02:24.480> as<00:02:24.640> a 00:02:24.710 --> 00:02:24.720 align:start position:0% the money and they could keep 20 as a 00:02:24.720 --> 00:02:26.390 align:start position:0% the money and they could keep 20 as a reserve<00:02:25.280> so<00:02:25.440> that<00:02:25.599> there's<00:02:25.840> some<00:02:26.000> money<00:02:26.239> that 00:02:26.390 --> 00:02:26.400 align:start position:0% reserve so that there's some money that 00:02:26.400 --> 00:02:27.830 align:start position:0% reserve so that there's some money that you<00:02:26.480> can<00:02:26.640> withdraw<00:02:27.120> if<00:02:27.200> you<00:02:27.280> need<00:02:27.440> spending 00:02:27.830 --> 00:02:27.840 align:start position:0% you can withdraw if you need spending 00:02:27.840 --> 00:02:28.869 align:start position:0% you can withdraw if you need spending money 00:02:28.869 --> 00:02:28.879 align:start position:0% money 00:02:28.879 --> 00:02:31.430 align:start position:0% money but<00:02:29.120> 80<00:02:29.680> of<00:02:29.760> the<00:02:29.840> money<00:02:30.080> has<00:02:30.160> been<00:02:30.319> lent<00:02:30.640> out<00:02:31.200> so 00:02:31.430 --> 00:02:31.440 align:start position:0% but 80 of the money has been lent out so 00:02:31.440 --> 00:02:33.030 align:start position:0% but 80 of the money has been lent out so for<00:02:31.680> simplicity 00:02:33.030 --> 00:02:33.040 align:start position:0% for simplicity 00:02:33.040 --> 00:02:36.070 align:start position:0% for simplicity let's<00:02:33.280> say<00:02:33.760> that<00:02:34.080> all<00:02:34.480> loans<00:02:35.120> are<00:02:35.360> for<00:02:35.840> one 00:02:36.070 --> 00:02:36.080 align:start position:0% let's say that all loans are for one 00:02:36.080 --> 00:02:38.630 align:start position:0% let's say that all loans are for one year 00:02:38.630 --> 00:02:38.640 align:start position:0% 00:02:38.640 --> 00:02:40.229 align:start position:0% that<00:02:38.800> would<00:02:39.040> mean 00:02:40.229 --> 00:02:40.239 align:start position:0% that would mean 00:02:40.239 --> 00:02:42.949 align:start position:0% that would mean that<00:02:41.040> the<00:02:41.200> bank<00:02:41.519> could<00:02:41.760> not<00:02:42.000> guarantee<00:02:42.640> giving 00:02:42.949 --> 00:02:42.959 align:start position:0% that the bank could not guarantee giving 00:02:42.959 --> 00:02:45.910 align:start position:0% that the bank could not guarantee giving you<00:02:43.200> back<00:02:43.599> 100<00:02:44.400> of<00:02:44.480> your<00:02:44.640> money<00:02:45.440> unless<00:02:45.760> you're 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position:0% it would take for the bank to get all of 00:02:51.120 --> 00:02:53.509 align:start position:0% it would take for the bank to get all of its<00:02:51.280> loans<00:02:51.680> paid<00:02:52.000> back<00:02:52.640> and<00:02:52.800> then<00:02:52.959> pay<00:02:53.200> out<00:02:53.360> all 00:02:53.509 --> 00:02:53.519 align:start position:0% its loans paid back and then pay out all 00:02:53.519 --> 00:02:56.710 align:start position:0% its loans paid back and then pay out all its<00:02:53.680> depositors<00:02:54.319> the<00:02:54.480> full<00:02:54.720> amount 00:02:56.710 --> 00:02:56.720 align:start position:0% its depositors the full amount 00:02:56.720 --> 00:02:58.949 align:start position:0% its depositors the full amount so<00:02:56.959> if<00:02:57.040> the<00:02:57.200> maximum<00:02:57.920> duration<00:02:58.400> of<00:02:58.560> loan<00:02:58.800> the 00:02:58.949 --> 00:02:58.959 align:start position:0% so if the maximum duration of loan the 00:02:58.959 --> 00:03:01.190 align:start position:0% so if the maximum duration of loan the bank<00:02:59.200> uses<00:02:59.599> is<00:02:59.760> a<00:02:59.840> year 00:03:01.190 --> 00:03:01.200 align:start position:0% bank uses is a year 00:03:01.200 --> 00:03:03.030 align:start position:0% bank uses is a year and<00:03:01.280> you<00:03:01.519> deposit<00:03:02.000> in<00:03:02.080> that<00:03:02.239> bank<00:03:02.560> in<00:03:02.640> return 00:03:03.030 --> 00:03:03.040 align:start position:0% and you deposit in that bank in return 00:03:03.040 --> 00:03:04.710 align:start position:0% and you deposit in that bank in return for<00:03:03.120> the<00:03:03.200> interest<00:03:03.840> you<00:03:04.000> have<00:03:04.159> to<00:03:04.319> be<00:03:04.400> willing 00:03:04.710 --> 00:03:04.720 align:start position:0% for the interest you have to be willing 00:03:04.720 --> 00:03:06.710 align:start position:0% for the interest you have to be willing to<00:03:04.959> potentially<00:03:05.680> wait<00:03:05.920> to<00:03:06.080> get<00:03:06.400> all<00:03:06.480> of<00:03:06.640> your 00:03:06.710 --> 00:03:06.720 align:start position:0% to potentially wait to get all of your 00:03:06.720 --> 00:03:08.149 align:start position:0% to potentially wait to get all of your money<00:03:06.959> back<00:03:07.200> you<00:03:07.280> can<00:03:07.360> get<00:03:07.519> some<00:03:07.680> of<00:03:07.840> it<00:03:07.920> back 00:03:08.149 --> 00:03:08.159 align:start position:0% money back you can get some of it back 00:03:08.159 --> 00:03:09.270 align:start position:0% money back you can get some of it back sooner 00:03:09.270 --> 00:03:09.280 align:start position:0% sooner 00:03:09.280 --> 00:03:10.990 align:start position:0% sooner but<00:03:09.440> you<00:03:09.599> might<00:03:09.760> have<00:03:10.000> to<00:03:10.159> wait 00:03:10.990 --> 00:03:11.000 align:start position:0% but you might have to wait 00:03:11.000 --> 00:03:13.589 align:start position:0% but you might have to wait a<00:03:12.080> significant<00:03:12.560> amount<00:03:12.800> of<00:03:12.959> time<00:03:13.120> to<00:03:13.280> get<00:03:13.440> all 00:03:13.589 --> 00:03:13.599 align:start position:0% a significant amount of time to get all 00:03:13.599 --> 00:03:19.589 align:start position:0% a significant amount of time to get all of<00:03:13.680> your<00:03:13.840> money<00:03:14.080> back 00:03:19.589 --> 00:03:19.599 align:start position:0% 00:03:19.599 --> 00:03:20.949 align:start position:0% so<00:03:19.840> there's<00:03:20.080> nothing<00:03:20.400> wrong<00:03:20.640> with<00:03:20.800> that 00:03:20.949 --> 00:03:20.959 align:start position:0% so there's nothing wrong with that 00:03:20.959 --> 00:03:22.070 align:start position:0% so there's nothing wrong with that there's<00:03:21.120> nothing<00:03:21.440> bad<00:03:21.599> about<00:03:21.840> it<00:03:21.920> there's 00:03:22.070 --> 00:03:22.080 align:start position:0% there's nothing bad about it there's 00:03:22.080 --> 00:03:23.430 align:start position:0% there's nothing bad about it there's nothing 00:03:23.430 --> 00:03:23.440 align:start position:0% nothing 00:03:23.440 --> 00:03:25.030 align:start position:0% nothing uh<00:03:23.680> there's<00:03:23.840> no<00:03:24.000> like<00:03:24.159> economic<00:03:24.720> argument 00:03:25.030 --> 00:03:25.040 align:start position:0% uh there's no like economic argument 00:03:25.040 --> 00:03:26.789 align:start position:0% uh there's no like economic argument that<00:03:25.200> there's<00:03:25.360> something<00:03:25.599> wrong<00:03:25.840> with<00:03:26.000> that 00:03:26.789 --> 00:03:26.799 align:start position:0% that there's something wrong with that 00:03:26.799 --> 00:03:28.630 align:start position:0% that there's something wrong with that uh<00:03:27.519> you<00:03:27.680> just<00:03:27.840> have<00:03:28.000> to<00:03:28.159> have<00:03:28.239> a<00:03:28.400> clear 00:03:28.630 --> 00:03:28.640 align:start position:0% uh you just have to have a clear 00:03:28.640 --> 00:03:30.390 align:start position:0% uh you just have to have a clear contract<00:03:29.120> with<00:03:29.360> the<00:03:29.440> bank<00:03:30.080> you<00:03:30.239> have<00:03:30.319> to 00:03:30.390 --> 00:03:30.400 align:start position:0% contract with the bank you have to 00:03:30.400 --> 00:03:31.830 align:start position:0% contract with the bank you have to deposit<00:03:30.879> your<00:03:30.959> money<00:03:31.200> in<00:03:31.280> the<00:03:31.360> bank<00:03:31.599> the<00:03:31.680> bank 00:03:31.830 --> 00:03:31.840 align:start position:0% deposit your money in the bank the bank 00:03:31.840 --> 00:03:32.949 align:start position:0% deposit your money in the bank the bank says<00:03:32.080> we're<00:03:32.159> going<00:03:32.239> to<00:03:32.319> give<00:03:32.400> you<00:03:32.560> this<00:03:32.720> much 00:03:32.949 --> 00:03:32.959 align:start position:0% says we're going to give you this much 00:03:32.959 --> 00:03:35.270 align:start position:0% says we're going to give you this much interest<00:03:33.599> we<00:03:33.760> keep<00:03:33.920> this<00:03:34.159> much<00:03:34.319> reserve<00:03:35.120> if 00:03:35.270 --> 00:03:35.280 align:start position:0% interest we keep this much reserve if 00:03:35.280 --> 00:03:37.589 align:start position:0% interest we keep this much reserve if you<00:03:35.440> want<00:03:35.599> to<00:03:35.760> withdraw<00:03:36.239> money<00:03:37.040> we<00:03:37.200> will<00:03:37.360> try 00:03:37.589 --> 00:03:37.599 align:start position:0% you want to withdraw money we will try 00:03:37.599 --> 00:03:39.350 align:start position:0% you want to withdraw money we will try to<00:03:37.680> give<00:03:37.840> you<00:03:38.080> all<00:03:38.159> of<00:03:38.239> your<00:03:38.400> money<00:03:38.640> right<00:03:38.799> away 00:03:39.350 --> 00:03:39.360 align:start position:0% to give you all of your money right away 00:03:39.360 --> 00:03:41.430 align:start position:0% to give you all of your money right away and<00:03:39.519> we<00:03:40.000> expect<00:03:40.480> we<00:03:40.560> can<00:03:40.799> usually<00:03:41.040> be<00:03:41.200> able<00:03:41.360> to 00:03:41.430 --> 00:03:41.440 align:start position:0% and we expect we can usually be able to 00:03:41.440 --> 00:03:43.110 align:start position:0% and we expect we can usually be able to do<00:03:41.599> that<00:03:42.000> but<00:03:42.159> if<00:03:42.319> a<00:03:42.400> lot<00:03:42.560> of<00:03:42.640> people<00:03:42.879> want<00:03:43.040> to 00:03:43.110 --> 00:03:43.120 align:start position:0% do that but if a lot of people want to 00:03:43.120 --> 00:03:44.710 align:start position:0% do that but if a lot of people want to withdraw<00:03:43.440> a<00:03:43.519> lot<00:03:43.680> of<00:03:43.840> money 00:03:44.710 --> 00:03:44.720 align:start position:0% withdraw a lot of money 00:03:44.720 --> 00:03:47.190 align:start position:0% withdraw a lot of money then<00:03:44.879> there<00:03:45.040> will<00:03:45.200> be<00:03:45.440> withdrawal<00:03:46.000> delays 00:03:47.190 --> 00:03:47.200 align:start position:0% then there will be withdrawal delays 00:03:47.200 --> 00:03:49.670 align:start position:0% then there will be withdrawal delays up<00:03:47.440> to<00:03:47.840> potentially<00:03:48.720> for<00:03:48.959> some<00:03:49.200> of<00:03:49.280> your<00:03:49.440> money 00:03:49.670 --> 00:03:49.680 align:start position:0% up to potentially for some of your money 00:03:49.680 --> 00:03:51.830 align:start position:0% up to potentially for some of your money the<00:03:49.840> maximum<00:03:50.319> amount<00:03:50.560> of<00:03:50.720> time<00:03:51.360> that<00:03:51.519> we've 00:03:51.830 --> 00:03:51.840 align:start position:0% the maximum amount of time that we've 00:03:51.840 --> 00:03:55.830 align:start position:0% the maximum amount of time that we've made<00:03:52.080> a<00:03:52.159> loan<00:03:52.480> for 00:03:55.830 --> 00:03:55.840 align:start position:0% 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basically what banks are like<00:04:02.239> today 00:04:04.550 --> 00:04:04.560 align:start position:0% like today 00:04:04.560 --> 00:04:06.229 align:start position:0% like today because<00:04:04.799> they<00:04:04.959> do<00:04:05.200> lend<00:04:05.439> out<00:04:05.599> money<00:04:06.000> and<00:04:06.080> they 00:04:06.229 --> 00:04:06.239 align:start position:0% because they do lend out money and they 00:04:06.239 --> 00:04:07.830 align:start position:0% because they do lend out money and they therefore<00:04:06.640> cannot<00:04:06.959> pay<00:04:07.120> back<00:04:07.360> all<00:04:07.439> the<00:04:07.599> money 00:04:07.830 --> 00:04:07.840 align:start position:0% therefore cannot pay back all the money 00:04:07.840 --> 00:04:09.350 align:start position:0% therefore cannot pay back all the money immediately<00:04:08.560> um<00:04:08.799> there<00:04:08.959> are<00:04:09.120> some 00:04:09.350 --> 00:04:09.360 align:start position:0% immediately um there are some 00:04:09.360 --> 00:04:11.670 align:start position:0% immediately um there are some complications<00:04:10.400> so 00:04:11.670 --> 00:04:11.680 align:start position:0% complications so 00:04:11.680 --> 00:04:14.550 align:start position:0% complications so in<00:04:11.840> order<00:04:12.159> to<00:04:12.400> pay<00:04:12.640> back<00:04:12.959> money<00:04:13.360> sooner 00:04:14.550 --> 00:04:14.560 align:start position:0% in order to pay back money sooner 00:04:14.560 --> 00:04:16.789 align:start position:0% in order to pay back money sooner a<00:04:14.720> bank<00:04:14.959> could<00:04:15.120> potentially<00:04:15.680> take<00:04:15.920> a<00:04:16.000> loan<00:04:16.320> out 00:04:16.789 --> 00:04:16.799 align:start position:0% a bank could potentially take a loan out 00:04:16.799 --> 00:04:18.310 align:start position:0% a bank could potentially take a loan out the<00:04:16.959> bank<00:04:17.199> could<00:04:17.359> say<00:04:17.680> okay<00:04:17.919> well<00:04:18.079> we<00:04:18.239> have 00:04:18.310 --> 00:04:18.320 align:start position:0% the bank could say okay well we have 00:04:18.320 --> 00:04:19.749 align:start position:0% the bank could say okay well we have this<00:04:18.560> outstanding<00:04:19.040> loan<00:04:19.199> we're<00:04:19.359> going<00:04:19.519> to<00:04:19.600> get 00:04:19.749 --> 00:04:19.759 align:start position:0% this outstanding loan we're going to get 00:04:19.759 --> 00:04:21.430 align:start position:0% this outstanding loan we're going to get paid<00:04:20.000> back 00:04:21.430 --> 00:04:21.440 align:start position:0% paid back 00:04:21.440 --> 00:04:23.670 align:start position:0% paid back a<00:04:21.519> million<00:04:21.840> dollars<00:04:22.240> one<00:04:22.400> year<00:04:22.639> from<00:04:22.880> today 00:04:23.670 --> 00:04:23.680 align:start position:0% a million dollars one year from today 00:04:23.680 --> 00:04:25.030 align:start position:0% a million dollars one year from today and<00:04:23.759> then<00:04:23.919> they<00:04:24.080> go<00:04:24.160> to<00:04:24.240> a<00:04:24.320> different<00:04:24.639> bank<00:04:24.960> and 00:04:25.030 --> 00:04:25.040 align:start position:0% and then they go to a different bank and 00:04:25.040 --> 00:04:26.629 align:start position:0% and then they go to a different bank and say<00:04:25.199> well<00:04:25.440> you<00:04:25.520> loan<00:04:25.759> us<00:04:25.840> the<00:04:26.000> million<00:04:26.240> dollars 00:04:26.629 --> 00:04:26.639 align:start position:0% say well you loan us the million dollars 00:04:26.639 --> 00:04:30.469 align:start position:0% say well you loan us the million dollars now<00:04:26.960> so<00:04:27.120> we<00:04:27.280> can<00:04:27.360> give<00:04:27.520> it<00:04:27.600> to<00:04:27.759> our<00:04:27.840> depositors 00:04:30.469 --> 00:04:30.479 align:start position:0% now so we can give it to our depositors 00:04:30.479 --> 00:04:31.350 align:start position:0% now so we can give it to our depositors so 00:04:31.350 --> 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you<00:04:40.720> can<00:04:40.960> sell 00:04:41.189 --> 00:04:41.199 align:start position:0% the loan to come due like you can sell 00:04:41.199 --> 00:04:42.870 align:start position:0% the loan to come due like you can sell the<00:04:41.360> loan<00:04:41.600> to<00:04:41.759> a<00:04:41.840> different<00:04:42.160> bank<00:04:42.479> and<00:04:42.639> get 00:04:42.870 --> 00:04:42.880 align:start position:0% the loan to a different bank and get 00:04:42.880 --> 00:04:46.710 align:start position:0% the loan to a different bank and get most<00:04:43.199> of<00:04:43.280> the<00:04:43.360> money<00:04:43.600> back<00:04:43.840> right<00:04:44.080> away 00:04:46.710 --> 00:04:46.720 align:start position:0% 00:04:46.720 --> 00:04:48.550 align:start position:0% if<00:04:46.880> depositors<00:04:47.520> are<00:04:47.600> willing<00:04:47.919> to<00:04:48.000> take<00:04:48.240> like<00:04:48.400> a 00:04:48.550 --> 00:04:48.560 align:start position:0% if depositors are willing to take like a 00:04:48.560 --> 00:04:52.790 align:start position:0% if depositors are willing to take like a small<00:04:49.040> loss<00:04:49.360> to<00:04:49.440> have<00:04:49.600> their<00:04:49.759> money<00:04:50.080> sooner 00:04:52.790 --> 00:04:52.800 align:start position:0% 00:04:52.800 --> 00:04:54.710 align:start position:0% then<00:04:52.960> that<00:04:53.199> works<00:04:53.520> too 00:04:54.710 --> 00:04:54.720 align:start position:0% then that works too 00:04:54.720 --> 00:04:56.629 align:start position:0% then that works too or<00:04:54.880> it's<00:04:55.040> not<00:04:55.280> necessarily<00:04:55.919> a<00:04:56.000> loss<00:04:56.320> like<00:04:56.479> if 00:04:56.629 --> 00:04:56.639 align:start position:0% or it's not necessarily a loss like if 00:04:56.639 --> 00:04:58.070 align:start position:0% or it's not necessarily a loss like if it's<00:04:56.880> a 00:04:58.070 --> 00:04:58.080 align:start position:0% it's a 00:04:58.080 --> 00:05:00.790 align:start position:0% it's a if<00:04:58.240> the<00:04:58.479> loan<00:04:58.800> is<00:04:58.880> done<00:04:59.199> well 00:05:00.790 --> 00:05:00.800 align:start position:0% if the loan is done well 00:05:00.800 --> 00:05:03.909 align:start position:0% if the loan is done well then<00:05:01.120> on<00:05:01.440> average<00:05:02.400> it<00:05:02.639> should<00:05:03.039> uh<00:05:03.280> retain<00:05:03.680> its 00:05:03.909 --> 00:05:03.919 align:start position:0% then on average it should uh retain its 00:05:03.919 --> 00:05:05.749 align:start position:0% then on average it should uh retain its full<00:05:04.160> value 00:05:05.749 --> 00:05:05.759 align:start position:0% full value 00:05:05.759 --> 00:05:08.629 align:start position:0% full value like<00:05:06.479> if<00:05:06.639> you're<00:05:06.800> gonna<00:05:06.960> get<00:05:07.120> paid 00:05:08.629 --> 00:05:08.639 align:start position:0% like if you're gonna get paid 00:05:08.639 --> 00:05:11.590 align:start position:0% like if you're gonna get paid 1.1<00:05:09.360> million<00:05:09.680> dollars<00:05:10.080> in<00:05:10.160> a<00:05:10.320> year 00:05:11.590 --> 00:05:11.600 align:start position:0% 1.1 million dollars in a year 00:05:11.600 --> 00:05:13.590 align:start position:0% 1.1 million dollars in a year uh<00:05:12.160> maybe<00:05:12.400> you<00:05:12.479> can<00:05:12.639> sell<00:05:12.880> that<00:05:13.039> for<00:05:13.199> the<00:05:13.360> full 00:05:13.590 --> 00:05:13.600 align:start position:0% uh maybe you can sell that for the full 00:05:13.600 --> 00:05:15.830 align:start position:0% uh maybe you can sell that for the full million<00:05:13.919> dollars<00:05:14.320> today 00:05:15.830 --> 00:05:15.840 align:start position:0% million dollars today 00:05:15.840 --> 00:05:17.909 align:start position:0% million dollars today like<00:05:16.000> the<00:05:16.160> amount<00:05:16.639> of<00:05:16.960> interest<00:05:17.440> should<00:05:17.600> cover 00:05:17.909 --> 00:05:17.919 align:start position:0% like the amount of interest should cover 00:05:17.919 --> 00:05:19.510 align:start position:0% like the amount of interest should cover the<00:05:18.080> delay 00:05:19.510 --> 00:05:19.520 align:start position:0% the delay 00:05:19.520 --> 00:05:20.870 align:start position:0% the delay so 00:05:20.870 --> 00:05:20.880 align:start position:0% so 00:05:20.880 --> 00:05:23.510 align:start position:0% so uh<00:05:21.199> if 00:05:23.510 --> 00:05:23.520 align:start position:0% 00:05:23.520 --> 00:05:26.550 align:start position:0% if<00:05:23.680> nothing's<00:05:24.080> gone<00:05:24.320> wrong<00:05:24.560> with<00:05:24.800> the<00:05:24.960> loans 00:05:26.550 --> 00:05:26.560 align:start position:0% if nothing's gone wrong with the loans 00:05:26.560 --> 00:05:28.150 align:start position:0% if nothing's gone wrong with the loans then<00:05:26.800> you<00:05:26.880> can<00:05:27.039> sell<00:05:27.280> them<00:05:27.440> to<00:05:27.520> another<00:05:27.919> bank 00:05:28.150 --> 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position:0% put effort into making a business deal and<00:05:36.479> you<00:05:36.560> might<00:05:36.720> even<00:05:36.960> gain<00:05:37.199> money<00:05:37.520> if<00:05:37.759> the<00:05:37.919> uh 00:05:39.670 --> 00:05:39.680 align:start position:0% and you might even gain money if the uh 00:05:39.680 --> 00:05:41.270 align:start position:0% and you might even gain money if the uh if<00:05:39.759> the<00:05:39.919> loans<00:05:40.240> are<00:05:40.320> a<00:05:40.400> better<00:05:40.720> deal<00:05:40.960> than<00:05:41.120> what 00:05:41.270 --> 00:05:41.280 align:start position:0% if the loans are a better deal than what 00:05:41.280 --> 00:05:44.629 align:start position:0% if the loans are a better deal than what you<00:05:41.360> can<00:05:41.520> get<00:05:41.680> on<00:05:41.759> the<00:05:41.919> market<00:05:42.400> today 00:05:44.629 --> 00:05:44.639 align:start position:0% you can get on the market today 00:05:44.639 --> 00:05:46.550 align:start position:0% you can get on the market today like<00:05:44.880> the<00:05:44.960> market<00:05:45.440> situation<00:05:45.919> can<00:05:46.160> change<00:05:46.400> so 00:05:46.550 --> 00:05:46.560 align:start position:0% like the market situation can change so 00:05:46.560 --> 00:05:48.390 align:start position:0% like the market situation can change so the<00:05:46.639> value<00:05:46.960> of<00:05:47.039> the<00:05:47.199> loans<00:05:47.520> goes<00:05:47.759> up<00:05:47.919> or<00:05:48.000> down 00:05:48.390 --> 00:05:48.400 align:start position:0% the value of the loans goes up or down 00:05:48.400 --> 00:05:50.629 align:start position:0% the value of the loans goes up or down but<00:05:48.639> supposing<00:05:49.120> it<00:05:49.199> stays<00:05:49.520> the<00:05:49.680> same 00:05:50.629 --> 00:05:50.639 align:start position:0% but supposing it stays the same 00:05:50.639 --> 00:05:52.550 align:start position:0% but supposing it stays the same then<00:05:51.039> you<00:05:51.199> can<00:05:51.440> sell<00:05:51.680> the<00:05:51.759> loans<00:05:52.080> to<00:05:52.240> another 00:05:52.550 --> 00:05:52.560 align:start position:0% then you can sell the loans to another 00:05:52.560 --> 00:05:54.390 align:start position:0% then you can sell the loans to another bank<00:05:53.120> or<00:05:53.360> borrow<00:05:53.680> against<00:05:54.000> them<00:05:54.160> and<00:05:54.240> you're 00:05:54.390 --> 00:05:54.400 align:start position:0% bank or borrow against them and you're 00:05:54.400 --> 00:05:55.590 align:start position:0% bank or borrow against them and you're just<00:05:54.560> losing<00:05:54.880> a<00:05:54.960> small<00:05:55.280> amount<00:05:55.520> of 00:05:55.590 --> 00:05:55.600 align:start position:0% just losing a small amount of 00:05:55.600 --> 00:05:57.029 align:start position:0% just losing a small amount of transaction<00:05:56.160> cost<00:05:56.479> and<00:05:56.560> then<00:05:56.639> you<00:05:56.720> can<00:05:56.880> pay 00:05:57.029 --> 00:05:57.039 align:start position:0% transaction cost and then you can pay 00:05:57.039 --> 00:06:01.830 align:start position:0% transaction cost and then you can pay your<00:05:57.199> borrowers<00:05:57.680> back<00:05:58.080> sooner 00:06:01.830 --> 00:06:01.840 align:start position:0% 00:06:01.840 --> 00:06:03.749 align:start position:0% so<00:06:02.080> why<00:06:02.240> do<00:06:02.400> people<00:06:02.720> hate<00:06:02.960> fractional<00:06:03.440> reserve 00:06:03.749 --> 00:06:03.759 align:start position:0% so why do people hate fractional reserve 00:06:03.759 --> 00:06:06.469 align:start position:0% so why do people hate fractional reserve banking<00:06:04.400> well<00:06:04.560> they<00:06:04.800> think<00:06:04.960> that<00:06:05.199> the<00:06:05.360> banks 00:06:06.469 --> 00:06:06.479 align:start position:0% banking well they think that the banks 00:06:06.479 --> 00:06:09.110 align:start position:0% banking well they think that the banks are<00:06:06.880> writing<00:06:07.280> the<00:06:07.440> contracts<00:06:08.080> incorrectly 00:06:09.110 --> 00:06:09.120 align:start position:0% are writing the contracts incorrectly 00:06:09.120 --> 00:06:11.029 align:start position:0% are writing the contracts incorrectly and<00:06:09.440> not<00:06:09.759> informing<00:06:10.240> customers<00:06:10.720> of<00:06:10.800> what's 00:06:11.029 --> 00:06:11.039 align:start position:0% and not informing customers of what's 00:06:11.039 --> 00:06:13.590 align:start position:0% and not informing customers of what's going<00:06:11.199> on<00:06:11.919> so<00:06:12.400> what<00:06:12.639> they<00:06:12.880> see<00:06:13.039> is<00:06:13.199> customer 00:06:13.590 --> 00:06:13.600 align:start position:0% going on so what they see is customer 00:06:13.600 --> 00:06:15.909 align:start position:0% going on so what they see is customer puts<00:06:13.840> money<00:06:14.080> in<00:06:14.160> a<00:06:14.319> checking<00:06:14.639> account 00:06:15.909 --> 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write<00:06:22.800> a<00:06:22.880> check<00:06:23.199> for<00:06:23.360> the<00:06:23.440> full 00:06:23.590 --> 00:06:23.600 align:start position:0% want it i can write a check for the full 00:06:23.600 --> 00:06:25.510 align:start position:0% want it i can write a check for the full amount<00:06:24.000> on<00:06:24.080> the<00:06:24.240> account 00:06:25.510 --> 00:06:25.520 align:start position:0% amount on the account 00:06:25.520 --> 00:06:27.029 align:start position:0% amount on the account and<00:06:25.680> the<00:06:25.919> bank 00:06:27.029 --> 00:06:27.039 align:start position:0% and the bank 00:06:27.039 --> 00:06:28.710 align:start position:0% and the bank the<00:06:27.280> actual<00:06:27.680> situation<00:06:28.160> is<00:06:28.319> not<00:06:28.560> all<00:06:28.639> the 00:06:28.710 --> 00:06:28.720 align:start position:0% the actual situation is not all the 00:06:28.720 --> 00:06:30.870 align:start position:0% the actual situation is not all the customers<00:06:29.199> can<00:06:29.360> do<00:06:29.520> that<00:06:30.160> so<00:06:30.319> the<00:06:30.479> contract 00:06:30.870 --> 00:06:30.880 align:start position:0% customers can do that so the contract 00:06:30.880 --> 00:06:32.710 align:start position:0% customers can do that so the contract really<00:06:31.120> needs<00:06:31.360> to<00:06:31.520> say<00:06:32.000> you<00:06:32.080> know<00:06:32.240> we'll<00:06:32.479> try 00:06:32.710 --> 00:06:32.720 align:start position:0% really needs to say you know we'll try 00:06:32.720 --> 00:06:34.390 align:start position:0% really needs to say you know we'll try to<00:06:32.880> honor<00:06:33.280> your<00:06:33.440> checks<00:06:33.759> for<00:06:33.919> the<00:06:34.000> full<00:06:34.160> amount 00:06:34.390 --> 00:06:34.400 align:start position:0% to honor your checks for the full amount 00:06:34.400 --> 00:06:36.230 align:start position:0% to honor your checks for the full amount in<00:06:34.479> your<00:06:34.639> account<00:06:35.280> we<00:06:35.440> have<00:06:35.600> a<00:06:35.680> reserve<00:06:36.160> that 00:06:36.230 --> 00:06:36.240 align:start position:0% in your account we have a reserve that 00:06:36.240 --> 00:06:38.550 align:start position:0% in your account we have a reserve that we<00:06:36.400> think<00:06:36.560> will<00:06:36.720> be<00:06:36.880> adequate<00:06:37.440> based<00:06:37.759> on 00:06:38.550 --> 00:06:38.560 align:start position:0% we think will be adequate based on 00:06:38.560 --> 00:06:41.350 align:start position:0% we think will be adequate based on expected<00:06:39.120> withdrawal<00:06:39.680> demand<00:06:40.639> but<00:06:40.800> we<00:06:40.960> cannot 00:06:41.350 --> 00:06:41.360 align:start position:0% expected withdrawal demand but we cannot 00:06:41.360 --> 00:06:42.870 align:start position:0% expected withdrawal demand but we cannot guarantee 00:06:42.870 --> 00:06:42.880 align:start position:0% guarantee 00:06:42.880 --> 00:06:45.110 align:start position:0% guarantee that<00:06:43.280> in<00:06:43.520> full<00:06:44.160> and<00:06:44.319> there<00:06:44.479> could<00:06:44.639> potentially 00:06:45.110 --> 00:06:45.120 align:start position:0% that in full and there could potentially 00:06:45.120 --> 00:06:47.110 align:start position:0% that in full and there could potentially be<00:06:45.199> a<00:06:45.280> weight<00:06:46.080> so<00:06:46.240> anyways<00:06:46.639> the<00:06:46.720> basic 00:06:47.110 --> 00:06:47.120 align:start position:0% be a weight so anyways the basic 00:06:47.120 --> 00:06:48.710 align:start position:0% be a weight so anyways the basic complaint<00:06:47.520> is<00:06:47.600> that<00:06:47.840> banks<00:06:48.240> don't<00:06:48.479> tell 00:06:48.710 --> 00:06:48.720 align:start position:0% complaint is that banks don't tell 00:06:48.720 --> 00:06:50.150 align:start position:0% complaint is that banks don't tell people<00:06:49.039> that's<00:06:49.280> the<00:06:49.440> contract<00:06:49.840> that's<00:06:50.080> the 00:06:50.150 --> 00:06:50.160 align:start position:0% people that's the contract that's the 00:06:50.160 --> 00:06:51.430 align:start position:0% people that's the contract that's the thing<00:06:50.400> going<00:06:50.639> on<00:06:50.880> and<00:06:51.039> that<00:06:51.199> they're 00:06:51.430 --> 00:06:51.440 align:start position:0% thing going on and that they're 00:06:51.440 --> 00:06:53.189 align:start position:0% thing going on and that they're therefore<00:06:51.840> committing<00:06:52.240> fraud<00:06:52.880> that<00:06:53.039> they're 00:06:53.189 --> 00:06:53.199 align:start position:0% therefore committing fraud that they're 00:06:53.199 --> 00:06:55.189 align:start position:0% therefore committing fraud that they're lying<00:06:53.599> about<00:06:53.919> the<00:06:54.080> situation<00:06:54.880> but<00:06:55.039> there's 00:06:55.189 --> 00:06:55.199 align:start position:0% lying about the situation but there's 00:06:55.199 --> 00:06:57.589 align:start position:0% lying about the situation but there's nothing<00:06:55.599> wrong<00:06:55.759> with<00:06:55.919> that<00:06:56.400> type<00:06:56.639> of<00:06:56.800> contract 00:06:57.589 --> 00:06:57.599 align:start position:0% nothing wrong with that type of contract 00:06:57.599 --> 00:07:00.469 align:start position:0% nothing wrong with that type of contract the<00:06:57.840> only<00:06:58.160> actual<00:06:58.560> criticism<00:06:59.120> of<00:06:59.360> it 00:07:00.469 --> 00:07:00.479 align:start position:0% the only actual criticism of it 00:07:00.479 --> 00:07:01.430 align:start position:0% the only actual criticism of it is 00:07:01.430 --> 00:07:01.440 align:start position:0% is 00:07:01.440 --> 00:07:03.589 align:start position:0% is if<00:07:01.680> the<00:07:01.759> banks<00:07:02.160> are<00:07:02.400> fraudulent<00:07:02.960> about<00:07:03.280> it<00:07:03.440> if 00:07:03.589 --> 00:07:03.599 align:start position:0% if the banks are fraudulent about it if 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the<00:07:16.000> uh 00:07:16.230 --> 00:07:16.240 align:start position:0% i haven't carefully looked into the uh 00:07:16.240 --> 00:07:18.790 align:start position:0% i haven't carefully looked into the uh the<00:07:16.400> contracts<00:07:16.880> that<00:07:17.120> banks 00:07:18.790 --> 00:07:18.800 align:start position:0% the contracts that banks 00:07:18.800 --> 00:07:21.110 align:start position:0% the contracts that banks offer<00:07:19.360> you<00:07:19.520> know<00:07:19.680> like<00:07:19.919> reading<00:07:20.400> out<00:07:20.639> the<00:07:20.800> fine 00:07:21.110 --> 00:07:21.120 align:start position:0% offer you know like reading out the fine 00:07:21.120 --> 00:07:23.350 align:start position:0% offer you know like reading out the fine print 00:07:23.350 --> 00:07:23.360 align:start position:0% print 00:07:23.360 --> 00:07:25.589 align:start position:0% print um<00:07:23.599> but<00:07:23.840> i<00:07:23.919> think<00:07:24.240> people 00:07:25.589 --> 00:07:25.599 align:start position:0% um but i think people 00:07:25.599 --> 00:07:27.029 align:start position:0% um but i think people people<00:07:25.840> who<00:07:26.080> care 00:07:27.029 --> 00:07:27.039 align:start position:0% people who care 00:07:27.039 --> 00:07:29.029 align:start position:0% people who care know<00:07:27.199> what's<00:07:27.520> going<00:07:27.840> on<00:07:28.240> that<00:07:28.479> the<00:07:28.639> bank<00:07:28.960> is 00:07:29.029 --> 00:07:29.039 align:start position:0% know what's going on that the bank is 00:07:29.039 --> 00:07:31.189 align:start position:0% know what's going on that the bank is lending<00:07:29.360> out<00:07:29.520> the<00:07:29.599> money<00:07:30.240> and<00:07:30.400> if<00:07:30.479> the<00:07:30.639> money 00:07:31.189 --> 00:07:31.199 align:start position:0% lending out the money and if the money 00:07:31.199 --> 00:07:32.710 align:start position:0% lending out the money and if the money is<00:07:31.360> being<00:07:31.599> lent<00:07:31.919> out 00:07:32.710 --> 00:07:32.720 align:start position:0% is being lent out 00:07:32.720 --> 00:07:34.469 align:start position:0% is being lent out then<00:07:32.960> the<00:07:33.120> bank<00:07:33.440> doesn't<00:07:33.759> have<00:07:33.919> all<00:07:34.080> of<00:07:34.240> it<00:07:34.319> and 00:07:34.469 --> 00:07:34.479 align:start position:0% then the bank doesn't have all of it and 00:07:34.479 --> 00:07:35.749 align:start position:0% then the bank doesn't have all of it and therefore<00:07:34.800> if<00:07:34.960> everyone<00:07:35.199> wanted<00:07:35.440> their<00:07:35.520> money 00:07:35.749 --> 00:07:35.759 align:start position:0% therefore if everyone wanted their money 00:07:35.759 --> 00:07:38.469 align:start position:0% therefore if everyone wanted their money back<00:07:36.160> there<00:07:36.319> would<00:07:36.479> have<00:07:36.639> to<00:07:36.720> be<00:07:36.880> a<00:07:36.960> delay 00:07:38.469 --> 00:07:38.479 align:start position:0% back there would have to be a delay 00:07:38.479 --> 00:07:40.309 align:start position:0% back there would have to be a delay like<00:07:38.720> i<00:07:38.880> think<00:07:39.120> it's<00:07:39.360> not<00:07:39.520> hard<00:07:39.759> to<00:07:39.840> find<00:07:40.080> that 00:07:40.309 --> 00:07:40.319 align:start position:0% like i think it's not hard to find that 00:07:40.319 --> 00:07:42.150 align:start position:0% like i think it's not hard to find that out<00:07:40.960> so<00:07:41.120> i<00:07:41.360> don't<00:07:41.440> know<00:07:41.599> if<00:07:41.680> the<00:07:41.759> banks<00:07:42.080> are 00:07:42.150 --> 00:07:42.160 align:start position:0% out so i don't know if the banks are 00:07:42.160 --> 00:07:44.150 align:start position:0% out so i don't know if the banks are doing<00:07:42.319> something<00:07:42.639> wrong<00:07:42.880> or<00:07:42.960> not<00:07:43.280> but<00:07:43.919> as<00:07:44.080> a 00:07:44.150 --> 00:07:44.160 align:start position:0% doing something wrong or not but as a 00:07:44.160 --> 00:07:45.430 align:start position:0% doing something wrong or not but as a customer<00:07:44.560> i<00:07:44.639> don't<00:07:44.720> think<00:07:44.879> it's<00:07:44.960> a<00:07:45.039> big<00:07:45.199> deal 00:07:45.430 --> 00:07:45.440 align:start position:0% customer i don't think it's a big deal 00:07:45.440 --> 00:07:48.070 align:start position:0% customer i don't think it's a big deal you<00:07:45.520> should<00:07:45.680> know<00:07:45.840> what's<00:07:46.080> going<00:07:46.319> on 00:07:48.070 --> 00:07:48.080 align:start position:0% you should know what's going on 00:07:48.080 --> 00:07:51.029 align:start position:0% you should know what's going on i<00:07:48.160> mean<00:07:48.400> it<00:07:48.479> could<00:07:48.639> be<00:07:48.800> a<00:07:48.879> big<00:07:49.039> deal<00:07:49.280> if<00:07:49.440> uh 00:07:51.029 --> 00:07:51.039 align:start position:0% i mean it could be a big deal if uh 00:07:51.039 --> 00:07:52.390 align:start position:0% i mean it could be a big deal if uh if<00:07:51.120> there's<00:07:51.360> a<00:07:51.440> run<00:07:51.680> on<00:07:51.759> the<00:07:51.840> bank<00:07:52.080> and<00:07:52.160> all<00:07:52.319> the 00:07:52.390 --> 00:07:52.400 align:start position:0% if there's a run on the bank and all the 00:07:52.400 --> 00:07:54.070 align:start position:0% if there's a run on the bank and all the other<00:07:52.560> customers<00:07:53.280> were<00:07:53.440> getting<00:07:53.759> mad<00:07:54.000> and 00:07:54.070 --> 00:07:54.080 align:start position:0% other customers were getting mad and 00:07:54.080 --> 00:07:55.830 align:start position:0% other customers were getting mad and then<00:07:54.240> the<00:07:54.400> bank<00:07:54.639> like<00:07:54.960> lost<00:07:55.199> bunch<00:07:55.440> of<00:07:55.520> money 00:07:55.830 --> 00:07:55.840 align:start position:0% then the bank like lost bunch of money 00:07:55.840 --> 00:07:57.430 align:start position:0% then the bank like lost bunch of money in<00:07:55.919> the<00:07:56.000> chaos<00:07:56.400> because<00:07:56.720> everyone<00:07:56.960> was<00:07:57.039> hating 00:07:57.430 --> 00:07:57.440 align:start position:0% in the chaos because everyone was hating 00:07:57.440 --> 00:07:59.510 align:start position:0% in the chaos because everyone was hating on<00:07:57.520> them 00:07:59.510 --> 00:07:59.520 align:start position:0% on them 00:07:59.520 --> 00:08:01.510 align:start position:0% on them and<00:07:59.840> uh<00:08:00.080> pressuring<00:08:00.560> them<00:08:00.720> to<00:08:00.960> return<00:08:01.440> the 00:08:01.510 --> 00:08:01.520 align:start position:0% and uh pressuring them to return the 00:08:01.520 --> 00:08:05.670 align:start position:0% and uh pressuring them to return the money<00:08:01.840> immediately<00:08:02.400> and<00:08:02.560> so<00:08:02.720> on 00:08:05.670 --> 00:08:05.680 align:start position:0% 00:08:05.680 --> 00:08:07.589 align:start position:0% so<00:08:05.919> like<00:08:06.080> there's<00:08:06.319> there's<00:08:06.560> some<00:08:06.800> risk<00:08:07.120> there 00:08:07.589 --> 00:08:07.599 align:start position:0% so like there's there's some risk there 00:08:07.599 --> 00:08:08.710 align:start position:0% so like there's there's some risk there of 00:08:08.710 --> 00:08:08.720 align:start position:0% of 00:08:08.720 --> 00:08:10.710 align:start position:0% of a<00:08:08.800> bunch<00:08:09.039> of<00:08:09.199> confusion<00:08:10.000> rather<00:08:10.240> than<00:08:10.479> an 00:08:10.710 --> 00:08:10.720 align:start position:0% a bunch of confusion rather than an 00:08:10.720 --> 00:08:13.830 align:start position:0% a bunch of confusion rather than an orderly<00:08:11.440> withdrawal<00:08:12.160> over<00:08:12.479> time 00:08:13.830 --> 00:08:13.840 align:start position:0% orderly withdrawal over time 00:08:13.840 --> 00:08:15.350 align:start position:0% orderly withdrawal over time like<00:08:14.000> what<00:08:14.240> should<00:08:14.400> happen<00:08:14.720> in<00:08:14.879> a<00:08:14.960> run<00:08:15.199> on<00:08:15.280> the 00:08:15.350 --> 00:08:15.360 align:start position:0% like what should happen in a run on the 00:08:15.360 --> 00:08:17.430 align:start position:0% like what should happen in a run on the bank<00:08:15.680> is<00:08:15.840> the<00:08:15.919> bank<00:08:16.240> says<00:08:16.560> okay<00:08:16.879> our<00:08:17.039> reserves 00:08:17.430 --> 00:08:17.440 align:start position:0% bank is the bank says okay our reserves 00:08:17.440 --> 00:08:18.710 align:start position:0% bank is the bank says okay our reserves are<00:08:17.520> getting<00:08:17.840> low 00:08:18.710 --> 00:08:18.720 align:start position:0% are getting low 00:08:18.720 --> 00:08:20.869 align:start position:0% are getting low we're<00:08:19.120> putting<00:08:19.759> withdrawal<00:08:20.319> limits<00:08:20.639> you<00:08:20.800> can 00:08:20.869 --> 00:08:20.879 align:start position:0% we're putting withdrawal limits you can 00:08:20.879 --> 00:08:22.869 align:start position:0% we're putting withdrawal limits you can only<00:08:21.039> withdraw<00:08:21.360> a<00:08:21.440> little<00:08:21.599> bit<00:08:21.759> of<00:08:21.840> money 00:08:22.869 --> 00:08:22.879 align:start position:0% only withdraw a little bit of money 00:08:22.879 --> 00:08:24.150 align:start position:0% only withdraw a little bit of money because<00:08:23.039> we<00:08:23.199> don't<00:08:23.440> have<00:08:23.599> enough<00:08:24.000> for 00:08:24.150 --> 00:08:24.160 align:start position:0% because we don't have enough for 00:08:24.160 --> 00:08:27.110 align:start position:0% because we don't have enough for everyone<00:08:24.400> to<00:08:24.560> withdraw<00:08:24.879> everything<00:08:26.240> and<00:08:26.400> then 00:08:27.110 --> 00:08:27.120 align:start position:0% everyone to withdraw everything and then 00:08:27.120 --> 00:08:28.869 align:start position:0% everyone to withdraw everything and then we'll<00:08:27.440> quickly<00:08:27.919> start<00:08:28.240> calling<00:08:28.560> in<00:08:28.639> some 00:08:28.869 --> 00:08:28.879 align:start position:0% we'll quickly start calling in some 00:08:28.879 --> 00:08:30.629 align:start position:0% we'll quickly start calling in some loans<00:08:29.199> when<00:08:29.280> we<00:08:29.440> can<00:08:29.759> selling<00:08:30.160> off<00:08:30.319> some<00:08:30.479> of 00:08:30.629 --> 00:08:30.639 align:start position:0% loans when we can selling off some of 00:08:30.639 --> 00:08:32.870 align:start position:0% loans when we can selling off some of our<00:08:30.720> loans<00:08:31.440> and<00:08:31.599> we'll<00:08:31.759> try<00:08:32.000> to<00:08:32.080> get<00:08:32.479> most 00:08:32.870 --> 00:08:32.880 align:start position:0% our loans and we'll try to get most 00:08:32.880 --> 00:08:35.990 align:start position:0% our loans and we'll try to get most people<00:08:33.279> most<00:08:33.519> of<00:08:33.599> their<00:08:33.760> money<00:08:34.000> back<00:08:34.240> quickly 00:08:35.990 --> 00:08:36.000 align:start position:0% people most of their money back quickly 00:08:36.000 --> 00:08:37.190 align:start position:0% people most of their money back quickly and 00:08:37.190 --> 00:08:37.200 align:start position:0% and 00:08:37.200 --> 00:08:39.750 align:start position:0% and uh<00:08:37.519> but<00:08:37.680> you're<00:08:37.839> gonna<00:08:38.080> have<00:08:38.159> to<00:08:38.320> wait<00:08:38.959> a<00:08:39.440> while 00:08:39.750 --> 00:08:39.760 align:start position:0% uh but you're gonna have to wait a while 00:08:39.760 --> 00:08:41.509 align:start position:0% uh but you're gonna have to wait a while to<00:08:40.000> get<00:08:40.320> all<00:08:40.560> of<00:08:40.719> it<00:08:40.880> because<00:08:41.120> we're<00:08:41.279> not<00:08:41.440> going 00:08:41.509 --> 00:08:41.519 align:start position:0% to get all of it because we're not going 00:08:41.519 --> 00:08:43.430 align:start position:0% to get all of it because we're not going to<00:08:41.599> be<00:08:41.680> able<00:08:42.000> to 00:08:43.430 --> 00:08:43.440 align:start position:0% to be able to 00:08:43.440 --> 00:08:45.509 align:start position:0% to be able to get<00:08:43.760> all<00:08:43.919> of<00:08:44.000> the<00:08:44.240> loans<00:08:44.640> undone<00:08:45.120> quickly 00:08:45.509 --> 00:08:45.519 align:start position:0% get all of the loans undone quickly 00:08:45.519 --> 00:08:46.790 align:start position:0% get all of the loans undone quickly without<00:08:45.839> losing<00:08:46.160> money<00:08:46.399> and<00:08:46.480> we<00:08:46.560> don't<00:08:46.640> want 00:08:46.790 --> 00:08:46.800 align:start position:0% without losing money and we don't want 00:08:46.800 --> 00:08:47.910 align:start position:0% without losing money and we don't want to<00:08:46.880> lose<00:08:47.040> money<00:08:47.360> so<00:08:47.519> there's<00:08:47.680> going<00:08:47.760> to<00:08:47.839> be 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00:08:55.590 --> 00:08:55.600 align:start position:0% to people look if you want to withdraw 00:08:55.600 --> 00:08:57.430 align:start position:0% to people look if you want to withdraw like<00:08:55.839> a<00:08:55.920> lot<00:08:56.080> of<00:08:56.240> money<00:08:56.480> today<00:08:56.800> we'll<00:08:56.959> be<00:08:57.120> happy 00:08:57.430 --> 00:08:57.440 align:start position:0% like a lot of money today we'll be happy 00:08:57.440 --> 00:08:58.470 align:start position:0% like a lot of money today we'll be happy to<00:08:57.600> do<00:08:57.760> it 00:08:58.470 --> 00:08:58.480 align:start position:0% to do it 00:08:58.480 --> 00:08:59.990 align:start position:0% to do it if<00:08:58.640> you<00:08:58.800> will 00:08:59.990 --> 00:09:00.000 align:start position:0% if you will 00:09:00.000 --> 00:09:01.590 align:start position:0% if you will take<00:09:00.560> uh 00:09:01.590 --> 00:09:01.600 align:start position:0% take uh 00:09:01.600 --> 00:09:03.269 align:start position:0% take uh 90<00:09:01.920> cents<00:09:02.160> on<00:09:02.320> the<00:09:02.399> dollar 00:09:03.269 --> 00:09:03.279 align:start position:0% 90 cents on the dollar 00:09:03.279 --> 00:09:04.550 align:start position:0% 90 cents on the dollar you<00:09:03.360> know<00:09:03.519> they're<00:09:03.760> like<00:09:04.000> you<00:09:04.080> know<00:09:04.320> you<00:09:04.399> can 00:09:04.550 --> 00:09:04.560 align:start position:0% you know they're like you know you can 00:09:04.560 --> 00:09:06.150 align:start position:0% you know they're like you know you can withdraw<00:09:05.120> this<00:09:05.279> much<00:09:05.519> of<00:09:05.600> your<00:09:05.680> money<00:09:05.920> for<00:09:06.080> the 00:09:06.150 --> 00:09:06.160 align:start position:0% withdraw this much of your money for the 00:09:06.160 --> 00:09:09.030 align:start position:0% withdraw this much of your money for the full<00:09:06.399> amount<00:09:07.120> if<00:09:07.200> you<00:09:07.279> want<00:09:07.600> more 00:09:09.030 --> 00:09:09.040 align:start position:0% full amount if you want more 00:09:09.040 --> 00:09:11.430 align:start position:0% full amount if you want more uh<00:09:09.519> we'll<00:09:09.680> give<00:09:09.839> you<00:09:10.080> 90<00:09:10.720> of<00:09:10.800> the<00:09:10.959> withdrawal 00:09:11.430 --> 00:09:11.440 align:start position:0% uh we'll give you 90 of the withdrawal 00:09:11.440 --> 00:09:12.310 align:start position:0% uh we'll give you 90 of the withdrawal amount 00:09:12.310 --> 00:09:12.320 align:start position:0% amount 00:09:12.320 --> 00:09:14.470 align:start position:0% amount so<00:09:12.480> you'll<00:09:12.720> lose<00:09:12.880> a<00:09:12.959> little<00:09:13.200> money 00:09:14.470 --> 00:09:14.480 align:start position:0% so you'll lose a little money 00:09:14.480 --> 00:09:18.310 align:start position:0% so you'll lose a little money or<00:09:14.640> maybe<00:09:14.800> it'll<00:09:15.040> be<00:09:15.120> 95<00:09:15.680> or<00:09:15.839> 98 00:09:18.310 --> 00:09:18.320 align:start position:0% 00:09:18.320 --> 00:09:19.910 align:start position:0% so<00:09:18.480> they<00:09:18.560> can<00:09:18.800> offer<00:09:19.279> if<00:09:19.360> you<00:09:19.440> want<00:09:19.680> all<00:09:19.839> your 00:09:19.910 --> 00:09:19.920 align:start position:0% so they can offer if you want all your 00:09:19.920 --> 00:09:21.670 align:start position:0% so they can offer if you want all your money<00:09:20.160> back<00:09:20.399> now<00:09:20.880> you<00:09:21.040> just<00:09:21.200> have<00:09:21.360> to<00:09:21.440> take<00:09:21.600> a 00:09:21.670 --> 00:09:21.680 align:start position:0% money back now you just have to take a 00:09:21.680 --> 00:09:24.150 align:start position:0% money back now you just have to take a small<00:09:22.000> discount<00:09:22.560> to<00:09:23.120> make<00:09:23.360> up<00:09:23.519> for<00:09:23.680> us<00:09:23.839> calling 00:09:24.150 --> 00:09:24.160 align:start position:0% small discount to make up for us calling 00:09:24.160 --> 00:09:26.710 align:start position:0% small discount to make up for us calling in<00:09:24.240> the<00:09:24.399> loans<00:09:24.720> something<00:09:25.040> like<00:09:25.200> that 00:09:26.710 --> 00:09:26.720 align:start position:0% in the loans something like that 00:09:26.720 --> 00:09:28.630 align:start position:0% in the loans something like that anyway<00:09:27.200> so<00:09:27.360> there's<00:09:27.600> there's<00:09:27.839> no<00:09:28.000> like<00:09:28.320> real 00:09:28.630 --> 00:09:28.640 align:start position:0% anyway so there's there's no like real 00:09:28.640 --> 00:09:30.550 align:start position:0% anyway so there's there's no like real theory<00:09:28.959> problem<00:09:29.360> here<00:09:29.760> there's<00:09:30.000> just<00:09:30.240> people 00:09:30.550 --> 00:09:30.560 align:start position:0% theory problem here there's just people 00:09:30.560 --> 00:09:31.990 align:start position:0% theory problem here there's just people writing<00:09:30.880> about<00:09:31.120> it<00:09:31.279> in<00:09:31.440> ways<00:09:31.680> where<00:09:31.839> they're 00:09:31.990 --> 00:09:32.000 align:start position:0% writing about it in ways where they're 00:09:32.000 --> 00:09:34.150 align:start position:0% writing about it in ways where they're like<00:09:32.240> fractional<00:09:32.640> reserve<00:09:32.959> banking<00:09:33.360> is<00:09:33.519> evil 00:09:34.150 --> 00:09:34.160 align:start position:0% like fractional reserve banking is evil 00:09:34.160 --> 00:09:35.829 align:start position:0% like fractional reserve banking is evil and<00:09:34.240> the<00:09:34.560> other<00:09:34.800> side<00:09:35.040> is<00:09:35.200> like<00:09:35.360> oh<00:09:35.519> there's<00:09:35.680> no 00:09:35.829 --> 00:09:35.839 align:start position:0% and the other side is like oh there's no 00:09:35.839 --> 00:09:39.110 align:start position:0% and the other side is like oh there's no problem<00:09:36.240> at<00:09:36.399> all<00:09:36.880> and 00:09:39.110 --> 00:09:39.120 align:start position:0% 00:09:39.120 --> 00:09:40.230 align:start position:0% i<00:09:39.200> don't<00:09:39.279> know<00:09:39.440> i<00:09:39.519> don't<00:09:39.600> think<00:09:39.760> the<00:09:39.839> issue<00:09:40.160> is 00:09:40.230 --> 00:09:40.240 align:start position:0% i don't know i don't think the issue is 00:09:40.240 --> 00:09:42.070 align:start position:0% i don't know i don't think the issue is very<00:09:40.399> complicated<00:09:40.959> i<00:09:41.040> just<00:09:41.200> think<00:09:41.519> everything 00:09:42.070 --> 00:09:42.080 align:start position:0% very complicated i just think everything 00:09:42.080 --> 00:09:43.509 align:start position:0% very complicated i just think everything everyone<00:09:42.480> writes<00:09:42.800> about<00:09:42.959> it<00:09:43.120> seems<00:09:43.360> to<00:09:43.440> be 00:09:43.509 --> 00:09:43.519 align:start position:0% everyone writes about it seems to be 00:09:43.519 --> 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