Preview: How to Convert Debt into Currency? Episode 2 Part1
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Preview: How to Convert Debt into Currency? Episode 2 Part1
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このコンテンツについて
How to convert debt into currency?
What limits the amount of money banks can create?
What are bank reserves?
Where do bank reserves come from?
In the first episode we went over what is money, what is considered money and who creates money. Real money is gold. Currency (paper money & coins), Transaction accounts aka checking accounts and other checkable deposit accounts including travelers checks at all depository institutions including commercial and savings and loan associations and credit unions are considered substitute money.
The purpose of this episode is to describe how we can convert debt into currency, the efficient and proper way to discharge debts (since our ability to pay debts was removed) and how to recognize and validate that a debt has been properly discharged.
Limitations the banks have on creating money and how we can take advantage in knowing their policies to enable us to discharge debt through our checking accounts by applying GAAP.
Understanding what bank reserves are and where they come from will help you understand who the creditor and who the debtor is in this financial relationship.
Become a supporter of this podcast: https://www.spreaker.com/podcast/knowing-the-ledger-the-power-of-bookkeeping-entries--5024563/support.
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