Before class Tuesday, 09/14
Read: CORE Section 10.1
Read: Irungu (2020)
Watch (6:51): Schamus (2014)
Before class Friday, 09/17
have tried all of Weekly Review 2
Material Links
CORE project. (2021). “Banks, Money, and the Credit Market: Money and Wealth.” The Economy. https://www.core-econ.org/the-economy/
Irungu, Irene. (2020). “The Drivers of Inflation During the COVID-18 Pandemic.” The Elephant. 9 October. https://www.theelephant.info/data-stories/2020/10/09/the-drivers-of-inflation-during-the-covid-19-pandemic/
Schamus, James (Director). (2014). That Film About Money [Film]. wetheeconomy. https://wetheeconomy.com/films/that-film-about-money/
1. In Schamus (2014), James says that money isn’t a thing and that we have to believe in it for it to work — do you think that’s true?
2. I learned that the Fractional Banking System is where banks keep only a fraction of their deposits and loan out the rest which then gets loaned out by other banks.
3. My favorite part was when Professor Suresh Naidu talks about trust and all the adornments we put on our currency. My least favorite part is James’ hat.
1- I honestly do think that’s true because yes we can have money in our hands and use it then it will be gone but other institutes like the bank can have money and watch it multiply.
2-I learned that when you deposit your money in the bank you only get 1% interest then they lend out the money and charge higher interest.
3-My favorite part is when the lady with the blonde har said money is like hot potatoes whoever holds it has to pass it on to somebody very quickly and I totally agree. My least favorite part Is that money is somebody’s IOU /DEPT.