You’ve got no money in the bank

It’s an economic truth that no one has money with their name on it in a bank. All you have when you make that claim is a bank statement with an IOU printed on it. The bank has a debt owed to you. And that’s it.
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The Economic Truths Series:
1. An introduction to the economic truths series
• An introduction to the...
2. You’ve got no money in the bank
• You’ve got no money in...
3. Banks don’t loan out depositor’s money
• Banks don’t loan out d...
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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