Let's say I still go to the bank.

Well, I have 250,000 cash, so I'll go to the bank for a loan for the remainder, for 750,000.

So, for example, for each one gold piece

So these 4 billion in liabilities, these are loans, maybe from other banks.

The Fed is trying to stave off a run on the banks.

They get a 1 million house overnight.

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I'm going to the bank.

And those loans from other banks, those are assets of other banks.

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over the total amount of

But he's a smooth talker.

And if this is a loan from Bank B, Bank B would have an asset called loan to Bank A.

And only 30 million people are in its eastern areas.

So Bank C will have an asset here that says, no I lent money to Bank B.

Mr. Bickersteth is an agreeable gentleman, but not bright.

And he puts it in the pizzeria's name, in the pizzeria's bank account.

So what's a home equity loan?

We're now going to make all of our mortgage payments, the 10 payment, to this bank, this investment bank.

Because by doing this, we prevent this cascade from happening.

In the U.S. right now, it's 10 , although the reserve commodity isn't gold anymore.

Well traditionally, if I want to get a loan I would go to my bank.

Defensive driving can help you avoid accidents.

I'm in banking. In banking? How'd you get into that?

Banco de Versailles, por favor.

You came to the bank to try and stop me, but you were too late.

I've just lost my job.

So at some point, they give up.

What bank?

Bank?

But you get the general idea.

It's not safe inside my house.

We're using 200 of that, so now we've kind of overdrawn our bank balance.

Oh, ah... It's banking.

These payments I would have been making would have been directly to the bank.

If people can find that that sub prime product has been transferred across nations many, many times until it ends up in banks in Iceland or the rest in Britain, and people's ordinary savings are affected by it, then you cannot rely on a system of national supervision.

My life became about getting rid of it and obsessing about getting rid of it.

So what just happened?

And it kind of spreads the risk amongst them.

Make it a local issue. And do prevention at each place, in the way it can be done there.

let's say, 300 gold pieces, we would actually give them the 300 gold pieces.

So how much wealth is gone from each person's perspective?

People start shorting the stock, the stock go starts going down.

Now we're not as familiar with the term bank note because we only see one type, or at least one type per country.

The traditional way I got a 1 million loan is I would go and talk to the bank.