Prague, Czech Republic

Banking

Bankovnictví

Bachelor's
Language: CzechStudies in Czech
Subject area: economy and administration
Years of study: 3
University website: www.vsfs.cz
Banking
Banks do not have an obligation to promote the public good.
Alexander Dielius, CEO, Goldman Sachs, Germany, Austria, Eastern Europe, January 2010 statement, as quoted in Wall Street Journal, May 2010.
Banking
Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.
Federal Reserve Bank of New York; Friedman, David H. (1977). I Bet You Thought.... p. 19. OCLC 5356154. 
Banking
The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money. … Confidence in these forms of money also seems to be tied in some way to the fact that assets exist on the books of the government and the banks equal to the amount of money outstanding, even though most of the assets themselves are no more than pieces of paper...
Federal Reserve Bank of Chicago; Nichols, Dorothy M (1961). Modern Money Mechanics; a workbook on deposits, currency and bank reserves.. p. 3. OCLC 510802.  The 1992 revision of this booklet is available on wikisource
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