I'm a little put out that no one really explained this to me before. I mean, I kind of had a vague knowledge that money was created as credit by banks, but didn't really know how it worked.
After watching this, I forwarded the link to a few friends, one of whom nearly immediately replied thusly:
It's funny you should mention that video.
My boss has a math degree, was a securities broker
for years, has done $2 billion worth of corporate
acquisitions and is generally a sharp guy who
understands Wall Street. Three days ago, he asked me
to download that video and pop it on a DVD and give
it to his college-age daughters.
So. Not hooey. This is how things work.