Many people prefer to spend money and not save it. What are the reasons? Is this a positive or negative development?
Want more clear understanding? Check the Transcript below Click Show to see the Transcript: Audio Text Select What is Money? We all use money.
We need it to buy things. We work hard to earn it. We save it for retirement, or a rainy day. Why is there sometimes too much of it, making us believe that the good times will never end?
Where did all that money come from? And why is there suddenly not enough money around? Why are people struggling to pay their bills? Where did all that money go? The surprising fact is that most of the money in the UK is created by banks. Like a magician, banks make the money appear, seemingly out of nothing, whenever they make loans.
But this money is not what it seems. This money is credit and is temporarily on loan from the banks. We use it as money. We believe that it is money. But because it is credit, at some point in the future it has to be paid back.
And when it is paid back it disappears. This is not a trick — this is how almost all of our money is created and destroyed.
So how dependable is this bank created money that we all rely on? More loans and mortgages means that more money is created, and before you know it, house prices go through the roof. So then the banks stop lending, and suddenly there is not enough money.
Businesses go bust, people lose their jobs, and houses are repossessed. This is what caused the financial crisis. And fundamentally nothing has changed since then.
Money is still conjured up by the banks. And it still disappears when debt is repaid. Positive Money is campaigning to change the way money is created. And we need you to get involved.
I hope you found this gap fill exercise helpful.
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