We sometimes hear the term 'fiat money', and get told that it's issued by states. States, though, are but one part of the modern fiat money system, which also includes commercial banks who issue their own form of money, and various institutions like Paypal that 'plug-in' to the banking sector. In this video I sketch out a broad overview of the state money system, bank money system, and payments system, whilst touching on controversial topics like 'fractional reserve banking' (credit creation of money), central bank digital currencies (CBDC's), and the 'War on Cash'. This video is Part 1 of a three-part series: the next video will go into the cryptocurrency systems that claim to challenge this fiat money system
