What is Money?

Speaker: Mark Staley

Affiliation: TD Bank

We earn money, borrow money and spend money every day, yet few of us understand what it is or where it comes from.  The vast majority of today’s money is not backed by any commodity such as gold, nor is it created by the government.  Rather it originates and resides as pure credit in the computer systems of private commercial banks.  The purpose of this talk is to review the concept of money, its historical origins, and to explain how money is created in the modern economy