Finance & Fury Podcast
546 episodes - English - Latest episode: 11 months ago - ★★★★ - 4 ratingsThere is zero formal financial education through the standard schooling system.
Your formal education prepares you for your career and making money! ...but after graduation you're on your own trying to figure out what to do. This leads to a lot of frustrated, furious people!
Finance and Fury picks up where your formal education left off, providing a unique insight into the world of economics, personal finance and building wealth with three different episodes each week.
To start the week, in Mondays' episodes we look directly at personal finance, so you can act independently and make your own financial decisions - not follow the crowds. Let's be real here, how well is that working out for the ‘average’?
Say What Wednesdays – Each Wednesday we give you the answers you are looking for and respond to questions from our listeners (that's you!)
Furious Fridays – Each Friday we explore often misunderstood topics about finance and the economy, shedding some light in dark places, and challenging some common misconceptions.
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Episodes
The lessons from the Nifty Fifty. Are we repeating the same mistakes of the past?
March 29, 2021 09:06 - 24 minutes - 22.3 MBWelcome to Finance and Fury. Today’s episode is lessons from the nifty fifties – bit of a history lesson as well as looking back to lessons that can be learnt from this, to help not make mistakes of the past. This is a particular bubble and market correct that most people wouldn’t be familiar with – especially when compared to the 1929, 1989, or 2008 crashes which were more world wide or a complete systematic risk This mini-bubble occurred in the US back in the 1970s – the term Nifty Fi...
Is it time to start investing using a value strategy?
March 22, 2021 08:38 - 22 minutes - 20.1 MBWelcome to Finance and Fury. Time for value? Looking at the value rotation occurring within the share market A value rotation is a term used to describe a shift in investment behaviour – where investors start favouring value shares instead of growth shares Previous episode – inflation expectations and what is occurring to bond yields – did an episode a while back on why growth shares have been beating value – however a rotation may be occurring – where value investing may start catching u...
When bond yields start to rise, what happens to the price of gold and shares?
March 15, 2021 08:29 - 24 minutes - 22.3 MBWelcome to Finance and Fury. In the last episode I went through the bond market and how inflation expectations being on the rise are having their effects, yield curves starting to steepen. So what will happen to other asset classes? In this episode we will look at this question. If the trend of nominal yields continues, what will be the effects on different asset classes, cash, shares and gold? Before we get into that – quick recap that when talking about yields, it is the returns on bond...
Why are yields rising in the bond markets despite the RBA’s best efforts?
March 08, 2021 08:49 - 19 minutes - 17.6 MBWelcome to Finance and Fury. This episode we will be looking at what is happening in the bond market, how the RBA is struggling to maintain their targets on bond yields for 3y and 10 year - as well as some of its implications on the debt markets and government. What is going on? over the last few weeks there has been a surprise to the markets – the emergence of a higher 10-year rates on government bonds – the rates went up about 0.45% in Feb and 0.55% since the start of the year This wa...
Are sectors of the US share market in financial bubble territory?
March 01, 2021 08:34 - 22 minutes - 20.8 MBWelcome to Finance and Fury. Are sectors of the share market in a bubble, one in particular that comes to mind would be the US tech sector. There have been many bubbles in financial markets throughout history – if enough excitement is generated around some new asset, or commodity that is seen as the next big thing and everyone starts buying – bubbles can emerge in prices covered some of them, south sea bubble, tulip mania – one that may be the most similar is the dotcom bubble – But how...
Investing in infrastructure as part of a wealth accumulation strategy.
February 22, 2021 08:56 - 26 minutes - 23.8 MBWelcome to Finance and Fury. This episode will looking at infrastructure as an asset class, to see if it can help to provide some diversification for portfolios and decent moving forward. Infrastructure – physical assets that provide services that are essential for us to live our lives. The aim is to invest in assets that if the market booms or busts, it provides some diversification to traditional asset classes. Traditional Asset classes – Defensive – Cash, Fixed interest (gov, corpo...
What is stakeholder theory and what does it mean for capital markets and investments?
February 15, 2021 05:25 - 25 minutes - 22.9 MBWelcome to Finance and Fury. What is stakeholder theory and what does it mean for capital markets and investments? World Economic Forum annual agenda occurred a few weeks ago. One year ago, the World Economic Forum launched a new ‘Davos Manifesto’ in support of stakeholder capitalism – this year – stakeholder capitalism, or stakeholder theory was at the forefront of many of the agenda’s What is stakeholder theory – like many things, the definition has changed over time – Originally - Stak...
Market integrity, disruptions, innovations and the fallout of Wall Street versus retail traders.
February 08, 2021 07:12 - 24 minutes - 22 MBWelcome to Finance and Fury. In this episode, we are going to look at some of the potential fallouts from the GameStop saga – looking at market disruptions, market integrity and the ongoing implications of potential regulation changes If you want an overview of this – check out last Mondays episode. But in short - Gamers are good at playing games – when they know the rules The rules of the financial game are starting to be more understood by people online - Some people on reddit were p...
Welcome to GameStop: may we take your order?
February 01, 2021 10:00 - 27 minutes - 25.4 MBWelcome to Finance and Fury. In this episode, we're going to cover the GameStop saga. It's still ongoing at the time of recording this, so new information may be out by the time you listen. I wasn’t going to cover this topic – I saw this first pop up either Monday or Tuesday last week – looked like a funny story – retail traders sticking it to hedge funds – but has evolved over the last week to something much more – and has been making headlines everywhere – in this episode – want to give...
Investing in Asian markets.
January 25, 2021 03:25 - 24 minutes - 22.5 MBWelcome to Finance and Fury. This episode on about how to invest in Asian markets and how to avoid some of the biggest pitfalls in these markets – I have covered the Aus market, and the US market in detail, but haven’t covered much on a giant portion of investments that are available – that is Asian markets Why would you want to invest? Number of people in this region is around 4 to 4.5 billion people – or over 50% of the world population Along with this – comes the companies that p...
How to build a positive wealth mindset on your road to financial independence.
January 18, 2021 09:27 - 19 minutes - 17.8 MBWelcome to Finance and Fury. Positive wealth mindset, or a growth mindset for your finances To start with – lets imagine that you’ve hit the lotto jackpot! Say you win $20m – it is a lot of money – enough for any person to reasonably retire on So, now that you may be able to be considered FI - what are you doing with your time? Where are you living? And how are you living your life? This might be pretty hard to actually think about for some people - it depends on much time you’ve act...
How to avoid financial distractions and hack spending habits.
January 11, 2021 07:00 - 22 minutes - 20.7 MBWelcome to Finance and Fury, I hope you are all going well. Today we will be going through how to avoid financial distractions. This episode is a little bit of a follow up from the previous - as one of the comments I made was a little oversimplified – that was that if you simply spending less and invest these funds – you can achieve more in your financial future – It is not as easy as it sounds – it is very easy to say to someone spend less and invest more – but to actually achieve this a...
How to achieve your new year financial goals through turning them into daily habits.
January 04, 2021 10:32 - 20 minutes - 18.9 MBWelcome to the Finance and Fury and the new year, 2021. Hope the start to the year has been good for you all – as in this episode we will be looking at how to work on your financial goals through the year through turning these into daily habits Last episode - Stared off with a question; looking back on the year, are you in a better or worse financial position? We also went through some foundations on setting goals – but importantly – narrowing these down to 3 major goals that are of yo...
Creating new year financial plans to turn into financial actions.
December 28, 2020 03:58 - 16 minutes - 15.4 MBWelcome to Finance and Fury. I hope you all had a good Christmas – if you are like me might be a few kg heavier. This episode – be looking at making new year plans – new years is upon us – many people have new years resolutions. To start with - looking back on the year, are you in a better or worse financial position – been a tough year for a lot of people But in todays episode - how to be in a better financial position this time next year Going to look at how you can always be ahead ...
What is momentum investing and can this be the best investment strategy in a world where fundamentals mean little?
December 21, 2020 10:10 - 18 minutes - 17.3 MBWelcome to Finance and Fury. This episode is about what is momentum investing and can this be the best investment strategy in a world where fundamentals mean nothing? Over the past few years – value managers – or those that try to estimate the fair value of a company and base their purchasing decisions around this have struggled to provide alpha – Alpha is the returns above the benchmark – or the index – and those active managers trying to provide value through buying undervalued compa...
Vanguard’s plans to disrupt the Australian superannuation industry.
December 14, 2020 08:44 - 17 minutes - 16 MBWelcome to Finance and Fury – Vanguard bringing in some disruption to Australian markets - If you haven’t heard of them – Vanguard are the world's second biggest asset manager – dealing in index funds and ETFs Vanguard – have almost $9 trillion of funds under management world wide company's incredible rise since being founded in 1974 by investor Jack Bogle – providing low cost access to indexes – originally with managed funds but recently been branching out into ETFs But they have recen...
Checking if your superannuation is appropriately invested for you.
December 07, 2020 09:47 - 23 minutes - 21.3 MBWelcome to Finance and Fury. Today we’ll look at how to get the right investments in super. Because super funds take care of it for people – a lot of people don’t pay attention – so in this episode want to explain what to look for and how to help determine if your investments in super are appropriate – Not advice – seek advice if you are unsure What is super? Most people think of superannuation as just something your employer pay in to so that when you turn 60 you can access it. Ev...
A quick announcement about episodes for the rest of the year
December 02, 2020 03:53 - 56 seconds - 865 KBHi and welcome to Finance and Fury. Just a quick announcement today. Only going to be doing Finance and Fury Monday episodes for the rest of the year. There is a lot going on with work and life in general and I just need to cut back a bit on the episodes. Had to make a decision on which episodes to cut out, so will still be doing the Monday episodes focusing on personal finance. If you send a question through – might not be answered for a little while Just wanted to let you know ...
How to use your own home as part of a wealth accumulation strategy.
November 30, 2020 08:19 - 23 minutes - 21.4 MBWelcome to Finance and Fury. This episode will be about using your own home as part of a wealth accumulation strategy Some strategies that I plan to do First – what is a home – a lifestyle asset – is still technically an asset as it has a value – as long as someone else is willing to buy it off you I personally have never really seen a home as a financial asset - it technically losses you cashflow when it has a mortgage – and even when it doesn’t from a mortgage if this has been repaid ...
Would a one world currency actually work?
November 27, 2020 04:31 - 24 minutes - 22.1 MBWelcome to Finance and Fury, the Furious Friday edition. In this episode we will look at the concept of a one world currency and if one single currency could actually work for the world? There has been an increased level of discussion around this topic over the past few years – especially with central banks looking to adopt digital forms of currencies over the next few years However – these are based on the individual country’s central banks - There are about 195 countries – depends on w...
Can you own your personal place of residence inside of a family trust?
November 25, 2020 09:17 - 14 minutes - 13.5 MBWelcome to Finance and Fury, the Say What Wednesday edition, every week answering your questions. This week we answer Stephen’s question: “Hi Louis, I saw an article about purchasing a home inside of a family trust for asset protection. I’m just wondering if you have seen this done before and if you think it is a good idea?” Thanks for the question – this episode – look at purchasing your own personal place of residence inside of a family trust – and what the pros and cons of this stra...
Why I finally bought another property and is this a good financial decision?
November 23, 2020 09:40 - 20 minutes - 18.3 MBWelcome to Finance and Fury. This episode is about a bit of personal story “Why I finally bought another property and if is this a good financial decision?” So – if the episode title didn’t give this away - I have recently bought a property – well - technically not true – we purchased land – and are building on this for a home to live in – so I wanted to share my story and thinking on this decision – hope it can help others who are in a similar position or thinking to myself To start – if...
What are the proposed changes to the responsible lending laws and what this means for Australian borrowers and the economy at large.
November 20, 2020 03:47 - 21 minutes - 20 MBWelcome to Finance and Fury, the Furious Friday edition. In this episode – we will be going through the potential changes to the current Responsible lending laws that may occur next year – as these laws will either be watered down or completely removed - As it stands - The government has plans to reform responsible lending laws to reduce “the cost and time it takes consumers and businesses to access credit” These proposals are part of the Federal Government’s economic recovery plan - ...
What is going on with the US election?
November 18, 2020 11:36 - 27 minutes - 25.4 MBWelcome to Finance and Fury, the Say What Wednesday edition. This episode is all about answering the question – “What is going on with the US election?” You might think that there is a simple answer – that Biden is the president elect – hard to think he isn’t when we have the media calling him that so it must be true, right? Well he isn’t - to be clear – Biden has won nothing at this stage - whilst he has been called president elect by the MSM – and the associated press has called the ele...
Strategies to clarify your needs versus your wants to help secure your financial future.
November 16, 2020 09:21 - 20 minutes - 19 MBWelcome to Finance and Fury. In this episode I want to discuss and clarify the concept of needs versus wants – especially in relation to spending habits Needs and wants - Each of these terms can be very subjective – as what is a need for one person may be a distant dream, or simply a want for another – where they have no means of actually achieving the essentials of another person So in this episode – we will go through how to discover and clarify the differences between what your wants a...
Why are profit incentives needed for a well-functioning society as opposed to trying to legislate this as an intended outcome?
November 13, 2020 07:05 - 20 minutes - 19.1 MBWelcome to Finance and Fury, the Furious Friday edition. In this episode, I want to look at a core concept of economics – the need for monetisation/value of objects for them to exist – that is – that profits are a factor that help to maximise most outcomes in society This comes back to the very concept of a free market versus socialism – Profits or placing value on things is often pointed to as an evil of the free market – there are some merits to this – especially when looking specific...
What are some strategies to help prepare your children’s financial futures?
November 11, 2020 08:01 - 15 minutes - 14.1 MBWelcome to Finance and Fury, the Say What Wednesday edition. This week’s question is from Ruby. “I was speaking to my husband and we want to help financially prepare our children and I am just wondering if you have any strategies to help with this?” Thanks for the great question - Depends what you mean by preparing for your kids financially – Two ways to view this – the monetary side - i.e. them having access to funds or having expenses covered for how they value money – which come...
Dollar cost averaging - how and when can this best be used for investment purposes.
November 09, 2020 11:30 - 19 minutes - 17.7 MBWelcome to Finance and Fury. This episode will be explaining the dollar cost averaging strategy. It seems to be a pretty simple strategy – but one hard to get right – so want to run through it and when to use it in further detail What is a dollar cost averaging strategy – DCA for short It is breaking up investment timing - Dollar-cost averaging (DCA) is an investment strategy in which an investor divides up the total amount that they wish to invest across periodic purchases The aims ...
What is the real economy and why should this be left alone?
November 06, 2020 06:51 - 22 minutes - 20.8 MBWelcome to Finance and Fury, the Furious Friday edition. Two weeks ago on Furious Friday, we went through an intro to the great reset. This episode we will look further into this topic, at some of the proposals and break these down further. I managed to talk to someone involved with the WEF in the interim which provided some good insights If you haven’t heard - The great reset is all about resetting the economy and society – resetting in the way that a handful of individuals at the top of ...
Is it better to rent or buy a property in the current economic environment?
November 04, 2020 09:09 - 20 minutes - 18.5 MBWelcome to Finance and Fury, the Say What Wednesday. This week the Question is from Emma. “Hi Louis – Would like to get your opinion on if it is a good time to buy a property to live in or if it is better to continue renting? We have saved up for enough of a deposit to buy a property for around $600,000 and have been planning to buy for a while. But do you think that property prices are set to decline? Love to hear your thoughts.” Great question – one I have been battling with personally...
Is it a good time to invest? How to overcome investment uncertainty and start investing.
November 02, 2020 09:20 - 16 minutes - 15.3 MBWelcome to Finance and Fury. Things seem to be calming down – markets have recovered somewhat – the US election volatility has been minimal – may see some short-term movements this week This episode – How to overcome investment uncertainty and start investing! The truth is that if now is a good time to invest comes back to time scale – Nobody can tell you if it is a good time to invest today compared to tomorrow – probability is almost like flipping a coin As you expand the timefr...
Financial markets and their comparisons to betting on the US election.
October 30, 2020 08:43 - 21 minutes - 19.3 MBWelcome to Finance and Fury, the Furious Friday edition. In this episode we will not be looking at the great reset further, that will be next week, but instead we will be having a look at how financial markets compare to the betting markets – in relation to the upcoming US election Decided to cover this topic pretty last minute – bit we will be finishing up the great reset next week – it is just that this topic is very topical at the moment -with the US election in just a few days – I f...
What are the governments gas-fired recovery plans and can this help with economic growth?
October 28, 2020 07:15 - 21 minutes - 19.7 MBWelcome to Finance and Fury. The Say What Wednesday edition. This week we’re continuing the Question from Phuong - Part of the question from last week that wasn’t covered. “I heard about the Government’s plan to build some gas station? do you think this is green energy and does it help with economic growth?” Last Say What Edition episode – went through the future energy plans that Governments have – a lot of this has to do with CO2 emission reductions In this episode – be focusin...
Investing for an income yield in the current economic environment – which asset class is best?
October 26, 2020 22:43 - 25 minutes - 23.7 MBWelcome to Finance and Fury. In this episode we will be looking at where to invest in the current economic environments for yields, or passive incomes in the current environment. Best place to invest for yields changes, a lot of this has to do with market environments: Major market changes have to do with a few factors – interest rates, property prices, and dividend policies When looking at the financial markets in general – there are many different places that you can normally get an i...
Introducing the great reset and what is on the agenda of the World Economic Forum.
October 23, 2020 08:04 - 19 minutes - 17.7 MBWelcome to Finance and Fury, the Furious Friday edition. I hope you are all going well. This episode is all about “the great reset”. It sounds like some weird, out there agenda, but it is carried out by some of the most influential organisations on earth. I want to look at this further and explain what the plan for the great reset is. Now - The Great Rest is the theme of the upcoming World Economic Forums 50th Annual event in January 2021 From reading the initial proposals – it seems...
What is green energy and what is the future of the energy market in Australia and around the world?
October 21, 2020 06:36 - 19 minutes - 18 MBWelcome to Finance and Fury, the Say what Wednesday edition. This week is another great Question from Phuong. “What do you think about the future energy plans for Australia and the world in general? I heard about the Government’s plan to build some gas station? do you think this is green energy and does it help with economic growth? I know we have some share in Uranium and lithium. do you think Australian Gov will ever consider nuclear energy?” Thanks for the great question – prett...
The superannuation changes coming to an account near you.
October 19, 2020 09:29 - 24 minutes - 22.5 MBWelcome to Finance and Fury. In this episode – want to look at the proposals for the superannuation industry overhaul – released in the latest budget – as there are some pretty big changes – In the budget – the super system is likely to be in for a shake up due to the reforms proposed But this time – unlike previous proposals – these changes are going to be affecting Industry funds/my super accounts – unlike WRAP or SMSF accounts which have been a major focus of a lot of legislation over ...
What is the relationship between the money supply and nominal GDP growth?
October 16, 2020 07:48 - 20 minutes - 19 MBWelcome to Finance and Fury, the Furious Friday edition. In today’s episode I want to explore the effect of monetary inflation (in other words the increase in the money supply) on GDP growth Covered GO compared to GDP in Wednesdays episode this week - To go one step deeper – want to look at the fact that nominal GDP looks to be directly inflated by additional money introduced into an economy – essentially in the form of credit – therefore - GDP growth is simply a reflection of additional ...
Is Gross Output (GO) going to replace Gross Domestic Product (GDP) and are there any problems with this?
October 14, 2020 03:31 - 21 minutes - 19.3 MBWelcome to Finance and Fury, the Say What Wednesday edition. This week the question comes from Todd. “Hi Louis, I just saw Steve Forbes talking about how Gross Output (GO) is going to replace Gross Domestic Product (GDP) as a measure of how well the economy is going? I was wondering if you agree with Steve on GO? I had heard in the past that GDP was not perfect, but had been used because it was the best option available. Are there problems with GO that will also cause problems when try...
How to use the recent tax cuts as an opportunity to build additional wealth!
October 12, 2020 09:23 - 21 minutes - 20.1 MBWelcome to Finance and Fury You might have seen the budget that came out last week – in this episode we will be looking at the bringing forward of the tax cut – but also using this as an opportunity and what to do with it The budget and the tax cuts – The Government passed its Budget tax cuts last Friday, after bringing forward major cuts slated for July 2022 to July 2020 So this tax cut will be back dated –people will get a refund at tax time or the PAYG will be adjusted for lower t...
Why are billionaires in favour of Universal Basic Income?
October 09, 2020 11:49 - 19 minutes - 17.9 MBWelcome to Finance and Fury, the Furious Friday edition. Last week – went through the rise in billionaires in favour of additional socialist policies – went through why I think this is the case - I think that most of the billionaire class are in favour of calling for socialism due to it giving governments more control over the economy – and hence increases their political influence over the economy to benefit themselves Not true socialism – but a socialism lite version to help create a...
Do robots pose a danger to the employment sector and what does future of employment look like?
October 07, 2020 07:26 - 20 minutes - 18.9 MBWelcome to Finance and Fury, the Say What Wednesday edition. This week’s question is from Phuong. “Hi Louis - With strikes happening at Sydney’s port recently and worker asking for pay rises, do you think that Robot will eventually replace human workers? And what are future job for younger generation, do you think?” Thanks for the question – brings up a great point – in todays episode – look at the rise of the robots – does it pose a danger to the employment sector and what the future of...
A simple way to outperform the market – follow the Fed!
October 05, 2020 08:19 - 16 minutes - 14.8 MBWelcome to Finance and Fury. This episode – be looking at one of the simplest ways to potentially generate alpha and outperform the broader market It’s been a decade since financial markets have become increasingly centrally-planned by central banks and with this - disconnected from fundamentals Hence – traditional analysis of shares based around their fundamentals may not provide outperformance – however – I think it is still important to understand which are good companies to buy int...
Why are some billionaires in favour of a more socialist state?
October 02, 2020 07:21 - 19 minutes - 18 MBWelcome to Finance and Fury, the Furious Friday edition. This episode – be looking at the weird combination between socialism and billionaires that is emerging – especially focusing on why billionaires are increasingly becoming in favour of socialism? Or additional government controls over economic function Interesting development - Wouldn’t think that these two worlds would collide – the only time I could think of socialism being used in the same sentence is to take away the billionaires...
How do exchange rates, oil prices and fiscal deficits affect our lives within the economy?
September 30, 2020 09:19 - 21 minutes - 20 MBWelcome to Finance and Fury, the Say What Wednesday edition. This week’s question continuing on the from Raj in last two weeks episodes – interesting topic on how factors affect the real economy – which is us – so this episode will to continue on a similar line –will focus on the remaining factors that can affect the real economy - fiscal deficits more and then the real inputs to the economy, like forex, oil prices and trade imbalances All previous factors – like interest rates can affe...
Taking a deeper look at the property price models of the RBA
September 28, 2020 08:03 - 17 minutes - 16.3 MBWelcome to Finance and Fury. This episode we’ll take a deeper look into the RBA property market models and how different inputs affect prices. Potential models that give the ability forecast future growth of the market based around assumptions – from a study by the RBA - A Model of the Australian Housing Market Not set in stone – it is a best guess model – the accuracy is built around the assumptions – But the RBA built an empirical model of the Australian housing market that quantifies i...
Overcoming political divisions in a partisan world
September 25, 2020 07:54 - 18 minutes - 16.7 MBWelcome to Finance and Fury, the Furious Friday edition. This episode is a little different – it is some of my commentary about the political division that is starting to emerge – especially in America – but also how to avoid it in your own lives and also prosper through it Populations being divided It is a natural part of any cycle – and in a pretty natural occurrence in the world at large – there is nothing new to people thinking differently – but to what degree and the degree to which ...
What is the “yield curve” and can this affect the economy?
September 23, 2020 05:09 - 21 minutes - 19.9 MBWelcome to Finance and Fury, the Say What Wednesday edition. This week’s question is continuing on the from Raj in last week’s episode. “I would love to have an overview of how certain economic factors are interlinked and impact economies” This episode look at Yield curves and bond prices and touch on fiscal deficits Last week – looked at the other factors – mainly CB policies including interest rates, inflation and the monetary supply – but can’t talk about these without the flow on e...
Can following insider’s trades lead to better investment returns?
September 21, 2020 08:16 - 17 minutes - 16.1 MBWelcome to Finance and Fury. In this episode be looking at one piece of information in the share market – insider trading There is a lot of information in the markets that can be looked at – can look at the fundamentals of an individual company – can also look at systematic information – economic indicators In this episode – look at one specific bit of information which markets provide and that is the behaviours of insiders of the share markets – specifically directors or people working ...
Why do banks seem to have the ability to lend never ending amounts of money?
September 18, 2020 08:26 - 19 minutes - 18.2 MBWelcome to Finance and Fury, the Furious Friday edition. Today – discuss the topic of banking policy changes and how this opened the gates for the potential of never-ending money supply in the modern banking system To start with – look at How does money get lent out in Australia? Well – by a bank of course – you go to a bank to borrow money but what are they allowed to lend around? Well in basic economics – banks are treated as a financial intermediary – their role in a traditional se...