Today we started off class discussing some headlines, namely a particular Spanish town that declared bankruptcy, as well as Britain's claim to have cut spending by 89 billion pounds.
We read a chapter out of Maybury's book regarding runaway inflation, also known as hyperinflation, particularly how it gets started and why it continues. We looked at hyperinflation in recent history.
Today's banking lesson went in-depth to show just how exactly fractional reserve banking works, as well as its role in increasing the money supply.
The students were given 35 minutes of personal reading time.
