The following is about an English Medieval King who was in debt to the bankers, and how it compares with the present day situation in Greeece, and the Eurozone. There is even reference to a "form of fractional reserve banking" in which new money as a repayable loan is leveraged (ie. created out of thin air) on the basis of a reserve ratio (ie. the "limit" on the amount to be created based on a fraction of reserves held!!!). Steve Keen, Chris Cook, and others seem to think this is not the case even though official documents seem to support some form of fractional reserve banking. http://www.bbc.co.uk/programmes/b01b9jnp BBC - BBC Radio 4 Programmes - The Long View, 31/01/2012 www.bbc.co.uk Jonathan Freedland explores a moment in history that illuminates a current debate.