[1] Andy Turnbull, The Numbers Game, Red Ear Publishing, Toronto, 2001 and The System, Red Ear Publishing, Toronto, 2005.

[2] "Notice concerning the implementation of monetary policy in a system of zero reserve requirements," Bank of Canada Review, Sept, 1991 pg 25.

[3] In fact there may be no single billion-dollar loan when a financier buys a big companies because he will have backers who will 'put up' much of the money, but the money they 'put up' will be borrowed from banks and, when the loans are added up, they may total several billion. In terms of the bank's exposure the fact that the loans are guaranteed by several companies makes a difference, but in terms of the economy billions of dollars have been created.

[4] Paul Hellyer,, The Evil Empire, Chimo Media, 1991, pg 68 - 70.

[5] Bre-X, was a fake gold mine in Indonesia. Canadians invested about $3 billion in it before the bust. Newspaper stories about the collapse include "Bre-X Gold a Bust" in the Toronto Sun, May 6/97, page 4, and Felderhof's Big Fall, by Dana Flavelle, in the Toronto Star, page E1, May 9/97.

[6] Having said this I admit that my savings are invested in a mutual fund. I don't apologize for this because I have no alternative. In any case, my holdings are in a relatively small fund with an ethical manager who invests for the long term.

[7] Robert Heilbronner, The Worldly Philosophers, pg 193 et seq. This excellent book also outlines Adam Smith's and Alfred Marshall's ideas. I use the 1980 paperback Touchstone reprint by Simon and Schuster, New York.