Professor Jiang states that early banks primarily lent money to kings and noble people for wars, which carried risks like the king being killed or refusing to repay.

Professor Jiang asserts that central banking controls the world today.

Professor Jiang states that Chinese banks like the Bank of China, Bank of Industry and Commerce, and Agriculture Bank of China became the largest in the world over the past 20 years by creating money out of nothing to finance infrastructure projects.

Professor Jiang explains that the problem with the early banking system was the risk of bank runs if too many people demanded their gold back simultaneously.

Professor Jiang explains that historically, merchants who became wealthy started banks, trading in gold and issuing receipts for safekeeping, which facilitated trade.