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Desc:Animated film about how banks create money.
Category:Educational, Crime
Tags:money, banks, Debt, Federal Reserve System
Submitted:dancingshadow
Date:12/24/07
Views:1705
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Comment count is 13
Billy Buttsex
Dear Dancing Shadow: THANK YOU.

And Merry Christmas, too. :)
eatenmyeyes
They almost had me until they suggested that everyone's time had the same worth.
TinManic
meh, that was just a suggestion for reform. i'm already putting much of my savings into gold and silver.

OldScratch
Wow. This is real garbage economics. Why don't we re-establish a barter system and destroy the massive efficiencies through liquidity that the modern banking system creates? I didn't realise that debt was slavery? I thought it was an opportunity to access the value of my future work so that it can be better utilised as and when needed. Portraying bankers as chubbos in stovepipe hats, and taking economics quotes only from the 19th and early 20th century are the prime ingredients of fail.
Scynne
You don't know much about economics, do you?

The clip is rather dull, though.

kingarthur
So he forgot to say that credit was essentially gambling on your future. No big deal.

OldScratch
Not sure what you are talking about Scynne. Maybe you can explain how the two statements are wrong (which they aren't)-the banking system creates liquidity, and efficiencies over a barter system (a very inefficient way of tapping the value of assets); debt creates opportunities for the consumer and isn't bad, as the video implies? You are correct. The clip is dull.
poorwill
A barter system is very inefficient, but money as it is now is kind of a disaster. There have been several attempts to replicate the effects of a bartering system using liquid money. See 'Freigeld'. That, or something like that, would be better than what we have now, which is really fucked up and ironically anti-capitalist.

zatojones
Our monetary system is why you currently own a house and a car
dancingshadow
I can see how people would be hostile these ideas. OldScratch, you are right when you say "I thought it was an opportunity to access the value of my future work so that it can be better utilised as and when needed." This would be true if your future potential was assesed and paid in gold. but because money is created for your future work... all the money in existance is devalued (ie a hidden tax on the currency itself)... but thats not the real problem.
dancingshadow
The real problem is the interest applied to your loan. When you get the loan, only the principle is created as money. The interest must be gathered from the general money pool. And of course, by design there can never be enough to pay back all the loans with interest, so there are constant forclosures. This creates an artifical and perpetually accelerating rat race.
dancingshadow
Bankers win in the short term by sucking interest and gradually foreclosing on a certain percentage of real estate and real world value items. Everyone loses in the slightly longer term as the earth is shredded in an insane rush to payback a debt larger than all the money in the world.
shmocket
This is a really well presented film with fascinating insights. It seems impossible to escape from usury, since it is so deeply ingrained. What would happen to property? Recently a multimillionaire businessman called James Kahn was interviewed about the current mortgage crises faced throughout the world and mentioned the Shariah banking system in which it is illegal or immoral to charge interest. It's hard to take this seriously given that the same Shariah law system observed in some Muslim countries will mete out brutal lashings and infringe on basic human rights often based on your sex at birth, yet usury is considered immoral?
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