All About the Money (Part 1 - Problems)

[python178]

i think its important to note that this banking system or" fiat money system" is used all over the world. as a matter of fact i cant think of one economy that uses a system backed by .... well by anything

[reevolutionable]

the systems broken and completely insane!

so basically everyone lose?

[SOSTacoJohnson]

You guys just aren't doing enough to get this video out there. I don't care if you make a secondary video and spam it out, knowing it will be rated down for spamming. People need to understand how to change the banking system, or all revolutions will be exercises in futility.

[supplementcouponcode]

a brilliant video - well done!!!

[jsd23]

I just spent two hours transcribing this video, before remembering it's possible to extract a video's captions to a text file. No regrets though because copying down the words myself makes it easier for me to remember what was said and ask questions, such as:

It was said the banks decide where the newly created money goes in the real economy. But surely their options are limited to organisations that are asking to borrow?

[tallicalad]

Businesses cannot just continue to grow... You cannot have infinite growth within a finite world.

[tallicalad]

You say in this video that Robert Peel passed a law which meant the BOE could only generate money, bringing it under control of the state but the BOE was private until the late 60s, early 70s.

[Tressco]

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes.

Money has no motherland; financiers are without patriotism and without decency; their sole object is gain."

- Napoléon Bonaparte

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."

- Lord Acton

[sutherlandjoan]

What then is the relationship of real money to labour? There are many of us who don't borrow, who are employed, and we get our money from our clients if we are self-employed and from our employers. Surely all the loans that are made to employers (house owners in effect "employ" the house to shelter them) are given because the bank knows/believes you can work in the future enough to pay the value of what you've borrowed.

[monkeybrainsmediauk]

I have a question that is bugging me. If I have a credit card with a zero balance but £10,000 credit limit, does the bank behind the card get to trade and gamble with this credit limit as if it has an asset value despite the fact I have not really used it or "borrowed" against that limit on the card? i.e. was 0 money created in this process because the balance is 0 or 10,000 because I have promised to be liable up to that amount?

[PositiveMoneyUK]

@monkeybrainsmediauk

With credit cards, the 'money' in the form of bank deposits (numbers in your account) is only created when you actually spend something on the card, no matter what your credit limit is. So no, they don't get to trade or do anything with your credit limit.

[Wulfyn99]

@monkeybrainsmediauk

They are gambling with the 'money' by letting you borrow it.

[monkeybrainsmediauk]

@Wulfyn99 You a right of course that it would be a gamble to lend me something they actually had but remember, if they can create something out of nothing before 'lending' it to me then they aren't actually 'lending' something in the traditional sense that most people assume is the case. This is what is so counter intuitive about this whole monetary system. Most people assume they are actually lending, not creating, so the absurdity and dangers remain hidden to most.