Money As Debt (4 of 5)

Producers Comments on the Movie, Money as Debt
Born in Toronto, Canada in 1948, I first became suspicious of our money system when I was in high school in Ottawa. We were studying logarithmic functions such as interest and it struck me that a money system in which money accrues interest at every turn could only function with exponential growth of the money supply. Something did not make sense to me. I wasnt sure what it was but I had a strong feeling that banking was a scam designed to benefit bankers at the expense of everyone else. I vowed never to get into debt to bankers.

As fortune would have it I got to (mostly) fulfill that vow. As a hitchhiking, backpacking young adult I was led to Gabriola, a forested coastal island off British Columbia, Canada where the building code was not yet in effect. My partner and I were able to take up residence in a tent, then a shack and as the years went by, and our four children arrived, our primitive shelter without water or power gradually evolved into a modest but comfortable owner-built paid-for home. This was achieved on a sporadic income that would never have been sufficient to buy a home had we gone the conventional mortgage route.

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Category:

Education

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• Money
• As
• Debt
• 4
• of
• 5

[ananiasacts]

I agree there are externalities associated with banking that should be redressed, but I also think the fractional reserve systems makes perfect sense. That there is nothing immoral about interest at all, any more than there is getting paid rent on any other asset you might loan to someone. I think there are simpler ways to fix the hidden transfers of wealth that prevent the price we pay for the choices we make (as individuals and societies) from matching their true cost. That's what you want.

[ananiasacts]

What about insurance? Is that an immoral business as well?