Money as Debt

[haju]

I am one of the highly educated professionals this video talks about who knew nothing about money.

Everyone should watch this video.

http://www.youtube.com/watch?v=vVkFb26u9g8

I think I agree with the old philosophy - usury *is* immoral.

Comments

[sim_james]

I haven't watched the video yet (just finished the Food Court Musical one) but I'm guessing that it's a criticism of the fractional reserve banking system.

I'm not really emotionally invested in the issue myself, probably because I haven't taken out a significant debt (ie, mortgage, investment or business loan). It's demonstrably not a perfectly stable system (or we might not have had the great depression) but it's the standard, we've had it for a couple hundred years, and I suspect that it will continue for at least fifty years before a better system is developed and made possible either by political and public will, or some kind of economic crisis.

Have you read anything about the Austrian School of Economics? It's a bit more libertarian than I'm entirely comfortable with but it's an interesting take.

[sim_puyo]

Your mum is immoral! Zing

[haju]

Well I had a brief conversation and interuppted conversation (Aunty Lucy, look at my ball land!) with my siter who actually understands monetary theory and I already feel much better. I need to find out more but perhaps the world is as it should be.