Wealth? Lol… August 10, 2007Posted by Wilz in Society.
Many thanks to my friend E who led me to this video.
I’ve always had this nagging feeling that something was wrong with the concept of money, mainly having to do with the fact that it can be devalued. The textbook explanations of inflation and currency fluctuation simply does not make sense to me. Why don’t the geniuses in economics just … fix things if these fluctuations can lead to so much losses? We’re not talking about some guy losing a million bucks. We’re talking about trillions of dollars lost in countries, resulting in starvation and death.
Most of us have learned as students that money was a human invention to simply the trading activities of mankind, and that paper money originated as IOUs – a statement of debt. I’ve even tried to think of money as a commodity to help myself make sense of everything. However, not being a student of economics, I couldn’t understand what exactly was wrong with the system. I merely guessed that people got a little too creative with the idea of money as time went by. This video explained it all…
The video is three hours plus long. If you plan to watch only two documentaries in your lifetime, watch this one (the other being An Inconvenient Truth of course).
As usual, both sides of the issue, blah blah… I’m quite aware of what the argument against this video would be – how the free market is the best force there is etc etc. How true is that? What substantiation to that is there? Considering that a good number of my personal historical heroes spoke up against the monetary system we use today, I’m quite convinced this video holds plenty of truth.
Regardless, the simple fact that the Bank of England and the Federal Reserved of the US of A (both central banks that controls how much money is in circulation in the respective countries) are privately owned is enough to convince me that something is terribly wrong here.