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20
Jan
2008
Money is debt – A history of the banking system
Posted by The Mad Ape as Banancially Challenged, Finance, Investing, Scams
This video explains, rather succinctly, how the banking system has been created and has become the dominant force in the global economy. This is an eye-opening video that explains that without debt there would be no money. That is right…if we all stopped borrowing money then the economy would collapse. Scary huh?
The main reason behind is that the gold standard has been removed from banks so they no longer have to have gold to back the money that they create out of thin air. Scary simply scary! Guess I am glad that my currency is in bananas.
Seriously though, this process can not be sustaining over the long haul. Sooner or later there will have to be a correction and when that happens we should be prepared. Start hoarding precious metals is my philosophy. Gold will always have value!
Technorati Tags: debt is money, money is debt, the history of banking, creation of money
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One Response
SEO musings
January 20th, 2008 at 8:29 pm
This is a concept I truly understand, but I do not like having debt unless it is a debt for something which is actually worth something. Credit card debt is usually for frivalous items, and you pay so much in interest it really makes it so not worth it. Using credit to buy homes, do a remodel, or anything that helps you increase your net worth is a smart loan on your part to acquire.
SEO musings’s last blog post..Mince Pies
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