Money As Debt

by Stephen Hobley on March 28, 2009

Several years ago I asked my workmates the question:

“If a government needs more money, why can’t it just print more?”

We talked about inflation, and the linking money to tangible assets like gold, but soon realised that we didn’t have enought information to come up with a good answer.

I recently saw the “Money As Debt” video on youtube – if you’ve not seen it then I urge you to take about an hour of your time to view the whole thing.

Here’s part one (of 5):

I have no way of really verifying the information presented in the video, but it makes for compelling viewing. I can also see how an economic system like this could have evolved.

So far I’ve talked to 3 tellers and two bank managers – I asked them “When I get approved for a loan, whose account is debited when the credit is made to my account?”

No one knew where it came from – just from “The Bank”. When I told them about the idea of the 9:1 lending ratio, nearly all of them said “I can believe that”.

The longer I live, the more I come to believe that “Do what you want, just don’t get caught, shall be the whole of the law.”

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