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Money as Debt

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Nov. 12th, 2007 | 01:36 pm
mood: complacentcomplacent

This seems to bring together a lot of things I knew individually to be true about money, but hadn't really considered all together:
http://video.google.com/videoplay?docid=-9050474362583451279

I'd be interested in hearing any comments. The simplest things seem to inspire controversy -- people get labeled as crackpots even when they're just referring people to primary sources, definitions, and written laws. There's too much la la la I can't hear you in the world.

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Triple Entendre

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from: triple_entendre
date: Nov. 12th, 2007 09:04 pm (UTC)
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but isn't the actual supply of printed money a tiny percentage of the "money supply"? I just made a quick Google search, and it does look like Mr. Paul is using that phrasing as a sort of shorthand for "deliberately increasing the money supply".

But from what this video says, it would be somewhat better if the government really *did* print more money and directly pay its debts with it than the current method of causing there to be more money by giving itself permission to borrow it? And it also points out that a gold or silver standard isn't much more "real" either?

I like how local currencies can embody human effort -- by being backed by hours of labor rather than a promise to borrow the money from someplace else.

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