Cornbread Maxwell wrote:urbanbreez wrote:http://www.youtube.com/watch?feature=youtu.be&v=1gKX9TWRyfs
Can make u smurter, if watch close.
I thought Id take a stab at it, but I only lasted 10 minutes. Here is what I found:
Describing the monetary system as "one of the most socially paralyzing structures humanity has ever endured" shows a gross lack of historical knowledge. For someone who wants to appear as a source of intelligent reason, this is a laughable opening statement.
The basic money creation described around 3:30 - 5:00 skips arguably the most important step in the process: the sale of the federal notes to the public. Money is usually not created in this process, but it does allow the federal reserve to help direct the growth of the economy using interest rates.
5:00-8:40 describes a money creation multiplier effect which once again is inaccurate. When the bank loans the money to the debtor, it leaves the reserve, thus diminishing the amount available to loan whereas this author would have you believe that it doesn't get written off once it is loaned out.
10 minutes in - thats all I can stand.
Here is a much more interesting and much more accurate description of the working of the economy:
thedude wrote:A rap explaining why the economy crashes.
"Fear the Boom and the Bust"