The documentary shows you very clever young people who are designing fantastic new green products but they can't get a bank to loan them any money, so they are trying crowd funding instead. Capitalists tell us about how the rich deserve their wealth because they design products and services people want, but it is very difficult for real entrepreneurs to break through. The very smartest people are designing computer algorithms to extract money out of the system, and as these people tend to be financially secure, they are able to take huge risks because the worst that can happen if it all goes wrong is that they will lose their jobs, then they will just retire to live the good life. This isn't a meritocracy at all.
The documentary says how money creation is not considered important subject by economists and yet the banks can create almost near infinite amounts of it out of thin air which distorts the whole economic system, so it calls for only central banks to be allowed to create money. Margret Thatcher and Bill Clinton created this mess when they deregulated the financial system, it says.
4 comments:
Woodrow Wilson created this mess when he signed the Federal Reserve Act. Slick Willie deserves a special place in Hell for his contributions.
“It describes how the central banks have been flooding the system with cheap money since 2008 to try to keep the financial system afloat, “
Yo that is the loanable funds falsehood read the post 2 posts down...
Woodrow Wilson created this mess when he signed the Federal Reserve Act. Noah Way
Actually, a central bank is a moral necessity for a monetary sovereign lest its citizens be slaves to private banks as they are now.
But central banks should be forbidden from creating fiat EXCEPT for their monetary sovereign and, perhaps, via equal fiat distributions to all citizens.
And, of course, all citizens should be allowed accounts at the central bank and all other explicit and implicit privileges for banks, etc. should be abolished.
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