Where does money come from?
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A topic from Work & Money: General Finance
servelanSat 04/08/07 21:57 |
I saw this on YouTube and thought it must be a bit exagerated and a bit of a conspiracy story, which I don't normally fall for: It's US based but equally applies to the UK as we have similar banking systems. It talks about a thing called "Fractional Reserve Banking" and how banks create money out of thin air from lending us, companies and governments loads of money. I didn't believe it so went to Borders and checked a boring economics book and, yes, banks do create money from debt. There isn't gold in the bank's vaults to the value of the money in the world. It all seems like a bit of a con to make an elite richer, and the rest of us up to our ears in debt. If there's anybody with knowledge of banking and economics I'd be interested in knowing what you think. |
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