Friday, April 11, 2008

Money As Debt

This is a must-watch feature. Though a bit long, it is concise and informative. After you've taken the time to watch it, please leave a comment (by clicking "comments" just above) and let other readers know what you think. Thanks, guys.

BTW, credit should be given to Jonathan B. Melancon for introducing me to this piece of work.



Taylor Lambert said...

I've never really looked at things this way. Wow, it's scare.

Pettus said...

So the dollar is not backed up by confidence in the American consumer? Isn't that what we were taught in school? Man, I think I am confused, and I need to watch this again.

mike carson said...

Well, I have to say that I do feel a little more informed, but now I am wondering if I should go and get my money out of the bank now. Hell, even if I do, it probably cannot be worth much.

Pettus, I think that is what the movie was say: the money is only backed up by faith in someone's ability to honor payments of debts and not necessary an underlying asset. It would take confidence, or even lunacy, to keep this house of cards standing.

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