A lucid and original account of where money comes from and why most people and businesses are so heavily in debt. It explodes more myths than any other book this century, yet it’s all about subjects very close to home: mortgages, building societies and banks, agriculture, transport, global poverty, and what’s on the supermarket shelf. The author proposes a new mechanism for the supply of money, creating a supportive financial environment and a decreasing reliance on debt.
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the detractors can’t back up their claims You’ll notice that people either love it or hate it. Please also notice that the detractors don’t offer any summary to rebuke the book’s basic thesis. Monetary reformists disagree with allowing banks to control money by the creation of money within the fractional reserve banking pyramid of “credit” (read DEBT). The debts of governments never decrease. Reduction of government debt actually hurts the economy (if you consider lack of growth to be a negative). Multiply the average per capita…
Required Reading This book makes you wonder what’s really going on in most economics classes. Despite the subject matter being something fundamental to our daily lives (money supply), one feels privy to deep secrets when reading this book – not because they are secrets, but rather the power of the status quo seems to have lulled the public into an unquestioning unawareness. I’ve asked educated financial-types to explain money creation, and they only offered the standard obfuscatory responses about increased…