Economy
In reply to the discussion: Can somebody please save me from Zeitgeist? [View all]napoleon_in_rags
(3,991 posts)But research shows that it does not. One of many sources:
There is a common misconception that banks or governments create money. Governments only borrow money into existence from the banks.
http://www.vantagequest.org/trees/money.htm#.URczGH1kd3A
But from the book:
"We need the Federal Government's spending to get the money we need to pay our taxes."
Yet all my sources say that the private central bank - in the case of this country its called the Federal Reserve - alone creates money. The only ability our government has to mint money is as coins, and thus the talk of the Trillion Dollar Coin to pay off the debt:
http://www.huffingtonpost.com/ellen-brown/the-trillion-dollar-coin_b_2508437.html
I appreciate what the author is saying, many of the ideas ignore the false scarcity which can only lead us into debt slavery. But he doesn't address the fundamentals: An economy where 50 trillion is owed in debt, but only 10 trillion exists as money, and its all owed to private banks. Contrary to what he says, the government CAN be insolvent, and that amounts to a handover of all the public assets to private bankers, as we've been seeing in Greece.