i was watching youtube’s video. am i little confused. the guy is against inflated money or money at all?
I think he has the trivial notion to call dollar bills money.
The guy is an economic ignoramus. He is against “usury” and in favor of fiat currency (just not debt based).
This was one of my first exposures to fractional reserve banking, and the numerical examples confounded me for weeks.
Everything cleared up when I watched “Money, Banking and the Federal Reserve”.
Stick with real economics.
I second Sage. I emailed the author of that video because I think he has a really slick presentation and with some minor changes to the dialogue in the first half of the video (just throw away the second half where he espouses LETS systems, yuck), it could be a great teaching resource on the ills of expansion of the money supply through fraudulent credit.
But I was not able to persuade him that a strictly conserved money supply (a money supply where no money is ever created or destroyed, which gold approximates) would not end up in the hands of the lenders through interest.
*sigh
Also, check out Mises on Money. When you get done with MoM, you will be a currency and credit guru - it’s very accessible, too.
On a completely unrelated note, check out my little YouTube vid on inflation… since we’re posting YouTube links. [H]
Clayton -