Money as Debt – Promises Unleashed‘Money as Debt-Promises Unleashed’ – I watched this documentary last night.It is made by the same person who made ‘Money as Debt’.Here is more about it :

This documentary too is worth watching.Personally I found that it challenged my mind to stretch just a bit more to understand the supply of money. Honestly,I think I’d have to watch the movie a couple more times to take in all the implications of the arguments that Paul Grignon makes.The documentary did change my way about thinking about my bank deposits and it managed to convince me that indiscriminate money creation by banks and other financial institutions leads to many systemic problems.But at the same time I’m not able to buy the argument of the earth being unable to support infinite growth.It’s too Malthusian for my tastes.And I believe too much in the ingenuity of man and the abilities of science to accept that the world’s resources are so limited.Admittedly,man may devastate the earth in the short run and pay the price for it but mankind will also learn its lessons well and come up with the right solutions.I also find it hard to see compound interest,investing and modern financial transactions as an unmitigated evil.I believe that every financier is not a gambler.

No matter the money system we adopt,there will always be some one somewhere trying to game the system or outrightly cheat.The solution then is to have checks and balances that will not allow anyone to destroy the value of money. Small communities satisfied with local trade can adopt just about anything as money but to maintain the sort of international economy we have today we need something more complex.The alternative is to descend into the Dark Ages. Gold or silver backed currency has both advantages and disadvantages.It definitely keeps the value of money tied to something tangiable.However should somebody corner the bullion markets or should there be a surge in discovery or production of precious  metals as happened after the discovery of the mines of the New-World by Spain, the value of existing money is bound to be affected.As for governments being the sole issuers of money, I’m not certain that’s going to solve the problem for all times as governments are not beyond working to benefit  special interests.The real solution lies in working out caps on how much  credit can be created and just who is eligible for loans and how much.After all our current problems are largely due to sub-prime lending.It can’t be anyone’s case that people ought to be offered loans as a matter of right

Do watch the video below.It is in 8 parts.Tell me your thoughts I’d love to improve my own understanding of money.

About Keerthika Singaravel

One Response to Money as Debt – Promises Unleashed

  1. tania says:

    Terrific job!

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