This remarkable little 4:47-minute video clearly describes what I’d call the existential irreality of “fiat money.” Frankly, for me, when I first heard about the actual status of this weird abstraction that now circulates (or not) as “money,” via William Greider’s book about the Federal Reserve, “Secrets of the Temple,” it took me years to absorb its message. Huh? No. Couldn’t be true! Really? True? Ommigod, it’s true. That little dialogue with myself went on and on; I kept sliding back and forth with it. Finally, thanks to Occupy, it sunk in. “Banks create money by loaning out money that doesn’t exist. And then charge you interest. There’s always more inherent debt than there is money to pay that debt, which creates scarcity consciousness.”
I appreciate the rousing end to the video as well, though wish it had gone further into creating alternatives to fiat money. But then, that’s our job. Just so we remember:”They would do anything to hold onto their power. But it’s too late.”
