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Olduvai III: Catacylsm
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Chapter 7: Secrets, Ignorance and Lies: Money, Credit and Debt

CHAPTER 7: SECRETS, IGNORANCE AND LIES: MONEY, CREDIT AND DEBT. “The tyranny of fraud is not less oppressive than that of force.” John Taylor of Caroline, Virginia (1814). Our money system relies on people not understanding it. If people understood it, they would demand reform.[1] The most outrageous falsehoods are propagated daily about money and banking. […]

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Chapter 6: American, Won and Lost

CHAPTER 6: AMERICA, WON AND LOST. After the United States gained its independence from Britain, it became powerful in the world in two very different ways: as an idea, and as a reality. ‘America the idea’ is a land of freedom and democracy, equality and opportunity, promoting these aspirations and values across the world. ‘America […]

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Chapter 5: Bubbles and Adam Smith

CHAPTER 5: BUBBLES AND ADAM SMITH. This chapter explores how laws enabling debt to be bought and sold transformed Britain. Suddenly, vast quantities of money and value were being created out of nothing. The effect was dramatic and widely commented on. Some people thoroughly approved, while others saw a new kind of tyranny taking over […]

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Chapter 3: How Money Works Today: A Summary.

CHAPTER 3: HOW MONEY WORKS TODAY: A SUMMARY. This chapter summarises how money works today. For convenience’s sake, there will be some repetition of material covered elsewhere. Founded on debt rented out at interest, the money system is difficult for most human minds (mine, for instance) to grasp. It is counter-intuitive, so much so that […]

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Chapter 4: Early Days

CHAPTER 4: EARLY DAYS. The situation we are in today has evolved over many centuries. Economists had plenty of time and opportunity to comment – and comment they did. Only recently has it become highly controversial to notice that banks create money, let alone to discuss the implications.[1] This makes the comments of earlier economists particularly […]

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Chapter One: The Money Supply: How It Came to be Created by Banks

CHAPTER ONE: THE MONEY SUPPLY: HOW IT CAME TO BE CREATED BY BANKS. The most important fact in economics today goes unmentioned by most economists and bankers: money is created as debt from banks, and it is cancelled when debts are repaid.[1] I have asked many economists and bankers why this is so seldom mentioned, […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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