{"id":29269,"date":"2017-12-31T09:27:22","date_gmt":"2017-12-31T14:27:22","guid":{"rendered":"http:\/\/olduvai.ca\/?p=29269"},"modified":"2017-12-31T09:27:22","modified_gmt":"2017-12-31T14:27:22","slug":"a-bedtime-story","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=29269","title":{"rendered":"A Bedtime Story"},"content":{"rendered":"

A Bedtime Story<\/a><\/h3>\n
\n

We are explaining our money system to our grandson, James, now 14 months old\u2026<\/p>\n

His mother tries to get him to go to bed at 9 p.m. But the little boy\u2019s internal clock is still on Baltimore time; it tells him it is much too early to go to sleep.<\/p>\n


\nBill\u2019s living room transformed into a makeshift nursery<\/em><\/p>\n

Grandpa takes over, drawing out the monetary system like a general spreading a map on a field table. \u201cHere is the enemy,\u201d he says gravely. \u201cThey have us completely surrounded. We\u2019re doomed.\u201d<\/p>\n

James grumbles. He squirms. He has a sunny, optimistic temperament. But we think our explanations are sinking in.<\/p>\n

He seems to understand\u2026<\/p>\n

\u2026that money is not wealth; it just measures and represents wealth, like the claim ticket on a car in a parking garage.<\/p>\n

\u2026that our post-1971 money system is based on fake money that represents no wealth and measures badly.<\/p>\n

\u2026that this new money enters the economy as credit\u2026 and that the credit industry (Wall Street) has privileged access to it. The working man still has to earn his money, selling his work, by the hour. But Wall Street\u2014and elite borrowers connected to the Establishment\u2014get it without breaking a sweat or watching the clock.<\/p>\n

\u2026that a disproportionate share of this new money is concentrated in and around the credit industry\u2014pushing up asset prices, raising salaries and bonuses in the financial sector, and making the rich (those who own financial assets) much richer.<\/p>\n

\u2026that this flood of credit helped the middle class raise its living standards, even as earnings stagnated. But it also raised debt levels throughout the economy.<\/p>\n

\u2026and that it allowed the average American family to spend American money that Americans never earned and buy products Americans never made\u2026<\/p>\n

Instead, Walmart\u2019s shelves were stocked with goods \u201cMade in China.\u201d The middle class lost income as factories, jobs, and earnings moved overseas. Debt stayed at home.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Bedtime Story We are explaining our money system to our grandson, James, now 14 months old\u2026 His mother tries to get him to go to bed at 9 p.m. But the little boy\u2019s internal clock is still on Baltimore time; it tells him it is much too early to go to sleep. Bill\u2019s living […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6190,8989,6228,2069,536,860,868],"class_list":["post-29269","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bill-bonner","tag-financial-assets","tag-international-man","tag-monetary-system","tag-money","tag-wall-street","tag-wealth"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29269"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29269\/revisions"}],"predecessor-version":[{"id":29270,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/29269\/revisions\/29270"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}