{"id":6127,"date":"2015-03-01T17:38:43","date_gmt":"2015-03-01T22:38:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6127"},"modified":"2015-03-01T17:38:43","modified_gmt":"2015-03-01T22:38:43","slug":"how-our-crazy-money-system-wo","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6127","title":{"rendered":"How Our Crazy Money System Wo"},"content":{"rendered":"

How Our Crazy Money System Works<\/a><\/h3>\n

Squirrelly and Subtle<\/strong><\/h3>\n

Yes, we were in London, taking care of business. Now, we\u2019re back in Buenos Aires. We\u2019ve tried medication. We\u2019ve tried prayer. We\u2019ve tried heavy drinking \u2013 all in an effort to understand how our crazy money system works. And where it leads.<\/p>\n

You\u2019d think it would be easy. It\u2019s just Central Banking 101, no? Well, no. It is squirrelly\u2026 and diabolically subtle. We doubt anyone understands it \u2013 especially those who are supposed to control it.<\/p>\n

The basic unit for the system is a kind of money the world has never had before: the post-1971 fiat dollar. It\u2019s paper money \u2013 worth as much as people think it is worth \u2026 and managed by people who think it should be worth less as time goes by.<\/p>\n

What a Business!<\/strong><\/h3>\n

Who are these people? Who do they work for? You might say they are \u201cpublic servants.\u201d But that implies they are working on the public\u2019s behalf. Nooooo sireee\u2026<\/p>\n

They are employees of a banking cartel that is owned by private banks. These banks have a license to lend money into existence, earning interest on their loans.<\/p>\n

It is no surprise that their share of US corporate profits has risen fourfold since President Nixon ended the quasi-gold standard Bretton Woods system. What a business! Their cost of goods sold is next to nothing. A few strokes on a keyboard and millions\u2026 billions\u2026 heck, trillions\u2026 of dollars are created.<\/p>\n

As our friend and economist Richard Duncan points out in his book\u00a0The New Depression<\/em>, the amount of liquid reserves banks have to hold against their loans is now so small they provide \u201cnext to no constraint\u201d on the amount of credit the system can create.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

How Our Crazy Money System Works Squirrelly and Subtle Yes, we were in London, taking care of business. Now, we\u2019re back in Buenos Aires. We\u2019ve tried medication. We\u2019ve tried prayer. We\u2019ve tried heavy drinking \u2013 all in an effort to understand how our crazy money system works. And where it leads. You\u2019d think it would […]<\/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":[3858,63,936,123,195,309,536,3859,2055],"class_list":["post-6127","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking-cartel","tag-banks","tag-bretton-woods","tag-central-banking","tag-debt","tag-fiat-currency","tag-money","tag-money-system","tag-nixon"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6127","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=6127"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6127\/revisions"}],"predecessor-version":[{"id":6128,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6127\/revisions\/6128"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}