{"id":6490,"date":"2015-03-14T18:31:51","date_gmt":"2015-03-14T23:31:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6490"},"modified":"2015-03-14T18:31:51","modified_gmt":"2015-03-14T23:31:51","slug":"debt-damned-economics-either-learn-monetary-reform-or-kiss-your-assets-goodbye-2-of-7","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6490","title":{"rendered":"Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (2 of 7)"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/www.washingtonsblog.com\/2015\/03\/debt-damned-economics-either-learn-monetary-reform-kiss-assets-goodbye-2-7.html\" target=\"_blank\">Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (2 of 7)<\/a><\/h3>\n<p>The following is my high school teaching assignment for Advanced Placement Macroeconomics students (available as extra credit for other classes) on how money is created. I offer this for non-profit use; divided into seven sections:<\/p>\n<ul>\n<li><b><\/b><a title=\"Instructions (1 of 7)\" href=\"http:\/\/www.washingtonsblog.com\/2015\/03\/debt-damned-economics-either-learn-monetary-reform-kiss-assets-goodbye-1-7.html\"><b>Instructions (1 of 7)<\/b><\/a><\/li>\n<li><a title=\"Contextual orientation: seeing the past as clearly as possible (2 of 7)\" href=\"http:\/\/www.washingtonsblog.com\/2015\/03\/debt-damned-economics-either-learn-monetary-reform-kiss-assets-goodbye-2-7.html\"><b>Contextual orientation: seeing the past as clearly as possible (2 of 7)<\/b><\/a><\/li>\n<li><b>Money and bank credit (3 of 7)<\/b><\/li>\n<li><b>Fractional reserve banking (4 of 7)<\/b><\/li>\n<li><b>Debt (public, private) and money supply (5 of 7)<\/b><\/li>\n<li><b>Historical struggle between government-issued money and private bank-issued credit (6 of 7)<\/b><\/li>\n<li><b>Cost-benefit analysis for monetary reform in your world of the present (7 of 7)<\/b><\/li>\n<\/ul>\n<p>***<\/p>\n<p><b>1. Contextual orientation: seeing the past as clearly as possible<\/b><\/p>\n<blockquote><p>\u201cAll the perplexities, confusions, and distresses in America arise, not from defects in their constitution or confederation, not from a want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.\u201d\u00a0\u2013<em>\u00a0John Adams, letter to Thomas Jefferson (1787-08-25),\u00a0<a title=\"The Works of John Adams\" href=\"http:\/\/oll.libertyfund.org\/?option=com_staticxt&amp;staticfile=show.php%253Ftitle=2106&amp;chapter=161760&amp;layout=html%23a_2834721\" target=\"_blank\">The Works of John Adams<\/a><\/em><\/p>\n<p>\u201cIf all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.\u201d\u00a0&#8211;<em>\u00a0<a title=\"Robert H. Hemphill\" href=\"http:\/\/www.washingtonsblog.com\/2012\/02\/federal-reserve-national-debt-nearly-defeated-during-great-depression-lets-finish-the-job.html\">Robert H. Hemphill<\/a>\u00a0(1), Credit Manager of the Federal Reserve Bank of Atlanta, 1934 foreword to 100% Money, by Irving Fisher. Fisher was a Yale economist whose proposal for monetary reform lost to Keynes\u2019 deficit spending plan during the Great Depression.<\/em><\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt-damned economics: either learn monetary reform, or kiss your assets goodbye (2 of 7) The following is my high school teaching assignment for Advanced Placement Macroeconomics students (available as extra credit for other classes) on how money is created. I offer this for non-profit use; divided into seven sections: Instructions (1 of 7) Contextual orientation: [&hellip;]<\/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":[951,195,309,4162,536],"class_list":["post-6490","post","type-post","status-publish","format-standard","hentry","category-economics","tag-currency","tag-debt","tag-fiat-currency","tag-monetary-reform","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6490","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=6490"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6490\/revisions"}],"predecessor-version":[{"id":6491,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6490\/revisions\/6491"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}