by A superb documentary about the Western financial system that could go bust any time it says. It describes how the central banks have been flooding the system with cheap money since 2008 to try to keep the financial system afloat, but the private banks have been able to multiply this many times over flooding the system with cheap money. This has created asset price inflation through ponzi schemes by flipping companies, shares, and property where the One Percent have been able to make a fortune but who pays in the end? Money equals work-done when a product is made, or money can be used to hire people to do work, and this means that when the One Percent make a fortune out of the cheap money created by banks it's society that pays in the end when it does the work.The documentary shows you
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Lars Pålsson Syll writes Riksbankens oansvariga penningpolitik
Lars Pålsson Syll writes Debunking the ‘natural rate of interest’ myth
Steve Roth writes How Units of Account “Came About”
Lars Pålsson Syll writes Tillsätt en krisgrupp för järnvägen
The documentary shows you very clever young people who are designing fantastic new green products but they can't get a bank to loan them any money, so they are trying crowd funding instead. Capitalists tell us about how the rich deserve their wealth because they design products and services people want, but it is very difficult for real entrepreneurs to break through. The very smartest people are designing computer algorithms to extract money out of the system, and as these people tend to be financially secure, they are able to take huge risks because the worst that can happen if it all goes wrong is that they will lose their jobs, then they will just retire to live the good life. This isn't a meritocracy at all.
The documentary says how money creation is not considered important subject by economists and yet the banks can create almost near infinite amounts of it out of thin air which distorts the whole economic system, so it calls for only central banks to be allowed to create money. Margret Thatcher and Bill Clinton created this mess when they deregulated the financial system, it says.