Uploaded on Thursday 11 June, 2020 to the illusion of money
When the functions of money break down
Hyperinflation leads to two interchangeable phenomena: a stark increase in prices and a drastic devaluation of the currency. In such a scenario, a country's currency becomes so worthless that it needs replacing, the most profound example of which occurred in 1946 in war-ravaged Hungary. As hyperinflation sets in, two core functions of money break down: the store of value and the unit of value. When a currency is replaced as a remedy to such a problem, a third function breaks down consequently: the medium of exchange. Brazil's former currency was the cruzeiro real. The Brazilian real superseded it in 1994. Find out from the example provided in this tutorial how that happened.
This video is courtesy of the Khan Academy whose YouTube channel is available here.
Ellen Hodgson Brown, President & Founder of the Public Banking Institute (PBI) and author of such books as "The Web of Debt", The Public Bank Solution", addresses the PBI 2012 conference in Philadelphia.
Victoria Grant, seen here aged 12 years old, addresses the first annual Public Banking Conference in Philadelphia, PA. Her father and she discovered that the debt money system was what was wrong with the Canadian economy and decided to do something about it.
The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry. North Dakota is the only state to have escaped the credit crisis. For every year since 2008, it has run a budget surplus and it has the lowest unemployment figures in the US, the lowest default rate on its loans and the lowest foreclosure rate.
Mike Krauss, Chairman of the Pennsylvania Project, puts forward his proposal, based on the success of the Bank of North Dakota, to create a Public Bank for the state of Pennsylvania. Such a move would free the state from the clutches of the Fed, reduce the debt burden, boost investments and serve the public interest.
Most people hold the view that their bank deposits are safe with the big commercial banks, however, this assumption is not based on the facts. This video features official government documents detailing information that should sound anyone's alarm bells [edited].