Uploaded on Friday 12 June, 2020 to the illusion of money
What gives money value in the modern economy
In earlier times, paper money started out as promissory notes for gold or silver deposits. Those who deposited their precious metals for safekeeping much prefered to carry around these notes of paper, which were just as good as the commodities they were backed by. What ultimately gave these promissory notes currency was their use in trade and commerce, as they were used over time to facilitate transactions. Thus began the medium of exchange of paper money that we all relate to through our use of bank notes. This tutorial explains the subtle differences in commodity backed money and fiat money, which is essentially declarative value backed by our faith in the monetary system.
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].