Posted by Allison on 1 April 2009, 11:38
What is your concept of money? Most of us think of it as being something that we give to someone else in return for goods or services, but in reality it can go much deeper than that.
That's why it's good to see a video which challenges our way of thought and gives us a whole new perspective on the world of currency – just like “Corrupt Banking System – Money Is Debt” does on YouTube.
This video has been watched by over 130,000 people at the time of writing, has provoked over 190 comments and been rated by more than 400 people. Clearly it has the power to evoke a lot of passion in people, so let's take a look at it to see if we can figure out why.
This video starts with a question that instantly gets you thinking, and it's on the subject of debt. It then goes on to talk about the process of lending money to people – let's say mortgages for example. The banks are taking a risk in lending you the money to buy a house, but they don't have the money to back up all those loans should they all fall through. They are really making it out of thin air.
The narrator tells us that the capacity for debt is essentially unlimited – so by default money is as well. This video may only be around ten minutes long but it certainly gets you thinking right from the start with that point of view!
The voice over is backed up by cartoons showing people and places and situations, both as they are today and what they would be like if there was no money in existence.
As you watch the video you will start to realise that we have all been looking at the situation of money and debt in completely the wrong way. We are all taught that paying off debts is a good thing and of course it is – but if we all did it simultaneously it would result in none of us having any money. The consequences of this are revealed in the video – and it's a sobering thought.
The narrator then goes on to back this up by taking a quick look back at the Great Depression, when loaning money to people dried up and then the money supply shrank by a huge amount as a result. And most people are fully aware of what the Great Depression was like when it took place back in the late 1920s and early 1930s.
If you don't remember learning too much about money when you were at school, be warned – you could actually learn more about the money system we have today in the space of ten minutes than you did during years of lessons.
The video puts forward an excellent case for the fact that debt will always increase on the whole rather than getting smaller, and it is revealed in the information, facts and figures that are shared during the film. It even touches on the problem of filling up our landfills with rubbish – a fact that, while true, seems to have little relevance on the subject of this video. But if you watch it closely you will see that in fact it is highly relevant, and it cannot continue forever.
It also goes on to suggest four questions that everyone should be asking their respective governments, and while the chances of this actually happening are probably slim, it would certainly be nice to think that it happens before the monetary system we have right now comes to an end. Because if you watch this video carefully and take in the information that you are given, you will probably agree that the way we go about creating money and managing money nowadays is not going to continue ad infinitum.
This startling video is actually one of a set of five, and it is well worth watching the others as well if you have the time. This particular video can be viewed at http://youtube.com/watch?v=_yvRZoM-2r8 and there is no doubt that you'll be hooked within seconds.
It is without doubt the accessibility of the theme and the cartoons that have been drawn to represent situations and people that make it so pleasant to watch. Some people believe that anything to do with money or currency is boring, but this video makes it clear that is far from being the case.
You'll be clicking on the links to watch the other four parts in no time at all.