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The monetary system is more than that. It's a monopolistic mechanism of social control founded on debt(an asymetric social relationship) and which can only be s
by Kinnard 11y ago
The monetary system is more than that. It's a monopolistic mechanism of social control founded on debt(an asymetric social relationship) and which can only be sustained by debt(more asymetry).
Starting out, the list of who has what wealth, defined in terms of our arbitrary monetary system, places some on the bottom and some on top then applies a massive downward force on those on the bottom.
I recommend Paul Grignon's Money as Debt: https://www.youtube.com/playlist?list=PLdMxiaZGboJSgU2raUksCFGSUfWS8eHR8 https://www.youtube.com/playlist?list=PLdMxiaZGboJSgU2raUksC...
- laotzu 11y agoThere is also the fact that the monetary system is not a zero sum game for its users. Hence the perpetual indebtedness to central banks as we see with all major nations. Professor Franz Hörmann of the Vienna University of Economics explains this design in his Banned Ted Talk: https://m.youtube.com/watch?v=FYWVbdSX7B4 https://m.youtube.com/watch?v=FYWVbdSX7B4 TLDW: When central banks create money and loan it out to nation states they charge an interest rate on top of the principal. However, the principal was the only money created, so the money which is contracted to be paid as interest physically does not exist. This systemic flaw is, Hörmann suggests, what creates poverty To put it in even simpler ELI5 terms: it would be like going up to a 5 year old and saying, I've got these 10 widgets that only I can make and that you rely upon to survive. I'll let you borrow them if you agree to give me 11 of these widgets back when you're done, or else!