Paul Grignon, som gjort den populära animerade videon Money As Debt , har fått mycket tack och beröm - men även en hel del kritik. Han bemöter nu kritiken mot begreppet "high power money" och "det påstådda ränteproblemet" på sin hemsida. Läsvärt definitivt.
Paul Grignon har gjort en fortsättning till den första videon. Här kan du titta på ett 7-minuters avsnitt från den nya videon.
Secondary Lending of Existing Money
A dollar that was borrowed into existence as Loan 1 from a bank is re-lent as Loan 2 from a non-bank. Now it has 2 interest charges on it and, to the extent the non-bank moneylender rolls the principal amount over forever, NONE of this money is available to pay off Loan 1 except as another loan at interest.
Non-bank lenders make up a significant portion of lenders. In addition, consider everyone who has money and expects a return on it. Investment may create new real wealth but in this system, only more debt can create more money. So every expectation of profit from money invested or loaned creates demand for more money which can only be
1. taken from someone else, (zero sum) likely causing someone in the system to default.
2. created as more debt. (monetary expansion)
I have been working on a more complete explanation for Money as Debt II. Here is a 7 min draft preview dealing specifically with this issue.