Essential viewing on money and the banking system. Money As Debt is a fast-paced and highly entertaining animated feature by artist & videographer, Paul Grignon. It explains today's magically perverse DEBT-MONEY SYSTEM in terms that are easy to understand.
"When banks extend loans to their customers, they CREATE money by crediting their customers' accounts." - Sir Mervyn King, Speech to the South Wales Chamber of Commerce at The Millennium Centre, Cardiff on 23rd October 2012
For further evidence of this in the UK please visit the Bank of England website, who also in a "brief history of banknotes", explain this.
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As quoted from this history:
"Britain finally left the gold standard in 1931 and the note issue became entirely fiduciary, that is wholly backed by securities instead of gold.".
Question is, WHAT securities?
