What Is Money?
Episode metadata
- Episode title:: What Is Money?
- Show:: Money For the Rest of Us
- Owner / Host:: Money For the Rest of Us
- Episode link:: open in Snipd
- Episode publish date:: 2014-05-15
Show notes
> #1 How banks and governments create money out of thin air, and what you should do about it. Show notes at https://moneyfortherestofus.com/what-is-money-001/> See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .
- Export date:: 2023-08-30T08:31
Snips
[07:40] How Money is Created
🎧 Play snip - 1min️ (08:39 - 09:14)
✨ Key takeaways
- vault before you could create the dollar
- moving away from the gold standard puts constraints on the central bank and the government
- the great depression affected trade between countries
- trade deficits can occur when a country trades with another
quotes
Quote
when the government spends, what do they do? They go in and they credit somebodys checking account, be it a business or a household collecting social security, they just change the numbers. Mr Smith has so much more money for their social security check.
Quote
how do they get away with that? they demand that we pay taxes in dollars.
📚 Transcript
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Speaker 1
Vault before you could create the dollar. Now, why do we move away o the gold standard? Well, it puts some some cuffsand some constraints on the central bank on the government. And what happened during the great depression is, well, let's step back a moment. When a country trades with another that say the us. Is trading with france, or with china, or some other country, and they run a huge trade deficit, think about