A 12-Year-Old Girl Explains the Global Debt Crisis [VIDEO]
At the end of a week during which The Atlantic declared pop star Carly Rae Jepsen an expert on the Eurozone crisis, Shareable presents you a breakdown of how the global banking system works by a far more qualified authority: a 12-year-old Canadian girl. In this video released by the Public Banking Institute, the precocious Victoria Grant explains how her native Canada and the rest of the world has accrued an untenable amount of debt, and the ways that a more equitable public banking solution could serve as a solution.
Victoria Grant from Marc Armstrong on Vimeo.
Comments
Stephen Ross wrote on 06.18.12, 9:36am:
Victoria brings an important point to light: instead of simply creating a non-profit national bank which would allow for the government to print money and take loans at a 0% interest rate, the system in place exponentially increases the amount of debt that is incurred. Not only does this hurt the present economy through inflation, but also damages the ability of future generations to make money and thrive. PEOCompare
Rik Crevits wrote on 06.18.12, 10:13am:
Money as a medium of exchange acts as a 'commons' after it is brought into circulation. Even mainstream economists confirm this by how they think about inflation/deflation. The importance of who gets to issue money and for how large a group can no longer be ignored as it affects everyone. Like or not ...we 'share' money.
Sadly the 12 year old Canadian girl, has a much more intelligent discourse, than most of the posts responding to her assertions. Money is simply an idea that we willingly adhere to. It doesn't matter if it is created out of thin air, or attached to gold or silver. It is merely our willingness to attach a value to it that gives it substance. This being the case, it would be much more intelligent to have our government create it interest free, than to borrow if from a fractional reserve bank, that then charges us interest on something it never had.
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