Global finance for dummies • June 28, 2011

ALTHOUGH many of the terms peculiar to global finance are alien to us the system is easily understood when explained in layman’s terms.

Money is not created by governments but by banks; they create and lend money to governments in much the same way as they give you a credit card. The credit available maxes; finance implodes, money supply runs short, governments stop spending and you’re out of a job. Very few governments run their own banks but those that do often have successful economies; living standards are better. On the other hand privatised banking cartels have been a disaster and because their system is deeply flawed the worst is yet to come.

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