Wed, 01/01/2014 - 9:00am - 10:00am
Paul Grignon on Money as Debt
From the series TUC Radio Paul Grignon on Money as Debt (an update of the 2009 Film on Radio version)
Paul Grignon makes the case that only a very small part of our money supply is created by the government. The vast majority of money is created by banks whenever a loan or mortgage is made. Banks, which are private institutions, are given enormous power to make and manage money and governments in most countries borrow the money for their operations from bank and have the taxpayers pay the interest.