False, it is because nothing is "paid" with currency that has no intrinsic value.
The fact is ALL money today is borrowed credit from Central Banks, banks hold no collateral for their credit, and they are do not accept their own 'money' as principle payments, only goods and services.
Central Banks issuing paper promises to pay being accepted as money is the problem, not the amount borrowed between countries.
The video does NOT address the main issue, Central Banks and fractional reserve lending.
Quoting: Anonymous Coward 20901334 this is the heart of the problem. some will argue that you can't take the rich like the bankers they are the job creators or is it fair that the wealthy pay a lot more.
The answer is an absolute YES!! I am a strong conservative/ libertarian but when you introduce fractional reserve banking and interest free loans to banks you have eroded the true way the economy works and using capitalistic arguments do not apply.
Interest and fractional banking create wealth out of nothing, banks create wealth and then dont get taxed for betting against you...with quadrillions of dollars in derivatives??????
So now banks get bailed out, issued interest free loans with made up money to make huge bets tax free against you on made up risks and value. they need to do this to balance the fukt up equation. problem is algorithmic functions.
Interest and Fraction reserve banking is a farce made up by banks and those the just keep accumulating wealth because they are on the right side of the equation..
Be smart dont vont for austerity, vote to fuck the bankers and there never ending river of made up money.
TAX DERIVATIVE BETS and then the risk on these numbers will start to fall inline, but that still wont fix the problem with fractional banking and currption, but it will help rein in bankers.
