asd345
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| Arguments against monetary part of Zeitgeist documentary? |
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Hello,
as said, I would be very interested in arguments (and not just opinions) against the monetary section in the zeitgeist documentary(ies).
In my words:
all money has an inherent debt to it which can never be repaid -> slavery
economy can only exsist on a basis of growth due to the above
economy is the oposite of economic as it has to produce products to inspire
As do not really have an idea about economy on that scale I would welcome counterarguments.
Below the liks to the info and a short excerpt.
Thanks!
http://en.wikipedia.org/wiki/Zeitgeist:_Addendum
http://en.wikipedia.org/wiki/Zeitgeist:_Moving_Forward
(excerpt:)
The origins of our modern economic paradigm are explored, beginning with John Locke and Adam Smith. In Two Treatises of Government, John Locke lays out the fundamental principles of private ownership of land, labor and capital. In The Wealth of Nations, Adam Smith mentions the invisible hand balancing out supply and demand leading to trade equilibrium.[4] The argument becomes religious as the invisible hand is interpreted as the hand of God. A critical view of economic theory is made by questioning the need for private property, money and the inherent inequality between agents in the system. Also seen critically is the need for cyclical consumption in order to maintain market share which results in wasted resources. Planned obsolescence is shown to be another important side-effect of the market system, where goods are deliberately made defective or not having sufficient technology in order to maintain a large turnover rate. The economic paradigm is then termed anti-economy due to these profligate activities. The above described process of individuals and groups exchanging goods, labor and capital is mentioned as the market economy.
The other component is the monetary economy. The monetary system regulates the money supply and interest rates by buying/selling treasuries. More critical views of the monetary system are explained. According to Zeitgeist, in the final analysis the current monetary system can only result in default or hyperinflation. This is because when money comes into existence it is created by loans at interest. The existing money supply is only the principal. The interest to pay the loan that created the money does not exist in the money supply and must be borrowed repetitively in order to service the debt. Due to this exponential money supply growth, Zeitgeist predicts the value of money is eventually destroyed as evidenced by the 96% devaluation of the U.S. money supply since the Federal Reserve was chartered in 1914 and 80% devaluation since the U.S. ended the Bretton Woods agreement in 1971. [5][6]
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