Palisades Gold Radio
Sep 7, 2021
Tom welcomes a new guest to the show, Matthew Scott. Matthew explains why he wrote a children’s book to explain the concept of money. The book is called “The Illusion of Money” but it should instead be called the “Illusion of Currency”. Eventually, faith is lost in every currency and its value disappears. He’s self-publishing the book through Kickstarter which can be pre-ordered now.
Children consider banks to be like piggy banks that store money for clients. Most adults think banks make their money with loans via the difference between borrowers and savers. At university, you learn another story about fractional reserve banking and multiplying deposits via reserve ratios. However, the real way money is created is via loans generated out of thin air issued by central banks. It’s new “money” that never existed before that moment.
Those closest to the banking system can take advantage of the system and use it to slowly extract wealth from society. Today, much of the money is created from the housing markets which are in bubbles once again.
Matthew explains his balloon model anecdote for the economy and how banks and politicians manipulate the economic system. This process creates opportunity but brings along with it numerous issues.
He is planning a second children’s book on the smoke and mirror illusion of politics.
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