The Goldsmith’s Tale

Wallstreet – Money as Debt is a short animated documentary film from 2002  about the monetary systems practiced through modern banking. The film presents filmmaker Grignon’s view of the process of money creation by banks and its historical background, and warns of his belief in its subsequent unsustainability

I’d thought to revisit this movie, following the previously posted Max Keiser commentary. From there I came across a piece where mr. Keiser claimed that the economy is now in a state of World War III with bankers as terrorists. If that is true, where did things go wrong? Did things actually go wrong?

Economics seems to be the science of circular reasoning. Paper translates to gold, and that seems to be important for the concept of money. Still, gold, while shiny and chemically inert, is also heavy and rather soft. At best, it conducts electricity rather well. Still, we need some kind of tool to trade products and services. Gold and paper it is. Or is it?

As with all looping, recursive and self-sustaining systems, things might be a little more complicated though. Seems like the Money as Dept movie is just a startingpoint in trying to unwind this mess.

“It is a form of modern serfdom in which the great mass of society works as indentured servants to a ruling class of financial nobility.”
-G. Edward Griffin, The Creature from Jekyll Island

One of the comments on the theories displayed in the movie is that it doesn’t account for labour and services rendered, as you can read in one of the critiques here. Still, has society moved on from gold-plated barbarism? Is the money in your pocket no more than smoke and mirrors?

The general consensus seems to be that ‘Money as Dept’ isn’t false in it’s entirely. There is some truth in it, although the picture is not complete.