Money Myths: Understanding the Credit Crunch

Those of us without a degree in Economics may have difficulty understanding the nature of the current global financial crisis.  Sure we understand that the major banking firms are in trouble, and that most of the major economies are headed into recession… …but understanding how we got here (the root cause if you will) is another matter entirely.  To that end I’d like to direct your attention to a helpful video series presented by Brian Leslie called Money Myths.

What is noteworthy about Mr. Leslie’s presentation is that he is able to connect with his audience using plain, easy-to-understand language in describing first, a brief history of money and credit, followed by a basic explanation as to how we’ve gotten ourselves into this mess.  From the main website find the link to the left titled Episode 1: What is Money.  From there you can click the link to watch the vid-cast right in your browser, or right-click it to download for later viewing.

Try not to get distracted by the primitive look of the website and just focus on getting to the video.  In fifteen short minutes (regardless of your background knowledge) you’ll have a pretty good idea about some interesting factors at play in all this.  For instance, do you know where money comes from?  Hint: It may not be as obvious as you think.  What is ‘credit’ really?  What are some of the drawbacks of credit and debt, and how much circulating credit can one economy safely support?  Have we already crossed that threshold?  When?  Why?

I recommend checking it out.  It’ll feel like a short classroom presentation, but Brian Leslie is a good speaker and I think it’ll be worth your time…nor is it as dry as you might think.

Note: This blog post should not be construed as an endorsement of the Monetary Reform Policy Working Group of the Green Party of England and Wales, of which I know very little.  It is however an endorsement of individual knowledge of the basic workings of government and industry, which inevitably contributes to a more productive contribution to society.

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Published in: on November 24, 2008 at 3:11 pm  Leave a Comment  
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