Michael O'Neil
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The Tao Of Money
October 25th, 2007Over time I’ve come to realize that finance is pretty trippy, as mystical as any tarot reading or chakra balancing. Money, especially fiat currency, is a consensual hallucination. Really, what is money, where does it come from? We use money to mediate value (value already being a thorny concept). But who creates money and determines how much can circulate? Watch the above for a parable of how central banks and the great con of “fractional reserve lending” came into being. Note: I’m not in the “gold must back money” camp. I do, however, think monetary reform is worth looking at.