Michael Maloney Discusses The Currency System

A review from Michael Maloney on how currency is created, a topic I believe is incredibly important and the foundation for anyone looking to study the financial markets.

Understanding that swiping a credit card is creating new money that did not exist before you swiped the card, is a simple example of how our monetary system works.

When you can put the entire process together, which takes some time to sink in, you can see that we pay a tax just to use the current currency system, and more importantly, you can see that the entire system is a giant ponzi scheme which is currently unraveling with the global sovereign debt crisis.