Money as Debt

Okay, class, here’s your weekend assignment:

Watch this 47-minute video. Don’t mind the cheesy animation; pay attention to the very simple lessons contained therein. If you do, you might just end up understanding the whole US (and world) credit crisis that ended up costing the US taxpayers such a mint (literally) this Black Friday.

You may also end up understanding why I keep returning to such economic oddballs as Chavecito’s ALBA, fair trade, and other non-monetarist harebrained schemes that just might work like gangbusters–literally.

(Thanks to Corey for the video link!)

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