Showing posts from September, 2010

Why beer should be our currency

I recently wasted 123 minutes of my life by watching Zeitgeist Addendum on Google video. I really wish I could unwatch it, although the fancy light show and zealous editing were rather impressive. It was like watching a sermon, with one logical fallacy after the other causing my eye to twitch nervously. To repent, I listened to lots of Nevermore.

A West African Vodun altar. Voodoo is the process currently used in the fractional reserve banking system to create money.

Problems with the fractional banking system
Zeitgeist Addendum briefly explains the fractional reserve banking system. I'm not familiar with this particular system but a cursory glance at their source shows they neglected to portray what happens in the event of inflation (the Wikipedia page claims that their source is Modern Money Mechanics). I'm not sure how accurate their description is, but they take their description as representative of all monetary systems, and thereby apply their critique of fractional reserve…