The IOU Machine: How Currency Is Created | Hidden Secrets of Money Ep. 4
GoldSilver · 5 HN recommendations
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Episode 4 of Mike Maloney's Hidden Secrets of Money, explaining how currency is created through a chain of IOUs among the Treasury, banks and the Federal Reserve. It covers bonds, Fed checks, debt, taxes and fractional reserve lending, from a gold-and-silver advocate's viewpoint.
Why HN recommends it: Recommended, often in Bitcoin and monetary threads, as a clear introduction to how the US money system works, though it comes with a strong goldbug slant.
“This is the best explanation I've ever seen of how the Fed and US Dollar money printing actually works” Read on HN ↗