Posted by Allison on 13 April 2009, 11:27
The subject of money in all its varied forms is nothing short of fascinating, and while there are plenty of videos on YouTube that offer money making schemes and other such ventures, occasionally you can stumble across a video that you will want to add to your playlist before you have even seen it.
This is certainly the case with the video called 'Money, Banking and the Federal Reserve', which runs just short of three quarters of an hour, has been uploaded by the user misesmedia, and at the time of writing had been viewed by more than a hundred and thirty thousand people. It has also received more than nine hundred ratings – and has the full five stars as a result, so it obviously strikes a chord with people.
Some twenty seconds in you will see a statement on your screen which will positively glue you to it for the duration. It reveals a lot about the American Federal Reserve – what it does, what it means and much more besides.
The video starts by revealing that families do not have it as good today as they had in the past. Many now struggle to get by, and a single salary is often not enough to do so adequately. The belief that is displayed in this video is that the monetary system in place in America is the root cause of many of the problems the country is now experiencing. It is an interesting and intriguing concept, and one that is worth delving into further. And that is exactly what the video does.
The video goes on to claim that if the Federal Reserve stays, the dollar will continue to be worth less tomorrow than it was today. But if this system changes then things could be different and people could enjoy living and working with a currency that increased its worth as time went on.
You will also get to step into the past to see how money has evolved into what it is today. This short history lesson is essential in understanding the path that currency has taken in America, and it is presented in a straightforward and fascinating way.
It also reveals what times were like under the Gold Standard, when America enjoyed a far more prosperous time than it is currently having. If this sounds like a history lesson it is – but don't let that send you running for cover. This is one of the most intriguing videos about money you will ever see, and it's the kind of video you will want to watch more than once as well.
As well as the historical footage shown at various points during the video, there are also charts and illustrations which show you how the Federal Reserve Bank works, and how it affects transactions such as loans and credit cards. This is intense stuff, and you certainly won't look at America in the same way again once you have watched it.
The Federal Reserve, as the video reveals, can create money as and when it sees fit to do so, and about halfway through the video we find out more about how this ability to literally print money has affected the money supply (and the consequences of that action) over the years. As you may already be aware, the Gold Standard eventually disappeared.
More examples follow on throughout the video, and make it easy to understand how America has got to where it is today. It actually makes for quite alarming watching in places, as the thought of the fragility of the whole system enters your mind. If you are already thinking about watching this, the URL you need is http://youtube.com/watch?v=iYZM58dulPE – just make sure you have a spare three quarters of an hour before you start watching because once you start you won't want to stop!
YouTube does have its fair share of sub-standard videos on all kinds of subjects, but this is arguably one of the best contributions to the site there has ever been. The fact that you can watch it uninterrupted is another bonus point, since many longer videos are often split up into several parts, which while not being that inconvenient does break your concentration when watching something as in depth as this.
In short, if you want to find out more about the American economy, their currency and the Federal Reserve – in a way you may never have thought of it before – you need to see this video as soon as possible.