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MEMORY LANE | #Central_Banks, #Fractional_Reserve_Banking and #Fiat_Money |
Gregor Hochreiter, Author of "Krankes Geld, Kranke Welt", and James Turk, Director of the GoldMoney Foundation, talk about the 3 elements that make our #current #monetary_system so #unstable and #credit creation so #out_of_control.
They explain that fiat money, fractional reserve banking and central banking are the #three basic #enablers of #inflation.
Gregor explains that without fractional reserve banking, central banks would be #unnecessary to #backstop the banking system.
He mentions Jesus Huerta de Soto's "Money, bank credit and economic cycles".
This interview was recorded on September 30th 2011 in #Vienna.
