What is Money? Why do some have more than others?

In this interview with acTVism Munich, Prof. Wolff talks about an instrument of exchange that we use in our society on a daily basis called money.

  • What is money?
  • What type of monetary system do we have today?
  • Is money a societal creation?
  • Why do some have more than others?

All of this and more is addressed in the video.

Showing 1 comment

  • Frank Perschke
    commented 2017-03-03 09:09:16 -0500
    Unfortunately Prof. Wolff is always forced to be so quick about important issues like that.

    To understand the whole matter it is required to go into history of the moneysystem we have today, starting with the BANK of ENGLAND in private hands. Then the Federal Reserve Act and the story about Jekyl Island. It’s all to find on the internet.

    The german language is very clear about some aspects of economy and money.
    In german, debt = Schuld (guilt), so if you are in debt, you have loaded up a guilt to yourself.
    But because money can only be created by debt in our system, we have a SCHULD-money-system.
    And the private banks have forced the (corrupt or even unknowing) government to allow them to make money out of debt. If ever and always someone is going into debt, money is created out of a simple booking act. They call it the expanding of the balance.

    If you pay your interest rate, no money is ever been involved but they only shrink the open interest rate on your debt account. So no money is ‘earned’ by the bank with paying interest on your debt. This is the way they make us believe it is working because we are all trained to look at the system with the eyes of one who is busy in the ‘real’ economy.
    Banks do NOT earn anything! They create!
    The finance system has its own rules and doesnt work like a company booking system or state economy. They only have to publish their ‘rendement’ but dont need to explain how they make it. As a little example: the ‘Deutsche Bank’ has 2000 doughters, companies that they are working with and control the majority of the shares. 1000 of them are located in off shore locations, like the Cayman Isllands, the canal Islands and Delaware USA. For good reasons. They dont need to open their books to no one. They can do what ever they like to do.
    Many books have been written about that matter the last few years. And do not ever believe again that the government has any power in the FED. it’s a private club and the government may send one person ( guess who select those) to give leading on the club of private banks who came together to set up the FED on Jekyl Island.
    Thank you Prof. Wolff for your tremendous work and keep going as long as you can in good health.
    Greetings from Germany/ Netherlands

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