Get ready for a shock if you dont already know.
Every day countless millions of transactions are facilitated with money. Why do we need money? How does it get into circulation? Who puts it there? Who creates money? And on what basis? Is it the government? If not, why not? Who is it? And how do they know how much to print? What if they add too much or too little to the economy?
Three chapters of my book How to Profit from the Coming Great Depression are devoted to these questions. Most people are shocked when they first learn about our fractional reserve money system, which has sewn within it the seeds of its own destruction.
First of all, we need money because the barter system is too unwieldy. If you are a building contractor and I am a potato farmer, and I want you to build me a house, how am I going to pay you? How many potatoes can you and your family eat before they go rotten?
Clearly we need something that represents both houses and potatoes. But note that that does not make money a resource in itself. It is merely a vehicle for transferring the value of resources from one person to another. There are natural resources, both under the ground...
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