The above is an enlightening and easily digestible little lesson on economics. I thought Robert Kiyosaki was just an info-mercial hack, but here he is giving it straight; which, in the dark and twisted world of economics, is rare. Obviously when you are an established winner in the game, it isn't in your best interest to tip off the many losers about their state of exploitation.
So for those who may not know, the american dollar is not backed at all by anything of material value (gold, silver, etc.), and hasn't been since 1971. It's an illusion of value, and the above gives you a good overview of how this happened. Strangely though, he leaves the coiners of the currency, the Federal Reserve, undiscussed.
You may vaguely remember Article 1; Section 8; Clause 5 in the constitution... The Congress shall have Power to coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.
Fairly straightforward, but on Dec. 23, 1913; during Christmas break, the congress "delegated" that responsibility to the Federal Reserve, a privately and internationally owned entity with it's only accountability to the US government being the fact that the President gets to appoint the Chairman. Nearly 1/3 of the Senate didn't even vote on it. I would point you there for a source of the continuing problem of insurmountable (very literally) debt from the top down, and strange currencies in general. There are many who are aghast at the whole thing. There is even an economist who has coined his own perfectly legal and backed by silver currency to fight against the Federal Reserve and their endless inflation.
So ponder for this fleeting moment, "What, who, and why is the Federal Reserve?" Then go look for yourself. Whatever you find, I promise it will be interesting, and someday maybe we all will possess the knowledge required to shed our yokes. Do not be intimidated, it's not nearly as complicated as economists and pundits would have you believe. Your ignorance is their bliss.
:: Damien 10/20/2005 [+] ::
