
$541M Dollars Printed Everyday – Where Does It Go? - acob
https://achainofblocks.com/2018/09/04/where-does-money-come-from-who-controls-all-our-money/
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iaw
There's a fair amount of editorializing in this post that isn't born out by
the limited references included.

One example is this line: "Why was this all done in secret? Simply put, the
American people did not want a Central Bank. In 1910, unlike today, people had
a better understanding of exactly central banking was and what it tried to
do."

That's a pretty strong claim that I'd love to see justified using appropriate
references but, even if they exist, the author doesn't appropriate link them
to their claims.

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crypto1082
I think this was a good read and well written. It is hard to summarize such a
concept as our banking system is allowed to print money in the form of paper
assets (loans) and then cash it in for low interest debt through fractional
reserve lending. The part left out and where I'd like to see the article go if
expanded, is the public company stocks and bonds. People are separated into
the haves and have nots through the accredited investor distinction and have
nots are mandated to use the 401k type retirement plan which is usually backed
by another form of printed asset called a stock. Then some dude/chick is
appointed control over that empire as a CEO making a huge amount of that stock
guaranteed win or lose with the company. He pays the labor force, which can be
quite substantial, with cash derived from selling those paper assets to the
workers 401ks and then borrows on bonds backed by it from the banks who turn
those loans into fake money at the fed. I saw one comment about a tin hat
scenario. I may not be spot on 100% with how it works, but this is how it
appears to work to me. This broken system is what I think crypto can fix. When
you think about how much actual power crypto puts in the peoples hands...
basically the power of a federal reserve, it is not that hard to imagine the
restof the infrastructure forming around it. Only this time it has something
that the fed does not - a true intrinsic value. As ridiculous as it sounds
that computers processing power values the currency - is it not a lot less
ridiculous than the concepts outlines in this article? After reading the
bitcoin whitepaper and realizing the hash protected the network and turns
would be bad actors into a support mechanism, I realized that crypto is so
much better than a central bank system. As we decentralize the surrounding
industries to this new type of federal reserve we might be able to get the
value back into the money we use.

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dragonwriter
> The Bankers also passively fought against Congress, by putting clauses in
> the bill that limited their power and removed them completely once the bill
> was passed.

That's...a quite implausible claim, supported by no cited evidence of any
kind. (And not unique in the article in that respect.)

Much of this reads like the kind of conspiracy theories goldbugs have long
spread that were later adopted by the cryptocurrency community, and is not
supported by the few sources you list at the end (but do not specifically cite
for particular claims.)

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lucozade
Assuming you're not intentionally being disingenuous, can I suggest that you
put the bit where you say you don't really know much about central banking and
money supply nearer the top?

As a piece where you're writing down what you've found out so far, it's fine.

As a piece that's intended to be genuinely informative about modern money
supply, it's substantially less so.

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acob
I'm not sure 1 line in a 3,000-word article is a fair amount? Especially
considering, the research I have concluded makes this seem like a fairly
popular common public opinion of the day.

~~~
iaw
That was the one line I picked, if you did a fair amount of research please
add citations in line.

Quickly, a couple other lines that are editorializing without adequate
references:

"Inflation is the tax we all pay for the fraud of money printing."

"We currently operate under what is widely known as the debt-based monetary
system, this system has a requirement that debt continues to grow. The system
relies on people getting further into debt which in essence creates more money
into the system."

My opinion about central banks and their background _can_ be changed but it
requires a lot more citation to justify your reasoning. This article is trying
to further an agenda associated with crypto-currencies while stating opinions
as fact without appropriate references.

It's not poorly written but it is poorly referenced.

~~~
acob
Thank you for your time.

I really appreciate you taking a read and providing feedback. Admittedly I am
more of a tech nerd than a formal writer.

Recommendations have been noted, and I look to improve in future posts.

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olog-hai
Re the title, "$" and "dollars" are redundant, and you might want to Google
_every day vs. everyday_.

