Sunday, April 22, 2012

Paul Grignon, without a doubt, explains how banking works better then anyone else as far as I know. Witty, clear and above all else, detailed in his analysis, his dvds and online offerings will charm and horrify you at the same time when he shows just how corrupt and venal the banking system truly is. Go to his Money as Debt site and check out not only his take on the mechanisms of money but also his approach on rectifying the situation via a digital monetary system resembling that of Bitcoin, an open source environment that's beginning to take off, much to the chagrin of the status quo. BRT - 6/18/2011

Addendum: Bitcoin may not work after all as, according to Paul, it...

"makes holy the two most fundamental errors that make the current system unstable."

It is:

1.  unredeemable for anything;

2  a "single uniform commodity" in limited supply, the value of which is determined by scarcity.  

Digital Coin (his concept) is redeemable for goods and services.  It is always "a promise of something specific from someone specific"

It does not matter at all how many or how few total credits there are in existence. The value of any credit is defined by what is promised as redemption."

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