"Money is only worth what other people will give in exchange for it." "Money is trust inscribed." "Money is portable power."
This series of documentary centered around what we all work for in life... simply "MONEY". Ok, may be that's oversimplifying things a bit, we don't work for money per se. In reality though, how many will work for no money? Not many! We do need money to survive afterall. Having said that, how much do we understand about money really? The dynamics of money and the mechanism of it?
Despite having worked my life around money, to me, it is simply a means to an end. The Ascent of Money introduces the history behind the rise of money and how it traverses from Venice to international trade. The transformation of loan sharks to the banks.
The last few years we saw the breakdown of banks, bonds & securitized loans. The so called financial innovations (CDOs (Collateralized debt obligations)) have literally turned everyone's lives upside down. If you still don't know what CDOs by now, I suggest you go read up on it or watch the video at the end of this review. It'll give you a very good idea of what had literally go wrong & why Iceland is bankrupt!
Now, go back and read the first 3 sentences again. This time, think beyond what it states. "Money is only worth what other people will give in exchange for it." "Money is trust inscribed." "Money is portable power."
1) Money is only worth what other people will give in exchange for it. In Zimbawe & to a recent extent, in Iceland, money is no longer worth as much as it once was. Inflation kicks in and the countries spiraled out of control.
2) Money is trust inscribed. We no longer trust the US$ or the British Pounds as we once did. They may still be major currencies but they are losing their grips in the world economies.
3) Money is portable power With money less worthy and trust lost, having money is no longer a portable power. Having tangible assets and resources or commodities become the order of the day!
I check out some videos on Youtube after having watched the Ascent of Money & found this interesting concept about Money as Debt. You might want to check it out and come to realize that banks don't even need much reserved money to print as much money as they can get others to sign up on loans! As long as someone is willing to sign on the loan or mortgage papers, the bank is authorized to create those money. Amazing how that works out, isn't it?
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About the reviewer
I'm a traveler at heart & have been nicknamed Travel Queen by friends & colleagues alike. Traveling has been my life passion for the last decade or so. As we enter a new decade, I'm excited … more
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