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RE: Vlog 194: Where does the money come from? Crypto currencies vs. Fiat currencies.
AHHHHHHH! Relief. Finally somebody who understands how economics work and is brave enough to risk the flames by challenging incorrect statements. I'm new to the community and I too am excited about the exchange rates on crypto, but I've been growing steadily disheartened at how many people are upvoting, praising, and evangelizing false postulates.
Banks do not print money, nor do they generally borrow from the Fed. Remember the good ol' Savings and Loan from "It's a Wonderful Life"? Just because big capital easily crushes the individual, leading people to form a resistance against the machine mentality, doesn't mean there is some conspiracy.
Thanks for the positive post! I'm also relatively new to crypto and especially so to Steemit. But I'm fascinated by cripto and try to educate myself as much as possible. Yes. Banks do not print money. The money is printed by different agencies in different countries. In the US it's the Bureau of Engraving and Printing which prints on behalf of the Federal Reserve. I visited their museum in Washington DC some years back. In Canada, it's the Royal Canadian Mint which prints on behalf of the Bank of Canada.