Some of the questions asked of the panel were: What is the connection between the Fed and the current crisis?, What is the business cycle?, Does IP qualify as socialization? and, Is the housing bubble worldwide?
What Has Government Done to Our Money?
A seminar for high school students. Presented at the Mises Institute on 9 November 2012.
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The Federal Reserve manipulates interest rates -bringing rates so artificially low that borrowing money is at greatly reduced cost. Housing developers saw they could build everywhere.
How is socialism related to money? Money should be produced just like other goods through free markets. Central banks should not be controlling money, banking and credit.
When all you can do is exchange one good for another, life will be inconvenient when nobody has what you really want. Enter money. You exchange your good for money. That money can now be exchanged for what you desired. These indirect exchanges satisfy everyone. That's the power of money.
