Who Controls All of Our Money?
The video explains that central banks, like the Bank of England and the US Federal Reserve, control the world's money supply, not governments. These private banks create money out of thin air and lend it to governments with interest, a system established secretly in the US in 1913. This system, which is now global, leads to inflation because more money is constantly created, making existing money worth less. The entire financial system is based on debt, meaning that for money to exist, debt must continuously grow. This allows central banks to influence the economy by changing interest rates, which can cause economic booms and busts.
Key Vocabulary
To move around freely or to be distributed among a group of people or within a system.
Examples:
- Rumors began to circulate quickly throughout the office after the unexpected announcement.
- The new magazine is designed to circulate widely among young professionals.
- For a healthy economy, money must circulate efficiently through various sectors.
A person who is involved in a secret plan to do something harmful or illegal.
Examples:
- The police identified the main conspirator behind the bank robbery.
- He was accused of being a conspirator in the plot to overthrow the government.
- The group of conspirators met in a secluded location to finalize their plans.
Possessing a wide range of information or understanding about a particular subject.
Examples:
- The professor is very knowledgeable about ancient history and can answer any question.
- To succeed in this field, you need to be highly knowledgeable about current market trends.
- She is a knowledgeable guide who can provide deep insights into the city's culture.
In an essential or natural way; belonging to the essential nature of something.
Examples:
- The value of a diamond is intrinsically tied to its rarity and quality.
- He believes that all humans are intrinsically good, despite their actions.
- The problem was intrinsically complex, requiring a multi-faceted approach to solve.
Able to be replaced or traded for something else, especially of equal value.
Examples:
- In this system, points are exchangeable for various rewards.
- The two currencies are not directly exchangeable due to fluctuating rates.
- Gift cards are often exchangeable for goods at any store within the retail chain.
The action or practice of deceiving someone by concealing or misrepresenting the truth.
Examples:
- The politician's career ended due to his acts of deceit and corruption.
- She uncovered a web of deceit that had been spun by her business partner.
- The company's marketing campaign was criticized for its use of deceit to mislead consumers.
Combined into a single, more effective, or coherent whole.
Examples:
- The company consolidated its various departments into one central office to improve efficiency.
- After the merger, the two small firms consolidated their resources to form a larger entity.
- The government consolidated several smaller loans into one larger, more manageable debt.
An expression of praise and good wishes for an achievement or happy event.
Examples:
- Congratulations on your promotion; you've worked very hard for it.
- The team received hearty congratulations after winning the championship.
- She extended her sincere congratulations to the newly married couple.
Expresses the essential features of something concisely; encloses something completely.
Examples:
- The artist's latest sculpture perfectly encapsulates the spirit of the modern era.
- His brief speech encapsulates the entire philosophy of the organization.
- The summary report effectively encapsulates the key findings of the extensive research.
Having won a prize, especially for excellence in a particular field.
Examples:
- The prizewinning novel captivated readers with its intricate plot and compelling characters.
- Her prizewinning research in genetics opened new avenues for medical treatment.
- The chef prepared a prizewinning dish that earned him national recognition.
Causing a feeling of disturbance or unease; disturbing.
Examples:
- The sudden silence in the old house was quite unsettling.
- She found the news report about the economic downturn to be very unsettling.
- There was something unsettling about his constant, unwavering stare.
A colloquial or informal variant of 'another', used to refer to an additional or different one.
Examples:
- Let's save that discussion for a whole nother day.
- He bought a nother slice of cake because the first one was so delicious.
- She decided to try a nother approach to solve the complex problem.
The chief support or main strength of something; moral fortitude.
Examples:
- Small businesses are often considered the backbone of the local economy.
- The experienced engineers form the backbone of the company's research and development team.
- Integrity and honesty are the backbone of a trustworthy leader.
Used as the object of a verb or preposition to refer to a group of people previously mentioned as 'you'; also used for emphasis.
Examples:
- You should prepare yourselves for a long journey ahead.
- If you truly believe in yourselves, you can achieve anything.
- Please help yourselves to the refreshments laid out on the table.
To reject or disallow by exercising superior authority.
Examples:
- The judge decided to overrule the objection raised by the defense attorney.
- The board of directors has the power to overrule the CEO's decision.
- Despite his strong arguments, his supervisor chose to overrule his proposal.
To make or become unlikely to give way or overturn; to make or become steady.
Examples:
- The emergency team worked quickly to stabilize the patient's condition.
- New policies were introduced to stabilize the fluctuating currency rates.
- After a turbulent period, the company's financial situation began to stabilize.
Attempting to avoid notice or attention, typically because of guilt or a belief that discovery would lead to trouble; secretive.
Examples:
- He cast a furtive glance around the room before taking the document.
- Her furtive movements suggested she was trying to hide something.
- The cat made a furtive attempt to steal a piece of food from the counter.
To put an end to (a rebellion or other disorder), typically by the use of force; to suppress a feeling.
Examples:
- The government deployed troops to quell the uprising in the capital.
- She tried to quell her rising anxiety before delivering the presentation.
- The manager's calm demeanor helped to quell the growing panic among the employees.
Something produced in the making of something else; a secondary or incidental result.
Examples:
- Increased carbon emissions are an unfortunate byproduct of industrial growth.
- The charity event raised significant funds as a positive byproduct of community engagement.
- Leisure time is often a byproduct of a well-managed work schedule.
A colloquial term for a unit of U.S. paper currency, especially one issued by the U.S. government during the Civil War.
Examples:
- He pulled a crisp greenback from his wallet to pay for the coffee.
- The old man still preferred to carry greenbacks rather than use credit cards.
- During the auction, bidders were flashing their greenbacks to secure the rare item.