This article continues the corrections introduced in The Central Banker's Definition of Money is Obviously Wrong, And That's Not Taking Into Consideration Veritaseum Technology [3]. Yesterday at the New York Blockchain conference conference [4] I told those in the financial and fintech communities that banking as we know it is done. As a result, banks as we know it are done. One very important aspect of this observation is that banks define money as debt... Which it is not....
Money is a proxy for one's labor, and not debt. Here, I break it down in detail...
Even gradeschool students in Brooklyn, poverty stricken children in Port au Prince, Haiti and my children know this. Is it the educational system that causes this confusion over such a very basic economic concept such as money?
For those who don't want to watch the whole video, forward to the 9:50 marker and tell me why I'm not giving this presentation to the Bank of England instead of gradeschool kids in Brooklyn.
Meet the new banking system and the new defintion of money [5]...