97% Owned (2012)
The documentary 97% Owned, released in 2012, delves into the intricate workings of our economic and financial system. It stands as the first film to tackle this issue from a UK perspective, shedding light on the inner mechanisms of Central Banks and the money creation process.
1. The Money Creation Process: The film begins by unraveling the enigma of money creation. Contrary to popular belief, most money isn’t printed by governments or minted in gold; it’s generated electronically by commercial banks. When a bank issues a loan, it essentially creates new money. This process, known as fractional reserve banking, allows banks to lend far more than their actual reserves. The result? A staggering 97% of our money supply is debt-based, existing as digital entries in bank accounts. This revelation challenges our understanding of currency and its origins.
2. Central Banks and Their Influence: 97% Owned sheds light on the pivotal role of central banks, such as the Bank of England and the Federal Reserve. These institutions control monetary policy, interest rates, and the money supply. Their decisions impact inflation, employment, and economic stability. Yet, their operations remain shrouded in secrecy. The film raises questions about accountability, transparency, and the concentration of power within these institutions.
3. The Impact on Ordinary People: As the financial crisis of 2008 unfolded, millions lost their homes, jobs, and savings. 97% Owned vividly portrays the human cost of a flawed system. Families faced foreclosure, unemployment, and despair. Meanwhile, banks were bailed out with taxpayer money, perpetuating a cycle of inequality. The film underscores the urgency of understanding how our financial system affects everyday lives.
4. Alternatives and Solutions: The documentary doesn’t merely critique; it offers hope. Experts advocate for reforms, including full-reserve banking, where banks hold 100% of their deposits. Initiatives like Positive Money propose a shift toward a more democratic and accountable monetary system. By empowering citizens to understand money creation, we can demand change. The film encourages viewers to explore alternatives and envision a fairer economic landscape.
In summary, 97% Owned serves as a wake-up call—a call to question, learn, and advocate for a financial system that serves the many, not just the privileged few. It invites us to reimagine money, challenge the status quo, and work toward a more equitable future.
