Money as Debt (2006)
Money as Debt is a 2006 animated documentary film by Canadian artist and filmmaker Paul Grignon. The film delves into the intricate world of modern banking and its monetary practices.
In a captivating 47-minute exploration, Money as Debt unravels the enigma of money creation by banks. Grignon presents a historical backdrop, tracing the evolution of monetary systems. His central thesis revolves around the process of money generation and its subsequent unsustainability.
Key Points:
- The Money Creation Process: Grignon demystifies the mechanics of money. He highlights how new money enters the economy through indebtedness, binding the public to private banks. This perpetual cycle of debt, he argues, outpaces other forms of wealth creation.
- The Gravitational Pull of Banks: The film contends that the relentless accumulation of wealth by banks can potentially impoverish entire nations. Money, once tied to debt, becomes akin to a new form of slavery.
- Alternatives to Modern Banking: Grignon proposes alternatives:
- Nationalization of Banks: A radical shift where banks serve the public interest.
- Dividends for the Public: Redirecting profits to benefit citizens.
- Local Exchange Trading Systems: Community-based currency networks.
- Government Printing of Money: A departure from the current system.
Critical Reception:
- Activist Circles: The film gained popularity in activist circles.
- The Atlantic Free Press: Described it as an elementary yet powerful exposé on money creation.
- Cdurable: Praised it as dynamic and entertaining, making complex concepts accessible.
- Thomas Publications Fog City Journal: Called it a painless but hard-hitting educational tool.
Grignon acknowledges criticisms, particularly regarding his portrayal of fractional-reserve banking. He aims to refine the documentary, ensuring accuracy and clarity in subsequent editions.
In summary, Money as Debt challenges our understanding of money, urging us to question the very foundations of our financial systems.
