102 - The House Edge (Paul Hellyer and Smithy on Global Finance)

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Episode #102 - The House Edge (Paul Hellyer and Smithy on Global Finance)

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⌚ Sat 16 February 2002  ☻Paul Hellyer, Smithy

Download Hour1 Download Hour2A dissection of the hidden misdeeds and machinations in the casino of capitalism

Regular listeners to this program are familiar with our ongoing series on the workings of the system of finance capital, the Wizards of Money with Smithy, where we have in the past learned the money is created "out of thin air" when private banks make loans to businesses and individuals. Though created out of thin air, it has very real impacts on people's lives and the ecosystem.

The amount of money banks are allowed to create is determined by the Federal Reserve, which is actually a private bank regulated by the government. Why then doesn't the government insist that money be created to make a decent life available to all of its citizens? What does this have to do with so-called free trade?

In the first hour of the program, someone who is examining these questions and how they are impacting his country, Paul Hellyer, the author of Goodbye Canada. In the second hour of the program, Wizards of Money with Smithy returns with an expose on a 1998 financial "investment" scheme that nearly precipitated a worldwide depression.
Thanks to Wizards of Money.
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