Thread: Obama: Dollar just an Illusion

In a sensational interview President Barack Obama provided some deep insight into the monetary system: "The dollar is just an illusion" - the US currency was actually not worth anything.

Specifically, Obama explained that the trigger for the financial crisis - the subprime crisis - wasn't actually a US-specific problem, but was a problem of the monetary system itself. This system involved compound interest effects that caused more and more debt, which in turn made it necessary to search for ever more debtors. The logical consequence therefore was that even people who were not credit-worthy were being lent huge amounts of dollars. Literally, Obama said: "Our money is an illusion."
The group of journalists then asked him to elaborate. Obama did not hold back: "Money is nothing other than debt. The money that you carry in your pocket is other people's debt. Money only comes into existence through debt. And that is precisely the problem that we are having right now."

A senior economist amongst those present questioned this stance, asking whether this meant that paying back money would also destroy money. Obama said that that was the case.

Paying back debt destroyed money. That was also the reason why the dollar was running short and therefore increasing in value compared to other currencies: "Most loans are made in dollars. When these are paid back even in part, money is destroyed, and the dollar becomes scarce and expensive." That was the only reason why the greenback was rising against other currencies, because what was actually in people's interest was a weak dollar.

http://www.mmnews.de/index.php/engli...st-an-illusion-

David Cameron, The British prime minister said” We should teach the Egyptian revolution in our schools”

Barak Obama, The American president said after the Egyptian revolution “We should raise our Children to be like the Egyptian Youth”

Heinz Fischer, President of Austria said “The Egyptian people are the greatest in the world and deserves the Nobel prize for peace”

Jens Stoltenberg, Norway Prime Minister said “Today, We all are Egyptians”

CNN, One of the major TV News Channels “For the first time in history we witness people revolute and clean the streets afterwards”

http://egyptcairoholidays.com/2011/0...e-worlds-eyes/