2 years ago for day 59, 2020 with 236 words.

Money and our Economy

I want to turn this into a longer form, more detailed blog post, but this is a C/P of a Facebook response a gave to a certain question. Figured I would post it here as to maybe get a little feedback on it and stoke some ideas for it's long-form sibling.

I would teach students about money and the economy. The two affect such a large percentage of our lives and yet it's clear a small minority of us actually understand how the two function and their codependent relationship.

Mass amounts of people will spend a majority of their lives tirelessly working, trying to earn this thing called money, but at the same time, unable to explain how the system works, how it's created, or the cycles money goes through.

Even educated economists misunderstand money. Some are still pushing this idea of the "Money Multiplier Effect" and saying this is how money is created. Unfortunately this is a misguided belief, wrongfully taught to lots of students.

Another example is The Federal Reserve. Majority may have heard of it, but anecdotally I can say most don't actually know much about it. Like who owns it, what their function is, or how they execute their policies. All the while the fed is literally the conductor of our monetary system. You know, that system that is so entrenched in all of our daily lives.

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By Nate

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