Ascent of Money

Topics: Debt, Loan, Interest Pages: 2 (802 words) Published: April 27, 2013
The Ascent of Money
This is a somewhat comical documentary that was made right after the end of the US’s economical financial recession. It explains the history and growth of credit in our world and how one family was the primary family that spread the ‘credit’ worldwide. They were a Venetian Jewish family that left the Venetian Jewish Ghettos and created banks and ten of trillions of dollars in wealth based on their credit system. The Venetian Jews were the only people who were able to add ‘interest’ to loaned money in Venice. That became a world phenomenon and here we are wondering why the US hit an economic and financial crisis. Without credit, our whole economic world would be impossible. Credit makes people, goods, and services go worldwide. Credit is derived from the Latin word credo meaning, “I believe” and it is a mutual trust between these two people that the borrower will pay the lender back in the future. Money is a mutual trust between a lender and a borrower. The lenders need to be compensated somehow and that is where interest comes in. The borrower receives the money with the intent to pay the interest and the loan back at a future date, the lender gains money off of the money lent and everyone is happy. Businesses and economies grow from the credit world. This documentary showed me how America was put in the situation we are in and I believe it is everyone’s doing. A lot of businesses and money transactions in the US are made for the ‘broke’ economy. There are companies that will lend money using equity from their cars as collateral, they have places that give advances on future paychecks, and if you have no more money or possessions to ‘borrow’ more money from, you can always sell your plasma. That bad debt is warned off and the collateral is sold off putting us more in debt. Americans walk away unpunished and are given try after try which leads to the economy being in debt. Americans are allowed to declare bankruptcy for personal...
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