Essay about Grip of Death--Book Review
“Grip of Death”
If you ever wondered where money comes from, how it's created, and why it's created in the way it is, then The Grip of Death is for you.
This book explains how the banking system is actually a form of institutionalised fraud, based on the original activities of goldsmiths who would lend more "money" than they actually had on deposit. The only reason we accept the system without a second thought seems to be that it has the weight of tradition behind it. But the weight of tradition is not enough to justify its validity, as the author shows. The basic thesis of the book goes like this. Money, in the sense of credit, is not and has not for a long time been created by the governments of the world. …show more content…
This book explains why projects in developing countries funded by the likes of the World Bank and the IMF are destined to fail, and how the only beneficiaries of interest payments made on third-world debt are commercial banks which created -- out of nothing -- the money that formed the original loans.
This book explains how the boom-and-bust cycle is a necessary consequence of the way in which the vast majority of money in a nation's economy is created by banks as a debt.One way to escape this cycle is to turn our economy from a debt-based to a credit-based one.
How? A simple solution, involving the creation of debt-free money by the government, is suggested. If anybody should question whether it is "fair" that the government create such money, let them ask this question: Is it "fair" that we should let private institutions create, with no effort on their part, and then charge us for using -- in the form of interest payments on debt -- 97% of the money in our economy? The government has a right to create its own money debt-free, and it should exercise that right.
In short, this book is one of the most eye-opening,