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The IOU Machine: How Currency Is Created | Hidden Secrets of Money Ep. 4

GoldSilver · explainer · Watch on YouTube

Macroeconomics & financial crisesInvesting & personal finance

What it is

Episode 4 of Mike Maloney's Hidden Secrets of Money, explaining how currency is created through a chain of IOUs among the Treasury, banks and the Federal Reserve. It covers bonds, Fed checks, debt, taxes and fractional reserve lending, from a gold-and-silver advocate's viewpoint.

Why Hacker News recommends it

Recommended, often in Bitcoin and monetary threads, as a clear introduction to how the US money system works, though it comes with a strong goldbug slant.

  • 5 people recommended it
  • 5 different months
  • 3 strong recommendations
  • first 2014, last 2023

What HN commenters said

  1. “You don't understand that what we call "money" today its a scam”

    Argues modern money is a scam.

    jcslzr, 2019-01 · Strong recommendation · in “Ten Years of Bitcoin”

  2. “This is the best explanation I've ever seen of how the Fed and US Dollar money printing actually works”

    Explains how the Fed and dollar money printing work.

    mrnobody_67, 2020-03 · Strong recommendation · in “The Longest Record Broken: Gold/Silver Ratio Hits Highest in Over 5,000 Years”

  3. “Watch "Hidden Secrets of Money"”

    Series arguing the fiat monetary system is a scam.

    jondubois, 2020-09 · Strong recommendation · in “The unrealized potential of federation”

  4. “The best explanation is by Mike Maloney”

    Explains why fiat currencies are poor stores of value.

    xiphias, 2014-07 · Recommendation · in “Bitcoin: the Stripe perspective”

  5. “the video can still be of use as a general introduction into the US money system”

    Introduction to the US money system and debt-free money.

    ZenoArrow, 2015-11 · Recommendation · in “What happens when a culture is driven by the need for money to make more money”

Excerpts from Hacker News comments, linked to the originals. Summaries and labels were written by a language model from those comments.

Topics: federal reserve, fractional reserve, fiat currency, debt, gold

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