Bon anniversaire!

Eric | July 3, 2008

imageToday’s the day: As one of America’s oldest cities, Quebec City is turning 400. There will be lots of celebrations today and during the entire year.

On the ironic side, British-invasion musician Paul McCartney will be giving a free concert on July 20th, even more ironically on the Plains of Abraham, the former Battle Field! Quote McCartney:

This is going to be a good opportunity to celebrate the great historic ties that Quebec City has with Britain!

Either he is really ironic or just very unknowledgeable. Let’s hope it’s the former. Anyway, Happy Birthday! (party)

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400years, Paul McCartney, Quebec City

Where does the money come from?

Eric | July 3, 2008

This is an interesting piece of video I find:

Money as Debt by Paul Grignon. As “Mark” writes here, it has some flaws but I still think it has pedagogical value. Mark Writes:

The banks don’t create money. The central bank (i.e., the Federal Reserve Bank in the US) creates the money. They do that through issuing treasury bills and they make that money available to banks to lend. Treasure bills are nothing more than the government borrowing money and agreeing to pay it later at a specific interest rate.
[read the complete statement]

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