The YouTube video of 12-year-old Victoria Grant speaking at the Public Banking in America conference last month has gone viral, topping a million views on various web sites.
A Monetary Policy for the 99%: Twelve-Year-Old Reformer Goes Viral
After watching the video you can read more about the story below…
Monetary reform – the contention that governments, not banks, should create and lend a nation’s money – has rarely even made the news, so this is a first. Either the times they are a-changin’, or Victoria managed to frame the message in a way that was so simple and clear that even a child could understand it.
Basically, her message was that banks create money “out of thin air” and lend it to people and governments at interest. If governments borrowed from their own banks, they could keep the interest and save a lot of money for the taxpayers.
She said her own country of Canada actually did this, from 1939 to 1974. During that time, the government’s debt was low and sustainable and it funded all sorts of remarkable things. Only when the government switched to borrowing privately did it acquire a crippling national debt.