Jie Lin  RE: Week 6 Discussion COLLAPSE Top of Form 3.  Are minimum-wage laws a better explanation for structural unemployment among teenagers or college graduates? Why?  No, minimum wage laws do not explain structural unemployment among teenagers. Among the college graduates,  as industrial reorganization is the primary factor causing structural unemployment, where this is as a result of changes occurring in innovation and technology. Therefore, the forces of supply and demand do not affect this, and even with the laws in place, such unemployment would still exist, as it mostly occurs when an economy is at full employment.  Minimum wage laws would relate to the forces of law and demand, rather than technological changes and modifications. As a result, there is no correlation between such rules and structural unemploymen Bottom of Form Yi Wu  RE: Week 6 Discussion COLLAPSE Top of Form Question Two: Why is frictional unemployment inevitable? How might the government reduce the amount of frictional unemployment? Frictional unemployment is inevitable as the economy is continuously growing and changing. Some industries might be shutting down while others are expanding. There are changes in demand for labor among different firms, changes in the composition of demand among industries or regions, and there are changing patterns of international trade in that workers need to move among industries. Regional variations in the pace of economic growth are also very common. The government can reduce the amount of frictional unemployment by publicizing the available vacancies in the different industries and also by undertaking training programs in order to enable a smooth and quick transition of workers from one job to the other. Question Three: Are minimum-wage laws a better explanation for structural unemployment among teenagers or among college graduates? Why? Minimum wage laws are a better explanation of structural unemployment in the case of teenagers. This is because college graduates, in general, possess sufficient skill sets and are well equipped to find a good-paying job whereas teenagers with no formal graduate education find it difficult to find a good-paying job and thus end up working for low wages. Minimum wage laws, thus, might affect their employment opportunities. Bottom of Form Jessica McGill Jessica McGill Yesterday11 Jun at 16:02 Manage discussion entry 2. The first video, Money vs Currency - Hidden Secrets Of Money Episode 1 - Mike Maloney, was mainly about explaining the defiance between money and currency, as the title suggests. This difference comes down to “store of value”, as Mr. Maloney put it. This equates to purchasing power and the real value that something holds. The main example used in the video is the USD system of currency and gold. As more and more money is printed the value actually stored within paper money diminishes, but with something like gold the stored value remains constant throughout time. In the second v.

1. Jie Lin
RE: Week 6 Discussion
COLLAPSE
Top of Form
3. Are minimum-wage laws a better explanation for structural
unemployment among teenagers or college graduates? Why?
No, minimum wage laws do not explain structural
unemployment among teenagers. Among the college graduates,
as industrial reorganization is the primary factor causing
structural unemployment, where this is as a result of changes
occurring in innovation and technology. Therefore, the forces of
supply and demand do not affect this, and even with the laws in
place, such unemployment would still exist, as it mostly occurs
when an economy is at full employment. Minimum wage laws
would relate to the forces of law and demand, rather than
technological changes and modifications. As a result, there is no
correlation between such rules and structural unemploymen
Bottom of Form
Yi Wu
RE: Week 6 Discussion
COLLAPSE
Top of Form
Question Two: Why is frictional unemployment inevitable? How
might the government reduce the amount of frictional
unemployment?
Frictional unemployment is inevitable as the economy is
continuously growing and changing. Some industries might be
shutting down while others are expanding. There are changes in
demand for labor among different firms, changes in the
composition of demand among industries or regions, and there
are changing patterns of international trade in that workers need

2. to move among industries. Regional variations in the pace of
economic growth are also very common. The government can
reduce the amount of frictional unemployment by publicizing
the available vacancies in the different industries and also by
undertaking training programs in order to enable a smooth and
quick transition of workers from one job to the other.
Question Three: Are minimum-wage laws a better explanation
for structural unemployment among teenagers or among college
graduates? Why?
Minimum wage laws are a better explanation of structural
unemployment in the case of teenagers. This is because college
graduates, in general, possess sufficient skill sets and are well
equipped to find a good-paying job whereas teenagers with no
formal graduate education find it difficult to find a good-paying
job and thus end up working for low wages. Minimum wage
laws, thus, might affect their employment opportunities.
Bottom of Form
Jessica McGill
Jessica McGill
Yesterday11 Jun at 16:02
Manage discussion entry
2. The first video, Money vs Currency - Hidden Secrets Of
Money Episode 1 - Mike Maloney, was mainly about explaining
the defiance between money and currency, as the title suggests.
This difference comes down to “store of value”, as Mr. Maloney
put it. This equates to purchasing power and the real value that
something holds. The main example used in the video is the
USD system of currency and gold. As more and more money is
printed the value actually stored within paper money
diminishes, but with something like gold the stored value
remains constant throughout time.
In the second video, Where Does Money Come From? - Hidden
Secrets Of Money Ep 5 - Mike Maloney, Maloney mainly

3. talkers about the progression of currency over time and how
society as a whole transferred, from what he would call a money
based economy to a currency based economy. Which means that
at the beginning people would barter, then non-uniformed bits
of metal were used as money, but finally people started
producing uniform bits of metals that align to his definition of
money. From that point he starts to discuss how society stopped
using actual bits of metal and transitioned into paper currency
which is where he says that currency really stops meaning
anything.
The third video, How Money Is Made - Documentary, details
the process of making US currency in its current form.
Everything from what kind of paper is used for dollar bills to
how they make the mold to cast change. The video also takes
several debtors to discuss how different individuals have tried
to counterfeit money or steal money from the different minting
offices.
The fourth and fifth video, Who Controls All of Our Money?
And Who Controls All of Our Money? - A Quick Follow up,
discuss the same question, what entity has power over money.
In the fourth video it is discussed that Central Banks control the
money flow in the US and how they accomplish this. The video
goes into detail to discuss a culmination of the first two videos
with that added discussion of inflation added into the
conversation as well as touching on international
money/currency as well. The fifth video is much shorter than
the fourth one and touches briefly on a few topics that were left
out of their original video, such as the concept of a federal bank
being the Lender of Last Resort. This follow up video does have
a lot of factual information in it but also relies heavily on the
opinion of the video maker as they have injected their own
interpretation of the situation heavily into this video and the
first one, something that the creator did apologize for.
The sixth and last video, The Biggest Scam In The History Of
Mankind - Hidden Secrets of Money Ep 4, talks a lot about how
the US has a debt based economy and how the cycle of money

4. intrinsically means that no one can own money without also
being in debt in some form or another. As well as these facts
coupled with the rise of inflation and how it is hurting the
ability for people to make a living wage. The video then breaks
down the flow of money from the federal government down to
the people to highlight the above mentioned facts.
3. I believe that the information in the videos use a lot of the
different terms and ideas we have covered so for. A lot of it
centers around the currency aspect of economics and not
economics as a whole, meaning not taking into account the
human variable into things and the trends that people tend to
have. A lot of the videos discuss inflation buying power as well
as a lot of the things we covered in chapters 14, 15, and 16.
4. The majority of the videos explain how they relate to the
“real world”, like the third video when they kept giving
anecdotal stories about how various people have tried to steal
money from the US mint offices. In addition, the whole Hidden
Secrets of Money series is meant to explain how monetary
issues relate to the “real world”. The only place that I really see
how these videos relate to my everyday life is in the ideas of a
debt based society. In order to rent an apartment I need to have
a good enough credit score, but to get that credit score I have to
have credit, typically outside of just student loan credit. But
owning a credit card and borrowing money makes me a part of
the system that these videos victimize.
5. I think it was very interesting learning how currency is made
in the US and how many precautions are put in place in order to
make currency as hard as possible to replicate. Honestly, I
didn't really like the videos, they seemed to have an inherent
bias about them and also seemed kind of condescending. I
personally prefer videos about topics like this that do not draw
specific ideas from perseverance truths about how things work.
I do not inherently agree or disagree with the videos, I think

5. that there are a lot of good information within the videos but I
just do not think that the intuitive jumps that they make are
necessarily ones that I would have made when presented with
the same basic knowledge.
6. I think that the issues presented within the videos, for the
most part, is the debt based economy as well as US currency not
being backed by anything other than Government promises. I
think that the second issue is a simple idea to fix but hard to
implement, the fix being, backing the US currency with gold
again or something of similar importance with a solid consistent
value. The first issue I mentioned, debt based economy, would
need a cultural shift within the country. Because the US is a
debt based economy because the US is a purchase driven society
and in order to purchase things people need to have money. A
fix for this would be paying everyone more but then companies
which increase the prices of their products meaning that people
still would not be able to buy things. So in order for people to
then buy the products they have to go into debt with things like
credit cards and loans, perpetuating a debt based society. This
shows how a cultural shift is necessary in order to change the
US economy from being dead based into something better for
more people.
Noah DeWaal
Yesterday11 Jun at 15:05
Manage discussion entry
2. Throughout the videos, one message was made very clear.
That message is what we believe is money is just a
representation of numbers controlled by the central bank.
Across time, currency has evolved into various ideas from trade
and barter to stones and paper. All these years, the only form of
money has, and always will be, gold and silver. We live in a

6. world where paper money is backed by nothing and when we
deposit into a bank, they just create more money by loaning out
money to others. One large fault that has been consistently
present over time is the idea that printing money can solve
inflation, but it really makes it worse. What we have in our
modern age is a commodity currency. It is something we have
just agreed on but really has no meaning. Central banks have
created over 90 percent of currency in our country. The question
becomes, who really controls our money and the overall
economy. Simply put, it is the top people in the Central banks,
which is not even a government agency. The constitution even
states that the only form of money should be gold and silver and
controlled by the government.
Unfortunately, we work for this money. Then we earn a form of
currency in which we must pay money to the IRS to receive and
pay money to banks to borrow. In the end, we have a long line
of debt that is greater than the amount of currency. The Fed
continues to be safe as they are able to write checks from an
account that has no money and in turn just creates more money
to restart the process. The banking authority is based on IOUs
(bonds) that are "paid off" which checks. Central banks also
make decisions based on models with no accurate or real input.
They are a private corporation that runs to control all money.
The use of bonds also harms us. it basically allows the central
bank to have money now and the payment of those bonds will
fall on the people to pay through taxes. In the end, our economy
ran on fiat money is predicted to fail as history has repeatedly
shown. Debt will grow and grow and eventually, will collapse
on us when we realize it is totally unplayable due to the hoax of
currency.
3. This relates to what we have read about basic the economy is
money. We work to obtain a portion of the money supply.
Those goods and services we provide add to the GDP which the
demand and supply of can greatly affect how much work is
available (unemployment). The government is there along the
way to help make sure everything runs rather smoothly. When

7. price level grows, they work to limit that growth with
contractionary methods and when a recession hits, expansionary
methods come into play. It is truly all based on what we read in
chapters 14, 15, and 16. The Central bank creates and controls
all the money that influences these factors of the
macroeconomic and inturn, debt accumulates. The government
can only do so much with fiscal policy but it is the banks that
truly control monetary policy. They control how much bonds to
buy and sell as well as how much money banks to keep. They
alter discount and federal funds rates to encourage loan rates
which only makes more money. Not being controlled by the
government means the central banks can act fairly quickly on
monetary policy. Basically chapters 1-16 explain how we need
to have a steady stream of money being spent to keep living
standards high and the economy running smoothly. When
fluctuations happen, they have tools to return to normal levels.
4. These videos relate to the US economy because that is just
the way of life. People want money. We work to get that money
but also pay money (tax) to receive and spend that money. A lot
of people do not question what this money is for it is just
accepted. Behind the seems, the central and commercial banks
make IOU's and checks between each other that are really just a
series of numbers in order to lend money to the people and
create money in the process. Eventually, money returns to the
government to pay for infrastructure, military and etc. Then
income and taxes come back into play and the cycle repeats. In
my decisions, I obviously want to have money. For food,
necessities, and entertainment, I need money. I would say I
never really thought about the information in the videos. I just
work, pay my taxes, and buy what I want and need.
5. Key things I learned about the videos would be that the
Central bank, not the government controls our currency. Also
what we considered money is truly just a numbers system. There
is no store of value for money that can just be created and
printed in seconds. Basically, the videos have told me our
current money situation is destined for doom.

8. I guess the videos had information that we, unfortunately, need
to hear but I rather disliked them. Such a "doomsday" attitude is
perceived in my opinion with a lot of the problem stated but I
really did not gather a solution. I know gold and silver really
are the two perfect monies, but cannot see how it would be
possible. I don't see why money is so bad. Of course, printing
more money as a solution is false but we accept it as currency
and can trade it to receive what we want and need. It almost
seems a variety of overthinking has come into play.
6. If I was in charge, I would make the central control of money
a government agency. With a small but bipartisan team elected
by the people. I think different ratios would also have to be set
so banks cannot just keep creating money. It is a scary thought
that there is not enough currency to cover all the debt in our
nation. As I saw in the videos and in an article. I think debt
ceilings need to be put into action. Maybe not as a nation but
individual banks should not be able to keep contributing to what
is hurting the people's future. I think the government also has to
help itself save money as well although a strong military is
healthy, it is unnecessary to constantly fund actions into it that
really do nothing for us. They are there to protect us, we do not
necessarily have to heavily intervene in other's affairs. To help
inflation and debt, saving needs to start at the top instead of
hurting the citizens of this nation.
Pettinger, Tejvan. “
Solution
s to National Debt.” Economics Help, 16 Nov. 2017,
www.economicshelp.org/blog/27893/debt/solutions-to-national-
debt/.