Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "What’s the real reason why we tax?" video.

I'm afraid your answer is functionally incorrect. Governments since the 1960s have functionally operated in a global financial system where money creation has been largely outsourced to banks. The vast amount money in circulation globally (global M2) is not cash (2%) but bank credit (95%), the other being central bank reserve credits (3%). Those bank credits are generated by the banks issuing loans, and the volume of the money banks create fluctuates as those loans are issued and repaid. And this process happens independently of central banks and governments. It is controlled and operated offshore in the global financial markets. So, governments have chosen to let this global financial system take over money creation since the late 1960s.
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