http://www.cbc.ca/news/world/the-spreading-alchemy-of-central-bank-money-printing-1.2933964
Falling oil price prompts interest rate cut 2:36
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About The Author
Photo of Neil Macdonald
Neil Macdonald
Senior Washington Correspondent
Neil Macdonald is the senior Washington correspondent for CBC News, which he joined in 1988 following 12 years in newspapers. Before taking up this post in 2003, Macdonald reported from the Middle East for five years. He speaks English and French fluently, and some Arabic.
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Neil Macdonald: The secretive world of printing money
Two years ago, I sat in the hushed fortress of the Bank of England, listening to one of its secretive boffins, a languid fellow named Paul Fisher, explain the creation and meaning of money.
He reached into his wallet and fished out a 10-pound note.
This note is worth 10 pounds, he said, because you and I and all the people walking around on the streets out there believe it's worth 10 pounds.
That's it. That's the only reason it has any value beyond the intrinsic value of the paper and ink itself. It's all about trust and belief.
Mike