Today, Dr. Tomasz Machelski delivered a thought-provoking lecture at the University of Technology and Arts, where he examined the evolution, creation, and fragility of modern monetary systems.
His presentation traced the transition from barter to money, the role of fractional reserve banking, and the consequences of debt-driven financial expansion.
Drawing on historical examples, Dr. Machelski explained the diminishing purchasing power of currency over time and likened the current monetary system to a precarious “snow cornice”—appearing stable yet vulnerable to collapse. He also highlighted J.P. Morgan’s famous distinction between money and credit, emphasizing the risks of treating debt as real wealth.
The lecture sparked lively discussions among students, deepening their understanding of financial systems and economic stability.
