4 Mar 2018 1:24 pm
nuckin futz » 04 Mar 2018 8:43 am » wrote:You are 100% RIGHT!peepee » 28 Feb 2018 7:29 am » wrote:
...errr..yeah...well...moving along...here's another link with some good info..[hint for p. dilldy: ...please provide some info from others to bolster your [**** idiot] claims..]
http://understandingmoney101.com/
"The purpose of this website is to provide a library of resources for a true understanding of money and our current monetary system.
In our current monetary system, all our money is created by private banks by means of debt. Monetary reform, taking back the authority to create money, from private banks to the government, is the central issue that unites and resolves all others, since our current privatized monetary system is the core of the elite's power base, and the reason for poverty and war, etc.
Henry Ford (1863-1947), the American industrialist and pioneer of the assembly-line production method, stated:
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”
THE CREATION OF MONEY & CREDIT IS THE SOLE PREROGATIVE OF A SOVEREIGN GOVERNMENT
Most people are exposed to thinking that banking is, and should be, a private undertaking, as with most businesses. The problem is that people are misled in their understanding of how banking really works. A true understanding of money and banking will lead people to correctly see that a significant activity of banking, the extension of credit, is truly a public function.
1. In our current system, banks create money.
Private banks today, including the Federal Reserve, do not lend money they have on deposit, nor borrow money at a low interest and loan it out at a higher interest rate. Private banks today, through fractional reserve lending, create money--money that is backed by the “full faith and credit of the United States”--out of thin air by bookkeeping entry, whenever anyone, including the government, takes out a loan. As Ellen Brown states in “Web of Debt”: “They merely ‘monetize’ the borrower’s promise to repay.” Believe it. References to this fact abound, even from the Federal Reserve itself. One example, "Modern Money Mechanics," no longer in print but available on the internet, by the Federal Reserve bank of Chicago, describes “the basic process of money creation in a ‘fractional reserve’ banking system." The well-referenced article, "DOLLAR DECEPTION: HOW BANKS SECRETLY CREATE MONEY," by Ellen Hodgson Brown, is another good source ().
However, one should note that the credit extended by private banks is not theirs to extend but instead is an asset of the community – afterall, it is currency backed by the “full faith of the United States.” Thus the extension of credit, in US currency, by a private bank can be considered a fraud, while a public bank creating US currency would not.
I learned years ago in the mortgage banking biz, that every mortgage increases the money supply and is written as a debit, but also as an asset by government. So new paper notes are created out of nothing,essentially.
Every time a business makes a profit the money supply increases as well. The interest on loans goes to create the profit for the bank. Keep in mind that most of the money never touches people's hands but is transfered between people and businesses with bank transfers. Credit cards and checks for example.