5 Oct 2018 10:10 am
Dollars are IOU's.peepee » 04 Oct 2018 7:22 am » wrote:Hat_Creek » 27 Sep 2018 9:39 am » wrote:Banks don't create IOU's. They receive them from John Doe, and enter them as a credit on the books.
That is the money creation in the first instance. People and or businesses which borrow money, they
create money in the first instance.
This is one form of money creation.
PeeWee is a monetary ignoramus.
...i'm talking about the creation of 'dollars' ..not 'iou's,' you trifling, stalling, goddamned fool republican-radio level monetary ignoramus...
...here's how it works dum-dum...**** creek needs money...**** creek begs a commercial bankster by signing away part of his life...said bankster may then agree to credit **** creek's account with some newly-created number$ which **** creek has agreed to 'pay back with intere$t'...
...'credit cards' are, in essence, a pre-approved, 'open-line of credit' for which **** creek pays through 'interchange fee$,' etc. fee$ ad nauseam...
...get real, **** creek!...you create 'money' like a rape-victim creates sex, you goddamned fool!...
FRN's are a debt currency.
They are born of debt, they die of debt.
You know little of how things work little guy.
Doesn't matter if money is digital or hard currency.
The system we use requires debt for money and or dollars to exist.
You should pick and stick, to a topic you comprehend.