"The process by which banks create money
is so simple that the mind is repelled."
by:
John Kenneth Galbraith
(1908-2006) Canadian-born economist, Harvard professor
Source:
Money: Whence it came, where it went - 1975, p29
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I certainly find it repulsive.
 -- J Carlton, Calgary     
  •  
    Banking is based on credit. Without credit we would have to save all of the purchase price for a home or car before we buy it. Credit is based on the youth, ability and skill of the borrower to earn and repay at interest. Without banks a person may live at home or borrow from parents or grandparents or get a hand out form them. Credit is based on our faith in the future and in each other. We could slow every thing down by reverting to the old grandparent, parent, child system, and see how far that takes us. I am not repelled or repulsed at all, I think faith in each other and the futrue is a wonderful thing.
     -- Waffler, Smith     
  •  
     -- jim k, Austin      
    Even a super liberal economist like Galbraith knows the Fed is wrong to exist.
     -- cal, lewisville, tx     
  •  
    Most people are under the false impression that banks merely lend the money of its depositors. However, few can comprehend that banks in fact do not 'loan' money, they create it out of thin air and charge interest. When the borrower pays back the money, the money is then 'destroyed' as it never really existed in the first place. We are in fact trading in interest-bearing IOUs. What Waffler's utopian view neglects to grasp is the immense amount of power that is put into the hands of those who have the power to create 'money' out of nothing and then lend it at interest. This is what the Federal Reserve Bank does, and the nation is now in fact in so much debt that the interest alone gobbles up every 'dollar' collected in taxes. It means that the entire nation is bankrupt and in receivership to the Fed. It means that whoever can control the money supply controls the nation. This is absolute power, and absolute power corrupts absolutely. This banking fraud has been foisted upon our nation and is in point of fact not authorized by the Constitution. This systemic corruption sucks the lifeblood of all the citizens and makes them forever in debt, forever paying tribute to keep the scam running until its eventual collapse with the proverbial hot potato landing in the hands of the citizenry. It is the cause of endless war and the deaths of billions. I would not expect Waffler to understand as he spent his career profiting from this collusion. Credit is debt, and because of this system almost everyone is in debt from cradle to grave, using their lifelong labors to pay the interest on an unpayable debt -- this is a form of slavery. Get this: every single 'dollar' in circulation whether in bills, checks, or electronic account balances has been borrowed at interest and someone somewhere is paying that interest. If all the debts were paid, there would be no 'money.' Consider this, too, that every president that tried to get rid of the private central bank in his day was assassinated except Jefferson and Jackson. Why Waffler defends these vipers is beyond me -- unless of course he profits from it. The current economic depression is directly caused by the practice of using Federal Reserve Notes (interest bearing debt) as money.
     -- E Archer, NYC     
  •  
    Exactly Archer. It isn't money anymore, its a debt note.
     -- J Carlton, Calgary     
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