Funny Money

Did you know that banks don't really lend money?

Here's what the Federal Reserve Bank of Chicago has to say on the topic:

"If business is active, the banks with excess reserves probably will have opportunities to loan the $9,000. Of course, they do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts."

"Loans are made by crediting the borrower's deposit account, i.e., by creating additional deposit money."

Now you know what causes inflation. It isn't that prices go up! It is that the value of Federal Reserve Notes goes down.

Not only is this theft by fraud, it is hiden taxation.

Don't you just love honest government?

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