SmilaZ ·
The borrower owns the 200k borrowed? A sentence that makes no sense to me. Why would the owner have to pay back 200k if he owns it? Haha... Nonsens. The borrower is the borrower, not the owner; the bank is obviously the owner as the so called money is only borrowed. If you borrow my car, you are not the owner.
SirToshi ·
Jerome Daly v First National Bank 1968 - "Promissory Notes"
SmilaZ ·
Crazy! The borrower funds the whole thing and ends up owing interest. What a parasitic trickster system posing as if doing some good!
staub ·
This points out that Banks are permitted to create fractional reserves (reserve notes), lend those IOUs to the public and the public returns the real value by producing and purchasing valued goods and labor. Fractional Reserve Banking. they don’t have the money… and neither do you… but the banks can legally create the ‘money’.
Not a revelation… but people do forget where and how it all started. 1913.
Let’s go back to a gold or bitcoin-backed system.