Understanding Bank Fraud (3)
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"Money" would vanish without debt. It is difficult for
Americans to come to grips with the fact that their total
money-supply is backed by nothing but debt, and it is even more mind
boggling to visualize that, if everyone paid back all that was
borrowed, there would be no money left in existence.
ECCLES: We created it. It must be realized
that, while money may represent an asset to selected individuals,
when it is considered as an aggregate of the total money supply, it
is not an asset at all. A man who borrows $1,000 may think that he
has increased his financial position by that amount but he has not.
His $1,000 cash asset is offset by his $1,000 loan liability, and
his net position is zero. Bank accounts are exactly the same on a
larger scale. Add up all the bank accounts in the nation, and it
would be easy to assume that all that money represents a gigantic
pool of assets which support the economy. Yet, every bit of this
money is owed by someone. Some will owe nothing. Others will owe
many times what they possess. All added together, the national
balance is zero. What we think is money is but a grand illusion. The
reality is debt. If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible -- but there it is. With the knowledge that money in America is based on debt, it should not come as a surprise to learn that the Federal Reserve System is not the least interested in seeing a reduction in debt in this country, regardless of public utterances to the contrary. Here is the bottom line from the System's own publications. The Federal Reserve Bank of Philadelphia says: "A large and growing number of analysts, on the other hand, now regard the national debt as something useful, if not an actual blessing....[They believe] the national debt need not be reduced at all." The Federal Reserve Bank of Chicago in Modern Money Mechanics adds: "Debt -- public and private -- is here to stay. It plays an essential role in economic processes.... What is required is not the abolition of debt, but its prudent use and intelligent management."
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