The system is 2000 years old, that is why it's legal. I said legal, I do not talk about any conspiracy here.
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“The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight-of-hand that was ever invented. Banking was conceived in inequity and born in sin... But if you want to continue to be slaves of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit .”
"Banking was conceived in iniquity and born in sin. Bankers own the earth; take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again. Take this power away from them and all great fortunes like mine will disappear, and they ought to disappear, for then this world would be a happier and better world to live in. "
Josiah Charles Stamp (English Economist President of the Bank of England in the 1920's and the 2nd richest man in Great Britain)
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The banks do create money. They have been doing it for a long time, but they didn't quite realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must all be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create credit. H. W. White, Chairman of the Associated Banks of New Zealand, to the New Zealand Monetary Commission, 1955.
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Anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist.—Kenneth Boulding, economist.
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People do not know because they never asked, most do not even know that the question exists
http://video.google.com/videoplay?do...451279&q=money
http://www.basicincome.com/basic_banks.htm
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That means for every dollar of cash in their vaults or deposited with the central bank (i.e. the BoC) the banks have conjured up $357 from the void which they've invested or lent out with interest. Hence the record profits. Meanwhile not one person in a hundred grasps the fact that our government permits private banks to create about 95 percent of our money supply bringing huge profits to them and endless debt to us.
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Solution : take away this power to create money from the banks. The state alone must have this power. We will borrow money from the state, then when we return them the state(we) will be richer, not some bankers, and the state will be able to use those money for something like tax cuts
Everytime a bank makes a loan, new money are created out of nothing, with a click of the mouse the money appear on some credit card. People will work to give back those money or they will lose their mortgage or something. The perfect theft.
Yes our society needs new money to grow, no the power to create them must no be in the hands of private people. The state must do this
Imagine me lending out money I do not have = jail
Bankers have done this for 2000 years, because it is so old , that is why this system is legal. Today it is called "fractional reserve banking" and they say it is useful for "flexilble money suply". Yes it is, no private people must not control it. The state must have control over it, and we will profit when we borrow and when we return the money