This 2nd volume of the Money as Debt trilogy is still easy to understand and fast flowing as the first, only this time it breaks down the scam known as banking to its purest form.
A comparison of bank credit and counterfeiting.
Key points made in Money as Debt II are as follows;
- A balance in your bank account is not your money, its only a promise from the bank to pay you want you lent to the bank, which they falsely term as a deposit.
- The use of the word deposit to refer to money being put into an account is misleading, because it isn’t a deposit, its a loan to the bank. and the bank can do with it as it pleases. So it isn’t your money once depositing into an account.
- The banking system as a whole is bankrupt by design.
- Bank credit/checkbook money is explained in detailed.
- All bank accounts are nothing more than promises form the bank to pay you bank the money you loaned it via the misconception of a deposit.
- Banks lend by creating credit. They create the means of payment out of nothing. – Ralph M Hawtrey
- Legalized bank credit is no different than a counterfeit scheme.
The Anatomy of a LoanMotive -Need for lump sums of money. The Method – Loan agreement or a promise to pay, plus interest. Acceptance of The Fraud Balancing Promises
We had to watch the anatomy of a loan part a few times because there’s so much trickery in the banking system that its easy to miss.
The banking system functions as one bank, therefore, banks rarely have to spend money, or directly “finance” anything.
- Bank credit, and the banking system, is the core of inflation.
- Bank credit dilutes the money supply, inflation.
- Total debt must expand or the system will collapse.
- Money comes in the form of interest bearing debt.
Also covered is the history of debt buying, and selling contracts, which is the precursor of the derivatives disaster that caused the financial collapse of 2o08.