|Subject:||Re: [socialcredit] the reality?|
|Date:||Tuesday, November 16, 2004 05:41:33 (-0600)|
|From:||Levi Philos <leviphilos @.........net>
John Hermann wrote:
> An excellent rebuttal and summary of the situation
> regarding deposits. However I don't recall seeing
> the original item in any previous posting on this list.
> At 03:05 AM 15/11/2004 -0800, you wrote:
>> "...the reality is that they are loaning money out
>> that they have collected through deposits."
>> That is not the reality. This falsely assumes there
>> is some quasi-physical quantifiable thing called
>> "money" that is beyond the control of the banks. In
>> the old days that would have presumably been gold. I
>> say presumably because that was never the reality but
>> merely the smokescreen. The reality is that banks
>> when receiving deposits are receiving transfers of
>> bank credit from other banks through the rules of
>> double entry accounting.
An improvement, but no person is yet telling about how the bank deposits
the promissory note which is entered on the side of the ledger to the
credit of the bank.
Effectively, the bank has loaned the promissory note making the borrower
the initial creator of the money.
I am not going to be able to make any reply to your responses to this as
I am leaving within three hours on a two week trip.
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