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Message 433
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| Subject: | Re: [socialcredit] Re: the theorem [further?]CORRECTION | | Date: | Saturday, January 1, 2005 19:55:06 (-0000) | | From: | Janos Abel <abel @...........uk>
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Dear Timothy, Bill,
Further correction needed? Or am I missing something?
To be absolutely clear should not Timothy's sentence
"...The issue is that the money, although 'in' the account is used
elsewhere...", (On 31/12/04) read:
...The issue is that the [fiat]money, although [appears] 'in' [an] account
[somewhere] is [just a book entry]...?
As I understand it, banks get £1 as deposit and lend £9 as new but
temporary (credit)money.
Janos
--------
There are a thousand hacking at the branches of evil, for every one who is
striking at the root. (H D Thoreau)
www.goodworldmovement.net
> *Banks can and do lend out approx 10x deposits using
> fiat money by creating deposits in the form of
> consumer [or producer] credit. .*
> -----------------------
> -------------------
> [REPLY] You are saying that ten times the money in
> you account is "used elsewhere." How is ten times
> the money in your account the same money as in your
> account? How do banks lend out ten times deposits if
> what they lend are deposits? In other words,
> deposits = ten times deposits. X = 10X. Why is this
> not a fundamental contradiction in logic?
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