| Subject: | Re: [socialcredit] A brief outline of Social Credit | | Date: | Friday, March 2, 2007 22:28:24 (-0800) | | From: | william_b_ryan <william_b_ryan @.....com>
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| In reply to: | Message 4515 (written by John G Rawson) |
"Surely, Joe, in that the banks create money of the
official denominations of each country, that makes it
fraudulent? If they issued their own named units of
currency, backed by their own reserves or securities,
that would not.
"I am sure forging notes requires considerable cost
and a lot of expertise if it is to succeed. Does that
make it more acceptable?
"Regards. John R."
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Without at all speaking for Joe, and I do await his
reply, the premise to your question makes no sense to
me at all. I do not know quite what you mean by
creating money of the official denominations of each
country.
What banks do is create deposits, which are among
their liabilities, as carried on their books. Their
deposits are redeemable in official currency, if so
called upon by particular depositors on demand. If a
bank cannot do so when called upon to do so, it is in
default of its contract with its depositors.
By own named units of currency, do you mean banknotes?
Except for being more convenient, are not deposits
transferable by check or plastic the functional
equivalent to banknotes?
Exactly where does fraud enter the equation, John?
--- John G Rawson <johngrawson@hotmail.com> wrote:
[see above]
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