| Subject: | Re: [socialcredit] A brief outline of Social Credit | | Date: | Saturday, March 3, 2007 10:14:15 (-0700) | | From: | Martin Hattersley <hattersleyjm @.........com>
|
It seems to me that the fraud in the banking system lies in banks promising
to pay legal tender money to borrowers that in fact they do not have. Those
promises, accepted by the public as if they were legal tender money, serve
to increase the supply of money in the country. This contributes to
inflation. It also requires the creation of debt equal to the amount of
credit created.
Martin Hattersley
5929 - 189 St.,
EDMONTON AB CANADA T6M 2J1
e-mail: ----- jmartinh@shaw.ca
Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Friday, March 02, 2007 11:28 PM
Subject: Re: [socialcredit] A brief outline of Social Credit
> "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."
> -----------------------------------------------------
>
> 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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