| Subject: | Re: [socialcredit] A brief outline of Social Credit | | Date: | Saturday, March 3, 2007 11:35:21 (-0800) | | From: | william_b_ryan <william_b_ryan @.....com>
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| In reply to: | Message 4523 (written by Martin Hattersley) |
"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."
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But that is not the promise that banks make, Martin.
Banks promise to pay legal tender money to depositors
on demand, when demanded. If they do that they are
fulfilling their contractual obligation to their
depositors.
Keep in mind that banking is a variation on a common
theme with joint stock manufacturing companies and
insurance companies, in that they all involve the
pooling of assets and the sharing of risks. In the
financial sense, each of them is engaging in similar
activities in different degrees of specialization.
An insurance company is not committing fraud when it
promises to pay a certain sum on a life insurance
policy that it may not now have. The promise is to
pay that sum when the insured dies.
The concept is actuarial.
--- Martin Hattersley <hattersleyjm@interbaun.com>
wrote:
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
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