| Subject: | Re: [socialcredit] 10 can't pay 11 fallacy, again | | Date: | Saturday, July 7, 2007 07:17:31 (+1200) | | From: | Peter <cymric @.......nz>
|
| In reply to: | Message 4903 (written by william_b_ryan) |
The inference is then that banks are the only businessesthat dont put their
cost into their prices they charge others.
Bank staff today is probably about a third of what it was 15 years ago.
They have withdraw from small rural communities as well.
Peter
----- Original Message -----
From: <william_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Friday, July 06, 2007 10:50 PM
Subject: [socialcredit] 10 can't pay 11 fallacy, again
> "The money for the interest is not created, that's my
> beef. Sure, the debt for the interest is added to the
> debt for the money principle but you can't say the
> interest is 'created out of thin air' like the chips
> are created out of thin air."
> -----------------------------------
> ------------------------------------
>
> Again, the word is spelled p_r_i_n_c_i_PAL when
> referring to the principal of loans. But sure it is,
> the money for the interest is most definitely created.
> Banking is a function of double entry accounting in a
> creditary economy. At the beginning of T1, 10 are
> lent, and 11 must be repaid at the beginning of T2 in
> loan amortization. During T1 the banks spend thereby
> creating 1 into circulation for their salaries, wages,
> dividends and ordinary business expenses, so at the
> beginning of T2, 11 is in circulation. The money that
> the banks spend is charged, as a matter of accounting,
> against their accrued profit accounts. This is
> allowable because by the rules of accounting profit
> accrues contractually even if not yet received in cash receipts.
>
>
>
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