| Subject: | Re: [socialcredit] Replying to Vic (Deus Ex Machina) | | Date: | Saturday, April 16, 2005 20:19:03 (-0700) | | From: | Joe Thomson <thomsonhiyu @....ca>
|
| In reply to: | Message 943 (written by Deus Ex Machina) |
( Vic Bridger [socred@ecn.net.au] wrote:-) I am not confused with anything
and I am fully aware of how the banking
> > system operates and the fractional reserve system under which banks DO
> > CREATE CREDIT (MONEY).
>
(Deus Ex Machina Vic wrote:-) > which is it? credit or money? the banks do
not create money. the
> government creates money. the banks just loan out what they
> receive subject to fractional reserve requirements.
(Joe replies:-) Which 'government' creates money other than the pittance
that exists as 'coinage' these days? Canadian paper currency says 'Bank' of
Canada on the face of it. Not 'Government' of Canada. And that 'Bank'
creates it, not the 'Government'. It is immaterial that the Bank of Canada
is now entirely Crown owned. (It was partially privately owned when first
formed.) It operates at 'arm's length' from the 'government'. Chartered
bank 'CREDIT' can be transformed into Bank of Canada 'MONEY' by request of
the bank's customers to receive it that way.
>
(Deus Ex Machina Vic wrote:-) if you are fully aware of how the banking
system operates why do you
> have a problem with it?
>
(Joe replies:-) We do not have a problem with the 'administration' of the
banks, which we consider to be quite competent. Our 'problem' is with the
way the banking sector's 'monopoly of credit' presently allows them to
determine POLICY in a way they believe is of primary benefit to banks,
regardless of its effects on the rest of society.
|
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