Everyone is in debt. That seems to be the case. But if we all owe money to whom are we indebted? Who are these fat cats who spend their days on the beach having cool drinks brought to them while they while away the time sunbathing? If truth be known the money does not actually exist. It has been created in the books of independent and national banks. In centuries passed the local blacksmith acted as the bank. Gold, silver and promissory notes were left in his safe. He soon became aware that the "goods" left for safe keeping would not be taken out by the owner for a very long time, if ever. For storing the valuable minerals and promissory notes he gave promissory notes in return. This meant that he could create money. He could also give loans, a large part of which would return directly back because the debtor opened a new account. When large private banks started, governments gave an assurance that a run on an institution would be protected by public money. We have see
Interesting articles, stories, news. Views on happenings. Current activities, ideas and events. International and Antipodean affairs - scientific, cultural, political, economic, sociological, anthropological, archaeological and historical environment.🤠By TyBuchanan