“Money and Banking” – Questions To Ponder

"The process by which banks create money is so simple that the mind is repelled." - Professor J. K. Galbraith

"Do you know that no bank lends money deposited with it?

Do you know that when a bank lends money it CREATES IT OUT OF NOTHING - THIN AIR?

Do you know that bank loans are merely pen and ink entries in the credit columns of a bank's ledger? - And these days, are simply pixels in a computer? THEY HAVE NO OTHER EXISTENCE!

Do you know that practically all the money in the community and the country - comes into circulation as a debt to the banks?

Do you know that money loaned by a Government bank is just as much a debt to the people as if it were loaned from a private bank?

Do you know that "fixed deposits" are a plausible screen to hide the creation of credit?

Did it ever occur to you that the banks enjoy this unique facility of creating credit and putting the nation progressively into debt-bondage because they create FINANCIAL credit against the REAL credit created by the people?

Do you realize that every time a Government borrows money for a public work, the people are debited with the liability (in perpetuity), but are NEVER credited with the value of the asset?

Do you know that every repayment of a bank loan cancels the amount of the loan out of existence?

Do you know that Treasury Notes are Government I.O.U.'s - national pawn tickets for pledging the assets of the country to the private banks for the loan of OUR OWN financial credit?

Do you know that banks purchase bank sites, build premises, and acquire assets at no real cost whatever to themselves by the simple process of honoring their own cheques?

Do you realize that not one politician in a thousand, in Queensland, or Australia, or anywhere for that matter, understands this? It is not taught in universities, or anywhere. It is a well-kept secret, and has been for hundreds of years." (snip) ...

NOTE: Not sure who created these pertinent questions about “money and banking” - perhaps a usuryfree creative from Australia - but it matters not for these thought-provoking questions are timely indeed. Hopefully such questions will motivate at least one more awakening fellow-Canadian (or otherwise) to follow a self-imposed course with resources not readily available within the sacred walls of formal education.