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"The subject of my speech is the creation of money in our economy" - he then literally talks about it being created by the act of issuing loans which are credit
by Patient0 9y ago
"The subject of my speech is the creation of money in our economy" - he then literally talks about it being created by the act of issuing loans which are credited to individual bank accounts - most money that is created is not physically printed.
- dozzie 9y agoAnd this supposedly "created" money is not backed by any thing of value, so it's akin to a number printed on a sheet of paper, unlike a chair that gets created from planks of wood. You can "create" as much such money as you like, limited only by artificial rules you set yourself (with "you" being a government, because government has the monopoly on issuing money). It really doesn't matter whether it was actually printed on paper or just recorded electronically, it behaves just the same.