From the Johan Joubert Community e-newsletter: Hi Mavelempini, check out all the comments that have ATTACKED the insane article in the Business Day! bdlive.co.za/opinion/2014/06/24/banking-truths-not-as-exciting-as-theories-of-intrigue If you wish to write a polite letter to the Business Day editor, the address is [email protected]. The truth is that this article has serious ramifications for millions of people. The article clearly states that i) banks do NOT make money out of nothing, and ii) banks lend deposits. The Bank of England contradicts this entirely. (see here - bankofengland.co.uk/publications/documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf). This publication is not unique – there are many more just like it. Modern Money Mechanics is another such document that explains the process in great detail. Furthermore: The Bank of England has confirmed that these statements are completely and utterly false. In fact, they even admit that economic textbooks are incorrect. The article that discusses this report is here: theguardian/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity. Professor Victoria Chick has also ripped their statements to shreds. See here: https://youtube/watch?v=EF0GnxegC48. In fact, our schools and universities teach a “mythological story of what banks do” according to Lord Adair Turner, a former bank regulator. Read this for the full story: positivemoney.org/2014/04/former-bank-regulator-adair-turner-says-economics-textbooks-teach-mythological-story-banks-full-transcript/?mc_cid=eea141e381&mc_eid=21bfea1594. There are many books that have been written about this subject, most notably the Creature from Jekyll Island and Web of Debt. Also read South African author, Dr Ahmed Motiar’s book entitled The Reserve Bank – A License to Steal Money From its Citizens? And this brilliant 6-minute explanation from Positive Money: https://youtube/watch?v=8xpk3ElkgmY&feature=youtu.be. We could list dozens upon dozens more academics and reports, like those mentioned above, who have publically stated the exact opposite of what is stated in your article. Fact 1: Banks do NOT lend deposits. The entire amount of any bank loan is created out of nothing. Loans are merely debit / credit book entries, created on a computer. Fact 2: Banks make ‘money’ out of nothing all the time. This is a common and absolute fact in banking. For the good of this country, and for the tens of millions who are suffering under the extreme hardship of fiat, debt based money coupled with an exponential interest burden, please correct these statements urgently. -- The JJC
Posted on: Thu, 26 Jun 2014 04:46:28 +0000