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Loan - The Creation of New Money

Loan - The Creation of New Money

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Published by Redza
Former Federal Reserve attorney explains that banks do not lend their own money or even money from depositors but merely create new money as a bookkeeping entry. [They do this by converting a promise to pay into checkbook money and then 'loaning' it to the borrower. This fact lies at the center of the controversy over banks foreclosing on mortgages when, in fact, they never lent any of their own money in the first place. You will want to be informed on this issue.]
Former Federal Reserve attorney explains that banks do not lend their own money or even money from depositors but merely create new money as a bookkeeping entry. [They do this by converting a promise to pay into checkbook money and then 'loaning' it to the borrower. This fact lies at the center of the controversy over banks foreclosing on mortgages when, in fact, they never lent any of their own money in the first place. You will want to be informed on this issue.]

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Published by: Redza on May 19, 2012
Copyright:Attribution Non-commercial

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06/26/2012

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/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->