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It is not too dissimilar to a pyramid scheme and they are illegal.http://www.moredebtthanmoney.com.au/
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If all the people in Australia who had money tried to pay all the debts of the people that owed money, it could not be done.
If all the people in USA who had money tried to pay all the debts of the people that owed money, it could not be done.
If all the people in UK who had money tried to pay all the debts of the people that owed money, it could not be done.
If all the people in France who had money tried to pay all the debts of the people that owed money, it could not be done.
If all the people in Europe who had money tried to pay all the debts of the people that owed money, it could not be done.
If all the people in the world who had money tried to pay all the debts of the people that owed money, it could not be done.![]()
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Irving Fisher: "Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess." [Irving Fisher in "100% Money"]
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Any attempt to pay off these debts tends to create a recession and the debt again rises.
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“Our money system is not what we have been led to believe. The creation of money has been “privatised,” or taken over by private money lenders. Thomas Jefferson called them “bold and bankrupt adventurers just pretending to have money.” Except for coins, all of our money is now created as loans advanced by private banking institutions, including the privately-owned Federal Reserve. Banks create the principal but not the interest to service their loans. To find the interest, new loans must continually be taken out, expanding the money supply, inflating prices and robbing you of the value of your money. Not only is virtually the entire money supply created privately by banks, but a mere handful of very big banks is responsible for a massive investment scheme known as “derivatives,” which now tallies in at hundreds of trillions of dollars. The banking system has been contrived so that these big banks always get bailed out by the taxpayers from their risky ventures, but the scheme has reached its mathematical limits. There isn’t enough money in the entire global economy to bail out the banks from a massive derivatives default today.”![]()





