You presume the bank has a safe full of money ready to be loaned. Thats actually not the case. Our entire economy is built off the backs of the citizens. You create money, not the banks. When you apply for a loan, youre actually authorizing the creation of that money. The bank creates that money that you authorized, and pays the seller. Congratulations, youre now actually a home owner...for all of 10 seconds. Then the bank convinces you to repay this newly created money, that the bank never had in the first place. Plus interest! Oh and if you dont repay them what they never gave you, plus interest, they take your house that you just put up for collateral.~Mathew Wolfe on Fractional Reserve Banking
Posted on: Wed, 28 May 2014 10:27:11 +0000
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