“If all the bank loans were paid, no one could have a bank deposit, and there would not be a dollar of coin or currency in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the [...]
They get a $1,000 deposit from you. They pay you nothing or next to nothing but, loan that $1,000 out 9 times and collect interest on 9 loans.
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In 1913, before the Senate Banking and Currency Committee, Mr. Alexander Lassen made the following statement:
But the whole scheme of the Federal Reserve bank with its commercial-paper [...]
On July 15th the US Dollar Index closed at 71.87, the lowest close since reaching its record low in April. This index was in the process of breaking down, and in fact it had actually fallen out of its uptrend channel on the following chart.
However, rather than continue lower and fall off the edge of [...]
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