This Is U.S Banking System
By Daniel at 12 October, 2008, 10:08 pm
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.
quote;
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 basis is an impractical, cumbersome machinery, is simply a cover, to find a way to secure the privilege of issuing money and to evade payment of as much tax upon circulation as possible, and then control the issue and maintain, instead of reduce, interest rates. It is a system that, if inaugurated, will prove to the advantage of the few and the detriment of the people of the United States. It will mean continued shortage of actual money and further extension of credits; for when there is a lack of real money people have to borrow credit to their cost.
http://www.afn.org/~govern/mcfadden_speech_1932.html
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Think about that. In 1913 they warned how bad this was and yet here 95 years later we still have it causing crisis, ripping people off who deposit money and get paid zip for saving, and then use their money to get wealth for themselves.
The Bank of England that the U.S. revolted against due to the power it held over England, started with £20,000 and in 17 years increased 2500 times to £50,000,000. That is what you can do with the “multiplier” Corte33 mentions.
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