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THEY WHO CONTROLS THE MONEY SUPPLY CONTROLS THE WORLD

Josh Ryan-Collins of the New Economics Foundation explains how banks create money, out of thin air, through the accounting process they use when they make loans.

“Independent Commission on Banking told us that there was a “disagreement” amongst the commissioners about whether or not the banks created money!
…So, that’s the situation we’re in. These are the people who are charged with recreating our banking system! And they don’t even understand that banks create credit when they make loans”

The 6 myths about banks and money are:
-That banks are intermediaries between savers and borrowers
-That money is created through the ‘money multiplier’ and the amount of money depends on the amount of ‘base money’ created by the central bank
-That interest rate adjustments affect bank credit creation
-That credit allocation is demand driven, rather than controlled by banks
– That the banks know what’s best for the economy
Regulating (or democratising) credit creation doesn’t work.