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RE: 'Til Debt Do You Part - Is Your Future Already Over?
A very good read that I did not see mentioned is "Modern Money Mechanics" published by the Federal Reserve Bank in the US. Read that publication, which by the way was used a training manual for fed employees, and then you will have a better understanding about how money is created.
Your signature creates the money you "borrow", the banks loan you your own money, it is right there in their own book.The bank never loaned you anything, and that is what people need to understand.Banks cannot loan money on deposit, nor can the lend credit, sounds crazy but it is all covered in that publication.
What you're referring to is endogenous money. The term that banks usually use is to 'extend credit' rather than lend money. They never actually lend money or credit to anyone - all they do is buy securities (i.e. when you sign the paperwork for a 'loan', you're signing a promissory note, which is a security).
Few people understand that, but even fewer understand that bank credit is not accepted for the payment of taxes.
Where have you been for the last 10 months? Thanks for the reply, hope you are doing well.