August 9, 2012 § Leave a comment
One of the nasty tricks the Austrian Mind Controllers spring on their unwitting followers is the notion that fiat money is fiat money. It’s all paper, so it’s all bad, it all requires heavy handed state violence. Not unlike several other propositions of Austrian Economics: nothing could be further from the truth.
So here’s a short introduction to the main systems.
1. Fed Notes, Euro, Yen
The current system. This fiat money is created through fractional reserve banking by private banks. Every dollar in circulation, except for actual paper notes and coins, were created by somebody going into debt with a bank. The bank creates the new money the minute it is lent out. Mind you: the entire loan is created when taken out: a bank needs deposits, but it does not lend the deposit! It creates new money next to the deposit.
They then rape their customers by slapping…
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