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Originally Posted by mikey_the_redneck
Our labor legitimizes the banks fake money....as we take their fake loans and turn around and labor to make it into something. After we do that we pay back the principal (which the banks created out of thin air in the first place) and whole lot more to the banks..
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I'm trying to understand what you are saying here but I'm not getting it. We accept fake loans and then turn around and "labour" it into something? What does that mean? Not trying to be an ass here, I just don't get what you are saying.
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Banks actually have very little reserve compared to how much they lend out at interest.
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This I believe.
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Remember our money is "legal tender" and not backed by anything of value.
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Wrong. Currency is backed by the faith of the investor, and that's the most valuable thing you can get.
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It is a big scheme that lines their pockets and puts nations in big time debt. They print as much as they want, and it is the leading cause of inflation.
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Who prints as much as they want? Not the banks. Do you mean the Bank of Canada? They don't print as much as they want, otherwise inflation would sky rocket.
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We throw about 160 million dollars away every single day in compound interest payments on our national debt (which is about 800 billion). It is plain and simple not necessary.
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How would anything work without compound interest? Why would anyone lend someone else money if they didn't receive something extra in return? It sounds like you believe our economic system should be built on charity.