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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: JF Quinnelly who wrote (7640)12/30/2002 1:07:21 PM
From: MSIRead Replies (1) of 306849
 
It's not so easy to dismiss, when you look at the flow of funds through the banks creating large profits, unearned except by legislated proximity to fed gov't source of credit. Reading the 1913 debate, the reason in the first place for setting a federalized system was to manage bank debt instruments, not just to create federal debt.

The author is one of many who pose the question of why Congress is constrained from not issuing additional money without debt as the Constitution specifies, and as was done previously, and organize bank-debt regulation problem separately. It's easy to believe the issuance of debt through the banking system became so lucrative that it has become the defacto creation of money.

The way to test that theory is to determine the profits made by the member banks, compared to the alternative.
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