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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (74936)	1/31/2000 10:59:00 PM
From: Mike M2	Respond to of 132070

to all, great article geocities.com mike ho ho ho

To: Mike M2 who wrote (74936)	2/1/2000 8:25:00 AM
From: Mike M2	Respond to of 132070

The vast majority of money has been created through the banking system : fame.org "...FACT: The above statements include a material omission. Banks do not just ?take in money.? Banks create money. In 1950, the money supply in the U.S. was about $150 billion. Today, it is about $6.2 trillion. Of the additional $6 trillion, the Federal Reserve created roughly $500 billion. The remaining $5.5 trillion was created out of thin air by banks?and without any work. How do banks create money? In essence, they merely press some keys on a computer keyboard. To quote John Kenneth Galbraith: ?The process by which banks create money is so simple that the mind is repelled.? [Emphasis added.] ..." what happens when people are no longer willing or able to take out loans or banks become more stringent ? deflation or the old pushing on a string.