The Wahkiakum County Eagle - Established as The Skamokawa Eagle in 1891

To the Eagle:

There are many ways to describe what banks are allowed to do to create our so called money.

They create their “money” out of thin air.

They create “money” by making a bookkeeping entry in a ledger or an account, as they say.

They “monetize” debt. This is the term economists commonly use, seemingly to give the activities of banks a noble air.

They “loan” credit they don’t have against a borrower’s asset to receive profits (interest) they don’t deserve. They call this fractional reserve deposit expansion. I call it fictional reserve deposit expansion. Their reserves are indeed a bookkeeping fiction.

Just as banks fool the public into thinking they have money to loan, they have fooled our government into thinking they have money to loan. If the government can create a bond, an asset for the bankers to “monetize,” the government can also create money as a credit which can be spent into circulation with no debt involved.

Repeat after me, “No more IRS.”

Gilbert Vik

Puget Island