Tuesday, May 01, 2007

Creditanity - The New Religion of America

By: David Deschesne

Editor/Publisher, Fort Fairfield Journal

Fort Fairfield Journal, April 25, 2007 p. 9

What if you had a checking account with only $10.00 in it and wrote a check for $90.00 and loaned it to a person? When that check went to the bank to be cashed, it would probably “bounce” - or be returned due to Non Sufficient Funds.

Now, what if you had an arrangement with the bank that the $90.00 check, when presented to them, didn’t get immediately cashed, but placed in a file folder for safe keeping? It wouldn’t bounce and you would still have your $10.00 on hand. But how would the person you wrote the check to be paid? Well, when you made the arrangement with the bank to shelve your check for a while you would have then authorized them to issue bank notes in the amount of the check so the person you loaned to could use as money until they paid you back with interest. That would work okay. The person you loaned $90.00 to would eventually work and earn the money to pay the bogus check off and give you an interest payment of say $10.00. Now you have $20.00 in your checking account when you only had $10.00 to start with. You literally made money from the loaning of nothing because the check was bogus to begin with. The bank notes issued in lieu of actual cash merely functioned as money because everyone who came into contact with them believed - or had faith - in those notes to function as money. Click here for more.


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