How is money created? Where does it come from? Who benefits? And what purpose does it serve? For centuries the mechanics of the monetary systems have remained hidden from the prying eyes of the populace. 97% Owned: Economic Truth, 2012
In 2010 the total UK money supply stood at £2.15 trillion. 2.6% of this total was physical cash. ibid.
Seigniorage: Profit made by a government by issuing currency. The difference between the face value of notes and coins, and their production costs. ibid.
When banks issue loans to the public, they create new commercial bank money. ibid.
‘It’s basically an accounting trick … banks create money.’ ibid. Professor Richard Werner
Between 1998 and 2007 the UK money supply tripled. ibid.
Banks are no longer restricted by how much they can lend. ibid.
‘It’s generally speaking when you have debts owned by the poor to the rich that suddenly debts become a sacred obligation more important than anything else.’ ibid. Dave Graeber, interview Democracy Now
The [indebted] country becomes a vassal state, allowing large corporations to exploit its natural resources and workforce. ibid.
The system is neither stable nor fair … The system is designed to make certain people very rich. ibid.
The banks caused the financial crisis and now the rest of us are being asked to pay for it. ibid.
A bank is a place that will lend you money if you can prove that you don’t need it. Bob Hope