What was your very first thought/reaction when you learned for the first time that banks create money and charge interest on the money they created out of nothing?
Below you can read the answers from our Facebook fans.
Please describe what was your reaction in the comments below. Let us know also how did you find out
John Donovan Have knowing about this for sometime, as I research about money, currency,banking even debt,, but how if the banks make money from thin air ,, then WHY the needed for a bail-out, by the taxpayers.& who got paid.. because of course you always have a winner and a loser right,, and a debt is between to parties… so if its not the bankers WHO DOES THE WORLD DEBT BELONG TOO,, who gets paid the national debts of all the countries,,if its not a large Bank… who gets paid the loses of the banks derivative trading which is in the trillions right WHO..
Alex Marshall The model used to describe it to me back in the 80s made it look like 90% of real money was being taken from Peter to loan to Paul, then got redeposited and 90% of that was loaned out etc etc. This is obviously flawed logic because in reality, most transactions are not done in cash, but by making bookkeeping entries on the banks’ ledgers. Thanks to PM for bringing that to my attention!
Graeme King Ripped off
The Significance of Monetary Reform: The Disaster of Debt Based Economics [1 of 5]
This 1999 tape featuring Michael Rowbotham attests to the veracity of the COMER …
Michael Maniatakos In my economics class for my MBA. No major reaction. Not sure how things are in the UK but in Australia the public is a shareholder of many banks either directly or via our superannuation savings.
I did notice however the conflict of interest of banks being part of delivering monetary policy and also being private enterprises investing and speculating; there are many moral and other hazards of this, too many to discuss here.
It was probably the film “Moneymasters” that first woke me up properly, but i had been finding out fragments from different sources.
Jack Anthony Millner Disbelief.
It seems insane to me that private institutions are allowed to simply create new money… out of fresh air. It shouldn’t be allowed. Only democratic institutions should have that power.
John McMenemy beyond belief . . .
Duncan Frame I knew from the 80s in the liberalisation of banking, the creation of a private housing market, the systematic destruction of social housing, and the prevention of rebuilding programmes, there was something going profoundly wrong. Then when it all collapsed in 2008 and I discovered the role of huge levels of private debt (not to mention the debt driven takeover of United by the Glazers), the “all money is debt” theory came more as a redefining of what I already knew.I don’t think of it as a deliberate policy, more a consequence of unabashed and continuous courting with, not to mention feeding, the greedy. But maybe it was a deliberate policy. Are people really that foolish?
Laurie Parker-Foord I’m still learning! And, I hate to prick anyone’s bubble but I suspect the majority of posters here are still learning. We don’t know the whole story yet. One good thing though is that now we are becoming aware of what actually happens in the world we live in, we’re more likely to educate others. Which has to be a good thing.
Budinski Linski The doco MoneyMasters was where I first learned and I have been livid, disgusted, but somehow enlightened that I can now understand why the world is so f…d.
Mohd Syamsyul Arifin Sahar In my country When you tell the people about this simple true fact they will include you among the crazy and lazy men . Lazy to work and donate your hard earn money to the bank.
Paul Weeden Pissed off !
Philip Kelleher I was kinda relieved, as another piece of the puzzle fell into place…and made perfect ‘sense’, when seen with the other manipulations of the military/industrial complex… Happily, all of which are ALL in a state of decline and heading towards their inevitable demise – as the world wakes up
John Donovan Money, coins,notes account for 3% the other 97% is credit/debt that the bank creates out of thin air after you take out a loan/ and go into debt…its not physical money its a entry via there computers just like the old double entry book keeping,, assets & Liabilities which of course must balance..any profit, example interest paid on the amount borrowed shows up as, shareholder equity..
Sally Robbins horrified and disgusted
Daniel Rubio Heard it for first time watching zeitgeist addendum
Gem Mac All of the above and way back apparently a man Named Jesus i think, he knew and overthrow the Money lenders tables !
Lauren Garcia I was disappointed that we let the money system get to this point and wondered if it’s ever going to change.
Jesse Hermans “So that’s where money comes from and why interest rates always seemed an ineffective monetary policy”. And then I suddenly realised, “total debt must expand either in the hands of the government or the private sector forever; or until currency collapse or default. We are indenture debt slaves to the banks, our society is permanently screwed until this is fixed”.
Semian Alphabet My first reaction: Could that really be true? How can I verify that? It took me a while. Then I could verify it.
Chip Dietrich I thought it was the biggest scam the world has ever seen! I heard it first (although slightly inacurate) from a documentary called Zeitgeist.
Carl P Davies Bill Still- left me shocked but made sense to that feeling that something is up but I din’t know what it is.
The Money Myth Exploded
www.michaeljournal.orgThe Money Myth Exploded was one of the first articles of Louis Even, and remains…See more
Dejan Vulin Had been looking for proper explanation of 2008 crash. Bill Black and Max Keiser were more than good, but it was not enough. Then I stumbled upon ‘Zeitgeist’. Then I looked for less propagandist second opinion. Then I found ‘The Money Masters’ and ‘Money as Debt’. Then I thought: OK, so far I ‘triangled’ it, so it appears that that’s it. And than I thought: good God, this is not only the core of the 2008 crash – actually, this is the core of the western civilisation as we know it, and I know I’m not exaggerating! And then, I got smile on my face, goosebumps and shivering all at the same time. I felt enlightenment, but also powerlessness in front of wide and long-lasting-through-history coalition of millions of the evil-intended, the corrupted, the incompetent, and the ignorant. Since then, among other things, I simply cannot continue conversation with any person who still lives in the left/right political paradigm/narrative/smokescreen. (Also, I cannot listen any more any of ‘escapist’ and/or ‘introspective’ alternative bands and solo artists – now they sound to me totally irrelevant and more mainstream even than boys bands. ) At the end, as someone who’ve been working for more than a decade in advertising, I started asking myself: what for, when, in last instance – let me paraphrase – there is no such thing as market?