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Written in 1936, this was a pamphlet that dealt with the issue of money creation and how banks have a claim on the entire productive capacity of an economy without actually providing anything.
It's only a few pages long, but it's a nice allegory to explain the concept.
This short segment explains the crux of the problem of a debt based monetary system.
“Can the population of the island taken as a whole” he mused, “meet its obligations? Oliver issued a total of $1000. He's asking $1080 in return. But even if we were to bring him every dollar bill on the island, we would still be $80 short. Nobody issued the extra $80. We turn out products, not dollar bills. Oliver can therefore take over the entire island, since we, together as a group, cannot pay back both money and interests
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Sent from my phone. Instaurare omnia in Christo.
It's only a few pages long, but it's a nice allegory to explain the concept.
This short segment explains the crux of the problem of a debt based monetary system.
“Can the population of the island taken as a whole” he mused, “meet its obligations? Oliver issued a total of $1000. He's asking $1080 in return. But even if we were to bring him every dollar bill on the island, we would still be $80 short. Nobody issued the extra $80. We turn out products, not dollar bills. Oliver can therefore take over the entire island, since we, together as a group, cannot pay back both money and interests
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Sent from my phone. Instaurare omnia in Christo.