Crime Against Humanity: Fractional Reserve, Namely Legalized Counterfeiting, 20

Finally, it is informative to compare creation of purchasing power out of nothing as practiced by governments usurping your monetary sovereignty and issuing fiat money, to the creation of purchasing power out of nothing as practiced by bankers usurping your monetary sovereignty, issuing fiat money from the central banks, and issuing credit “money” from the other banks through fractional reserve: Governments are hopefully somewhat democratically elected and accountable to people; bankers do not. Governments’ mandate is the public’s sake; bankers’ mandate is their own sake – and may well be anyone else’s doom as well –. Governments create straightforward money in relatively plain sight, so when inflation occurs they are relatively easy to spot, blame and vote out; bankers create blurred, deceptive, insidious “money” by as much blurred, deceptive and insidious means, so when inflation occurs they are rather impossible to spot and blame, and absolutely impossible to vote out anyway. If the monopoly of monetary sovereignty of governments is a problem, well, the monopoly of monetary sovereignty of bankers is far more of a problem; certainly not a step in the right direction out of economic slavery, but rather a step in the opposite direction: from the frying pan into the fire.

Crime Against Humanity: Fractional Reserve, Namely Legalized Counterfeiting