Crime Against Humanity: “National”, “Federal”, “Central” Banking, 18

Fraud is a function of confidence: the more covered up the fraud, the more confidence exploitable. Hence, houses of cards get promoted if not enforced as much as possible. The fractional reserve house of cards can function to the degree the targets don’t call swindlers to account, therefore preventing such an eventuality in whatever way is a key permanent issue for the swindlers. If the targets are so stubborn to really want to redeem the promises−credits in deliveries−banknotes, we have a central bank at hand to print any amount of banknotes out of nothing; if this gets to the point of exhausting the reserves of a bank, well, that bank can even collapse without this resulting in the system collapse, regardless of whether its targets get their promises redeemed in banknotes or not. And should the targets be stubborn to the point of demanding redemption of promises−banknotes in delivery−gold−or−whatever−actual−value, our countermeasures are already deployed: our media and experts spread the mantra that promises are everything and deliveries are history… Deliveries? What deliveries? Oh, you mean that stone age oddity? Don’t you think you’re a bit out of fashion? You don’t really want to be laughed at, do you? Laughed at… by whom? After all, legal tender means that you are obliged to accept promises as everything, and after all the central bank is the State, and all this is the mother of all monopolies, so you can all sleep soundly in your beds as the hypnotist and the legislator join forces to tell you to sleep, and forget about delivery−actual value, isn’t it? After all, it’s merely a matter of moulding people’s habits, from being used to handling both promises and deliveries to being used to handling only promises as deliveries and that’s all: it’s just a matter of having enough time and power to carry it out, and bankers do have both. Do you see anyone around these days dreaming of demanding any central bank to redeem its paper in anything valuable? Do you see anyone around these days aware that the “tradition” of central banking and of its role as “lender of last resort on behalf of the State” were not at all dictated from above as part of the commandments but were craftily created out of nothing just as promise−money is? Bit of a difference with a time when each banker was to stand on his own, and when found out playing games, hopefully in the hustle of the bank run he ended up properly hanged.