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Tuesday, October 7, 2008

Money Myths

This link contains additional explanation of how US banks work: MachinesLikeUs - Money Myths

The gist of that is banks make money out of debt by virtue of the fact that people take out loans that have interest rates attached to them.... more specifically, our government's money is currently backed by 90% debts that can never possibly be paid off (IOUs) and 10% gold, and that ratio just gets adjusted for inflation as necessary.