Mr. Bageant,
I've read a handful of your fine essays. One of the subjects you write about is our awful banking system. It is even worse than any Ponzi Scheme which is what you compare this bank system to.
A simple example explains it all. When the Federal Reserve lends money to the big banks something more miraculous than Jesus's multiplication of the fishes and loaves takes place! It's known as the money multiplier and it uses a trick called fractional reserve banking.
All this means that the bank can lend out money it doesn't have! What a cool trick.
Essentially, the bank can have only a million dollars in reserves and loan out 10 million! It would be like you loaning a friend a dollar but telling him you have loaned him ten and he must pay you back all this money plus interest! It works because everyone is duped by this scheme. Your friend tells everyone that you have loaned him ten and they go along!
This is the way the elites get productivity out of us schmoes because we eventually produce enough in order to pay back this money. This is why we have to work so hard. The Fed puts us all in debt in order to line the pockets of a few elites and to keep us producing.
If you look on our currency it says the note is good for all "debts" but there is no mention of "goods or services"! Like I said, cool trick!
Bob
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Dear Bob,
The machinery of extractive capitalism never ceases to amaze! Thank you for the insight.
In art and labor,
Joe
