David Hillary wrote:
<snip>
> Banks are not and do not pretend to be warehouses for stacks of paper
> notes or bullion or whatever. Banks are liquidity institutions which
> accept DEPOSITS hold LIQUID RESERVES and INVEST in DEBTS of various
> kinds.
<snip>
> Money is created by banks and currency institutions as well as gold
> producers.
You're right in saying banks are not warehouses for bullion, but wrong
when you say money is created by banks, except maybe a long long time
ago. I'd include currency institutions, but I don't know your definition
of that phrase. Money and currency are two different things.
For an explanation, buy 'Money - Ye shall have honest weights and
measures':
http://www.bearerinstruments.com/search.php3?Cat1=Publications
If a bank isn't a currency institution, then what is the difference
between a bank and a currency institution? And, where does your
definition of currency institution come from? Or is that another one of
those phrases that gets thrown around a lot but never defined?
>Banking is not fraud and its not warehousing.
You're right on the warehousing part. Wrong on the fraud part.
'Money - Ye ... ' might be expensive relative to other books, but
it's "Just this side of stealing" relative to the value of the
knowledge in it.
It usually pays to nail down the most basic stuff first. Then more
advanced future thinking (time and energy being non-renewable
resources let alone scarce) on the stuff tends not to be wasteful.
Bob
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