Banks Admit They Create Money When Making A Loan

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In a post below about the book “The Creature From Jekyll Island”, the claim is made that banks create money when the lend. That the money for the loan is just poofed out of the air when you sign the loan documents.

A lot of people don’t believe that. I don’t blame them. How could our government give the money creation power over to banks? It’s just not possible that’s the way it really works!

 

Well, sometimes the banks or their masters ( the central banks) do come right out and say it, like the Bank Of England says right here in this PDF on their site…

This article explains how the majority of money in the modern economy is created by commercial
banks making loans.
If you read that, you’ll realize that not only do the bankers create the money in “our”(really their”) economic system, they do it with interest attached, and they don’t create the interest which of course means that more loans have to be made to create the money to pay the interest. Doesn’t that sound like a ponzi scheme to you?

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