Taxpayers have no voice.
money
Questioning the obligation to pay back debt
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exchange and credit
"Banks create money. That is what they are there for. The manufacturing process consists of making a pen-and-ink or typewriter entry on a card in a book. That is all. Each and every time a bank makes a loan, new bank credit is created - new deposits - brand new money. Broadly speaking, all new money comes out of a bank in the form of loans. As loans are debts, then under the present system all money is debt." Graham Towers (1897-1975), Governor of the Bank of Canada from 1935-1955
Challenging the private credit system: Who's bailing whom?
The time since 2008 has been a crucial historical moment for progressive economists to pull back the green curtain that surrounds the operation of the for-profit banking system, and expose that system for what it is: a government-protected, government-subsidized license to print money.
The problem is, as soon as you start saying things like that, people conclude you are some kind of wacked-out conspiracy theorist nut-bar. It sounds insane to claim that private banks have a license to create money out of thin air. As John Kenneth Galbraith put it, "The process by which banks create money is so simple that the mind is repelled."
