Under the title Banks, usury and slavery, Sackers asks a fair question:
This means that bank lending, as a proportion of GDP, doubles every 7 years. How long can this continue? How long before we are completely robbed and enslaved? Or am I asking a fool's question?
Not in the least - been going on a long time now. Will all collapse and start over again as usual.
Didn't mean to go back that far - how about e.g. the 19th century? Does it really start with a few quid and end with owning everything? When did fractional reserve banking start - or work with such small fractions as it does now?
ReplyDeleteI think it might have been 1933, Sackers.
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