Tuesday, Feb 06, 2007
The Grip of Death
Daily Reckoning: Credit: Money from thin air
The evidence? "The March 1997 statistical release from the Bank of England," says Rowbotham, "shows that the total money stock in the United Kingdom currently at approximately £680 million...The total of money created by the Treasury on behalf of the UK Government [was] a mere £25 billion of notes and coins...[so] 97% of all money in the United Kingdom has been created entirely by banks and building societies, and that they have created this staggering quantity of money out of nothing - Fast forward to Feb.2007, and the notes and coins in circulation in the UK today account for just 3.1% of the total money supply. The rest – all £1.496 trillion of it – remains only so many digits on the banks'computer system.
So £BANK DEBTS/MORTGAGES = £FRESH AIR.
2 Comments
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1. Boarder said...
That's why the Banking industry making record profits is an obvious sign of inflation coming. Banks make profits from manufacturing money and then using it before its value is deminished by inflation.
2. Bimlam said...
Scary.