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Message Subject Get rid of the money system, then get rid of goverrments
Poster Handle Anonymous Coward
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Someone asked: how do we repay 4 eggs on a 3 egg loan - when the banks own all the chickens?

Here is how it really works.

The banks loan you a credit - so to follow that example - a credit worth 3 eggs.
When you repay the credit - 3 eggs worth of credit is destroyed.

However, the banks keep the extra egg credit to their own account.

But my claim is how can the banks make any loan of egg credit when they own neither chickens or eggs?

THE CREDIT THEY LOAN IS ALWAYS THE PROPERTY OF THE PEOPLE

So, we the people need to own the banks and place the banker into an agency relationship and run the banks as a not for profit with annual rebates just like the State of Alaska sends out oil rebate checks every year.

Where is my rebate check?

This is the heart of the seigniorage question.

With whom is the seigniorage properly vested in a credit money scheme?

And it comes straight out of the communist manifesto; plank five - The credit of the people is the property of the government. The government in turn assigned the people's credit to the banks via license. A license is a permit to do something that would otherwise be illegal. It would be illegal for a bank to loan you your own credit except that they have been licensed by the government to make such loans.

Wright Patman figured it out in 1964, but then took 141 pages to explain it.

Windy bastard; I just explained it in one post.
 
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