Bill Bonner: Unreal Money

Consider the following from MoneyWeek’s Bill Bonner;

…there is a financial institution of uncertain integrity, with an electronic balance sheet of uncertain accuracy, listing alleged financial claims and contracts of uncertain quality – and that you are one of the many thousands of entries on the debit side, with a claim to a certain number of dollars, which the institution may or may not have… each of uncertain value.

…Today, banks no longer have “money”. They have credits and debits. Your deposit is your bank’s liability and your asset. But look at the balance sheet. You don’t know how many of the claims on the left are right… or whether, when the other creditors get finished with it, any of the assets shown on the right are left.

….and to think some people have an issue with me believing in an unseen God !?

 

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