Asia Times Online :: Asian news and current affairs - 0 views
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private banks create credit on the basis of a cushion of capital specified by the Bank of International Settlements in Basel, and this credit created out of thin air is exchanged for interest-bearing Treasury debt
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The only constraint on credit creation is now the capital cushion that banks must hold to cover defaults by borrowers and operating costs
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Tax has never in 800 years in the UK been collected and then spent
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