HANS SCHICHT


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Hans Schicht

The fact that the Banker is allowed to extend credit several times his own capital base and that the Banking Cartels, the Central Banks, are licensed to issue fresh paper money in exchange for treasury paper, have provided them with free lunch for eternity. Thanks to the stupidity and corruption of the legislators. And thanks to the great pundits and journalists, that never understood the crux of fiat money and thus never managed to explain the blatant, ongoing legalized robbery of the people by means of the financial fiat system!
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Three years after he wrote this essay, the U. S. Economy suffered the Meltdown of 2008 and the Great Recession where the major American banks had much too small capital bases to survive so the Federal Reserve and the taxpayer bailed the banks out. Much of the problem was if a consumer or a business borrows money from a bank, he/she must have a capital base at least equal to the amount borrowed. But under the modern American banking system, if a bank wants to borrow from the people, the bank doesn’t even have to have a capital base of as much as ten percent of what it borrows and often has considerably less.

Hans Schicht

Year after year the Banker's slice of the world's asset baskets has been growing and growing. The Banker has become almighty.
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