Transition Derry

Tackling Peak Oil, Climate Change and Economic Breakdown

There was shock and anger at last night's session as people realised that banks have been creating money out of nothing and then profiting from the interest they charge on it. Basically, when I borrowed to buy my house, the bank didn't phone around and ask ten savers if they could hold off withdrawing their money for a couple of years so that I could use it. They just created the amount I wanted, wrote me a cheque which I paid to the previous owners and they probably used as part payment for their new house. That is, it became REAL money. It wasn't here before I took out a mortgage. Now because of me it was in the money system. Twenty years later I am still paying the bank Real money for the fictional money they created plus Real interest. That's just the beginning; it gets worse but I haven't taken it all in yet. Listen out for Transition Derry's interview with James Robertson who is proposing Monetary Reform that takes money creation out of the hands of private, profit-making institutions.

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