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Bankers Built Private Empires on Public Credit


Wednesday, 06 July 2011 10:40

‘As you have a doctorate degree in economics from a great university I will touch as lightly as my verbosity allows on facts accepted by economic “science” and proceed to occult aspects of Central Banking.

Since the division of labor is the key to all human achievement and satisfaction, a system of exchange is crucial. Barter is hopelessly complicated. A command economy, in which each does and receives what he is told, is also hopelessly cumbersome and fails to take advantage of individual initiative, ability, and concrete knowledge.

A medium of exchange, money, is the obvious solution. (Even our highly centralized economies on the socialist model now enthusiastically embrace money as an indispensable simplifying tool in their economic planning.)’

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