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The Survival Economist: This is How the Private Banks have a License to Create Money out of Thin Air

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The Survival EconomistPremiered May 22, 2022 Private banks can basically create new money as they wish. That used to be the privilege of the mint of princes and governments. It’s a privilege to create money and therefore profits out of nothing. This privilege has been in the hands of the financial industry for a long time, and in recent years, it’s been unchecked. It is not the central banks but the private banks that generate most of the money. A process is also known as deposit money creation. Money is created when someone goes to a bank to take out…

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