Documentary -The Money Fix - The Almighty Dollar - Monetary Reform Documentary part 3
Автор: Lara Bankrall
Загружено: 2013-04-03
Просмотров: 213
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However, some critics of fractional reserve banking argue that the practice inherently amounts to a kind of "fraud" perpetrated against depositors/savers as it, in their view, artificially lowers real interest rates, destabilizes the money supply and contributes to volatile and wasteful business cycles (or "credit cycles").[17] Other critics, such as Michael Rowbotham, equate the practice with counterfeiting, where government-protected privileged private entities (the banks) are granted the legal right to create money "out of the nothing" while also being granted the right to charge interest on their creation.[11]
Michael Rowbotham argues that this concentrates wealth in the banking sector (which has a "cannibalizing" effect on the rest of the economy), causes the rest of the populace to slowly sink into debt slavery, creates volatile hyperinflation in the housing market and deflation in the consumer goods market, squeezes real wages, destroys farming and agriculture and de-industrializes heavily indebted economies.
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