when claims on hard money (i.e., notes or paper money) are introduced, at first there is the same number of claims on the hard money as there is hard money in the bank. However, the holders of the paper claims and the banks soon discover the wonders of credit and debt. Debt holders like it because they can lend these paper claims to the bank in exchange for an interest payment so they get interest. The banks that borrow it from them like it because they can lend the money to others, who pay a higher interest rate so the banks make a profit. Those who borrow the money from the bank like it
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