Banks today use a system which they call fractional reserve banking. It gets called forgery, fraud and other unkind names. Happily the Governor of the Bank of England has decided to call it Quantitative Easing. A rose by any other name would smell as sweet. Murray Rothbard explains. He is an Austrian economist. There are, in the main two kinds of economist, Austrian and rubbish. There are men who disagree with Mr Rothbard. He is worth reading on his merits. The Wikipedia covers some of the ground and gives a much more anodyne view. See fractional reserve banking and Criticism of fractional-reserve banking. One bank that goes in for honest, straightforward thieving is Bank Leumi, a mob that operates in Israel and robs Holocaust® survivors both real and alleged.
Give a man a gun he can rob a bank. Give a man a bank he can rob the world.
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Critics of fractional reserve banking include a number of mainstream economists such as Irving Fisher, Frank Knight, Milton Friedman and others; strong non-mainstream critics include the Austrian economists, Murray Rothbard and Ludwig von Mises.
UNQUOTE ex Criticism of fractional-reserve banking in the Wiki
PS An alternative is much older; it is Hawala
From Fractional Reserve Banking
Fractional Reserve Banking
We have already described one part of the contemporary flight from sound, free market money to statized and inflated money: the abolition of the gold standard by Franklin Roosevelt in 1933, and the substitution of fiat paper tickets by the Federal Reserve as our "monetary standard." Another crucial part of this process was the federal cartelization of the nation's banks through the creation of the Federal Reserve System in 1913.
This article originally appeared in the October 1995 issue of The Freeman and is reprinted with permission.
Murray N. Rothbard (1926-1995), the founder of modern libertarianism and the dean of the Austrian School of economics, was the author of The Ethics of Liberty and For a New Liberty and many other books and articles. He was also academic vice president of the Ludwig von Mises Institute and the Center for Libertarian Studies, and the editor – with Lew Rockwell – of The Rothbard-Rockwell Report.
Hedge Fund Boss Lost £350 Million & Gets 13 Years [ 24 January 2015 ]
It sounds like a great example - putting him in prison that is. Think of all those bankers who walked away laughing after breaking various banks in the Financial Crisis 2008. It not what you know. It's who you know.
Banks Hide $14 TRILLION In Footnotes Of Their Accounts [ 18 September 2017 ]
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The world’s top financial watchdog has uncovered $14 trillion of global dollar debt hidden in derivatives and swap contracts, a startling sum that doubles the underlying levels of offshore dollar credit in the international system.The scale of this lending greatly increases the risk of a future funding crisis if inflation ever forces the US Federal Reserve to tighten hard, draining worldwide liquidity and potentially triggering a dollar surge.
A forensic study by the Bank for International Settlements says enormous liabilities have accrued through FX swaps, currency swaps, and ‘forwards’. The data is tucked away in the “footnotes” of bank reports. “Contracts worth tens of trillions of dollars stand open and trillions change hands daily. Yet one cannot find these amounts on balance sheets. This debt is, in effect, missing,” said the BIS analysis, written by team under chief economist.
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A trillion is a thousand billion & very serious money. Casino bankers love gambling with other people's money, their retirement funds etc. Wall Street is about utterly unlimited greed. It is private profit and public loss. When Goldman Sachs fouls up we get to pay. That is why they have their own running the Federal Reserve. The current boss is Janet Yellen, a Jew, the previous two were Bernanke & Greenspan, Jews both, just like Goldman. You might notice a pattern here, one of monstrous shenanigans/goings on/manipulation/finagling or even [ whisper it ] fraud. Of course auditors are worthless. E.g. Arthur Andersen passed Enron's accounts, multigigabuck fraud notwithstanding. The same clerks are now doing the same with different firms.
Barbarian Traders With Major Banks Used Fraud To Manipulate Euribor [ 20 July 2018 ]
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Two multi-millionaire traders who plotted to rig a global lending rate have been jailed for over 13 years.Philippe Moryoussef, 50, of Barclays and Christian Bittar, 46, of Deutsche Bank, conspired to manipulate the Euribor lending rate so they could make even more cash on top of their ‘staggering’ salaries. Achim Kraemer, 54, who worked for Deutsche Bank, was cleared of the charge.
But the jury failed to reach verdicts in relation to former Barclays traders, Sisse Bohart, 41, Colin Bermingham, 62, and Carlo Palombo, 40, who will be retried in January.
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The Mail alleges that they are French but the names tell the truth; they are North Africans, Barbarians & naturally thieves. One was bright enough to scarper before the excrement got in to the cooling system.