listening to this interview, i realized that banking language itself is evidence of underlying fraud.
Discussion
Its a BOP
Yep, it's all institutionalized social engineering.
I’ve heard some Austrians make a case that fractional reserve is inherently fraud, that it constitutes breach of contract especially for retail.
I think Werner is right about some things and wrong about others
I agree fractional reserve banking (which results in credit creation as he describes) is fraudulent. He doesn't seem to understand that fractional reserve banking is actually the same thing as credit creation - instead Werner describes them as conflicting theories.
The idea that counterfeiting is wonderful if it supports business activity is... foolish. Werner doesn't understand business cycles well if he thinks it is consumption lending that drives booms and busts and not business lending.
I'm glad Werner has been getting so much traction lately. I've also been listening to some of Jeff Booth's stuff.
The most simple way I've heard it phrased is: if all money is created from loans, where does the money to pay off the interest on the loans come from? You need to create more loans to pay off the interest, and so on.