Just after the financial crisis in 2009, the journalist Scott Pelley asked Ben Bernanke on the 60 minutes CBS TV show where did they get the money for the AIG bailout in march 14, 2009? was these money of the taxpayer people?
He just said:"No. It isn't money from the taxpayers. The banks has it's own accounts with the Federal Reserve as well as you can have one with one commercial bank."
He continued: "In such way, to loan to a bank, one just simply uses the computer to mark up the size of the account they had with the Federal Reserve"
So he just literally admits they create the 85,000,000,000 usd out of nowhere to rescue the private company. This isn't the way capitalism should work and it's more like socialism where everybody takes the loses
This scenario of money just being generated or created simply with the use of computers is also what cryptocurrency is all about. Anyone just creates his own coin. If you call money production scam, what would you call cryptocurrency?He just said:"No. It isn't money from the taxpayers. The banks has it's own accounts with the Federal Reserve as well as you can have one with one commercial bank."
He continued: "In such way, to loan to a bank, one just simply uses the computer to mark up the size of the account they had with the Federal Reserve"
So he just literally admits they create the 85,000,000,000 usd out of nowhere to rescue the private company. This isn't the way capitalism should work and it's more like socialism where everybody takes the loses