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The worst problem is not that the central banks are mostly outside the control of any elected representatives of the population even though that is certain cause for some suspicion and alarm In some areas such as the US the central bank is a completely privately owned institution owned by its member banks The central bank of central banks the Bank of International Settlements in Basel Switzerland is also not controlled or owned by any government but is a corporation with stocks It is located on land that is not considered part of Switzerland or any other country it is not answerable to any public body and it does its business in secretHowever the worst problem is that interest is being charged for the money that is lent out It might well be a good idea to use fiat money that is money that doesnt have any inherent value but is only valuable because we trust that it is All currencies on the planet are as far as I know fiat money However the problem is the interestFor example the Federal Reserve Bank lends a billion dollars to the US government That money is created out of thin air The Federal Reserve Bank doesnt particularly lend it out because it has accummulated produced value It simply has been given the authority to invent the money It gives the money to the government The government spends it one what it thinks it needs to spend money on The money is now due back from the tax payers That is not in the first place a problem since the money is out there in circulationBut the bank wants the money back with interest And the ridiculous thing is that there is nowhere the money can come from except for by being lent out by banksThe central bank is not the only one that can create money Any bank can Regular banks create money by being allowed to
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