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Nathan Becker
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Nathan Becker commented on a video on YouTube.
United States Government created the laws that created the dollar. Thus, the federal government is the monopoly issuer of US dollars. All other forms of money are credits and debits represented in terms of dollars.
US Federal Government SPENDS US Dollars into existence, whereas private bankers LENDS credit denominated in dollars into existence. 

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"How Banking Actually Works In Fiat World, Part 2" 

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Here's an avowed "gold bug" who actually understands banking operations post 1933.
http://www.dailypaul.com/279537/how-banking-actually-works-in-fiat-world

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After all, banks remain closed in Cyprus, which means a euro in a Cypriot bank has very little value. If you can't spend it, is it really a euro? 

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Indentured Servitude, privatized prisons and corrupt lawmakers make for a very, very bad combination.

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A quick and dirty diagram of how the Fed creates money.

The operation that's outside the bounding box is the creation of money. At the end of that operation, the private sector has $X+$Y in savings.

The problem people run into is that the creation of money does not show up on a balance sheet anywhere. And if you think about it, how could it!? There's nothing to BALANCE. Creation of money out of thin air is a one-sided operation that does not have another side to balance out.

The money first appears on a balance sheet as a government account 'losing' money and a private account gaining it.

But the government account didn't lose any money in any real terms, it just created the money and credited the account of the bond holder.

So, there you go. Government 'debt' is your savings account. If you want the government to be debt free, you are making the equivalent claim that you want your savings account to be lowered by that amount.

Cool, huh?
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