Letter: Bank system is giant pyramid scheme
Re: ‘Camelot now ruled by robber barons’ (Metro, June 18)
Financial thugs are too big to fail and jail, as letter writer Joseph Dupont points out. The reason? It’s the system, not anyone individual. Our current debt-based monetary system necessitates the lies, deception and corruption. Why? Because financial debt with interest is mathematically impossible to pay back in the aggregate. How? When homeowners or students or even businesses borrow money, they are creating “NEW” money in the system/economy. Believe it or not, banks do not lend money, they actually “steal” through a deceptive contract, created by the so-called borrower when they sign a loan with interest. We are all guilty, including myself, of the pyramid scheme we have bought into. Best solution: Wake up and understand money and begin to issue credit by the people and for the people.
David Snieckus, via email