economy

• Why do you call money history's most successful con game?-

  Most people, including most economists, have no idea how money is created. I once had an image in my head of money being created when rolls off the presses of the U.S. Mint. Most of the world's money, however, is created when a bank issues a loan. The basics are quite simple. The bank opens an account in the name of the borrower and enters a number in that account against which the borrower can make withdrawals in cash, write checks, or order electronic transfers.