we do require national banks for the control of the national money. furthermore, if the day comes that bitcoin will supplant the fiat cash, and everything is decentralized, these national banks will presumably be out of date.
Our modern monetary system is a system that creates money as debt.
If we had no debts in our global monetary system, no money could exist.
That’s a funny concept if you think about it.
The monetary system allows the banks to print money – and when I say “print money” I use this term very loosely, because the predominant amount of money today is created as digital debits and credits. So when we think of fiat money, most people think of paper money, but in reality most paper money doesn’t even exist. It’s just digital credits credited from central bank to regional banks to commercial banks and then to the various creditors and debtors in the system. So there’s virtually zero labour that’s being performed and banks charge consumers interest on this absence of labour.
Centuries ago, we used to call that usury and fraud. Today we just accept it as the way the system works.
