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IPFS News Link • Economy - Economics USA

What credit card companies don't want you to know

• Yahoo Finance
If you own a credit card, you know by now that if you're late with a payment the credit card company will charge you a late fee in addition to raising your interest rate. But did you know that they can raise your interest rate if you've made

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Comment by Ed Price
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Did you also know that all loans made by legal lending institutions are not loans at all, but are rather, creations of new money? Two Federal Reserve Bank of Chicago publications that express this are "Two Faces of Debt" and "Modern Money Mechanics."

So, if money was created because of a document you signed, the document must have had value equal to the amount of money created. If it didn't, money couldn't have been created. When you received the cash from the loan officer, you were only receiving value back for value you had given in the first place. An even trade. No loan.

So why are you enriching a bank or credit card company by GIVING them money in the amount of the so-called loan plus interest when they really never loaned you anything in the first place?