We’ve given the banks a real-life licence to print money. And they’ve used this to blow up the economy and pass the costs back onto ordinary people.
We all know it’s illegal to print your own fivers or tenners at home. But when a bank creates money, they don’t print it on paper bank notes – they just type numbers into your bank account (which is just a record in a computer database). This type of money is just digital, just numbers in an account. And because the laws that govern money haven’t been updated since 1844, there’s no law against the banks creating this type of digital money.