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Bank profits reach Everest proportions

Bank profits reach Everest proportions

Bank profits for the last 6 months have reached Everest proportions with an average 17 percent increase over the previous half year at a time when more New Zealanders than ever before are living on the bread line.

Just like the heights of Everest, those profits are based on the banks lending money created out of thin air.

A report released in April by the Bank of England says banks do not lend money deposited with them by savers, but instead they create new money every time they make a loan simply by data entry in the borrower’s account.

The report states -

“One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them.”

“…..rather than banks lending out deposits that are placed with them, the act of lending creates deposits. Commercial banks create money.”

The banks are on track to drag more than $4.4 billion out of the pockets of Kiwis this year – real, hard earned money going to pay off interest on the monopoly money the banks created out of thin air.

It’s time Reserve Bank governor Graeme Wheeler put some focus on that issue, rather than punishing hard working kiwi businesses and home owners with higher interest rates.

ENDS

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