In 2014, The Bank of England finally admitted what many have known for some time.
Money is just an IOU signed by those who borrow from banks, who have not lent them the savings of some spinster, but have merely created that money themselves as an electronic book-keeping entry.
They create money by making loans, and those loans now form 97 per cent of the UK money supply.
There is no limit to the amount of money the banks can create, provided they can find someone willing to borrow it.
So why are we accepting the notion that the government is broke, and must slash public services to pay its debts, and reduce the annual deficit?
The government could simply pay its debts in the same way the banks pay them – by electronic accounting entries in cyberspace.
The privately owned, parasitic banking system is based on a fraud, and we the public could be creating money ourselves, through publicly owned banks that returned their profits to the people, instead of to the perpetrators of the gigantic private banking swindle.