"Money is created when banks lend it into existence. When a bank provides you with a $100,000 mortgage, it creates only the principal, which you spend and which then circulates in the economy. The bank expects you to pay back $200,000 over the next 20 years, but it doesn't create the second $100,000 - the interest. Instead, the bank sends you out into the tough world to battle against everybody else to bring back the second $100,000."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Bernard Lietaer, quoted in Beyond Greed and Scarcity, Interview YES! A Journal of Positive Futures, (Spring 1997)
https://en.wikiquote.org/wiki/Debt
Revision History
No revisions have been submitted for this quote.
Categories
Debt
63 quotes on TrueQuotesView all quotes by Debt →
Related Quotes
"Anticipated rents, and bills unpaid, Force many a shining youth into the shade, Not to redeem his time, but his estat…"
"I hold every man a debtor to his profession."
"DEBT, n. An ingenious substitute for the chain and whip of the slave-driver."
":As, pent in an aquarium, the troutlet"
":Swims round and round his tank to find an outlet,"
":Pressing his nose against the glass that holds him,"
":Nor ever sees the prison that enfolds him;"
":So the poor debtor, seeing naught around him,"
":Yet feels the narrow limits that impound him,"
"We're in the danger zone right now"