NO ONE! will believe you about the No. 1 NWO bank conspiracy – 6% fixed rate mortgage is a 580% va

Here's an example of the capitalists we talking about in 'The only hope for this country is democratic socialism & equal redistribution of wealth' www.abovetopsecret.com...

this is the evil that they do.

The saddest part of this whole thing is that when you buy a home, by law they have to give you a copy of what is called your schedule of amortization. If any would bother to read it, you would clearly see what the OP is detailing actually outlined in plain simple math right before your very eyes.

The point is, the bankers are so greedy yet so completely and entirely fearless of recourse that they actually have the nerve to SHOW you the ungodly amount in interest that you will pay during the life of your loan, and they could care less because they know that people will sign it anyway.

Originally posted by BlackOps719
The saddest part of this whole thing is that when you buy a home, by law they have to give you a copy of what is called your schedule of amortization. If any would bother to read it, you would clearly see what the OP is detailing actually outlined in plain simple math right before your very eyes.

The point is, the bankers are so greedy yet so completely and entirely fearless of recourse that they actually have the nerve to SHOW you the ungodly amount in interest that you will pay during the life of your loan, and they could care less because they know that people will sign it anyway.

Lol, we have too, and 'they' know it. They don't hide it because they don't need too, even if people were to see this, they have no other options, apart from different banks which offer 'competetive' deals (relative to the other 'competetive' deals other banks offer, either way, they got you over a table).

EMM

[edit on 4-9-2008 by ElectroMagnetic Multivers]

Am I the only one who doesn't have a problem with the way this works? Same with Fractional Reserve Banking. If you don't want to pay far more than the cost of what you've taken a loan out for in interest, you should pay in cash, or borrow from someone you know who has the money. If that's infeasible, then really, you've got no choice to finance it, with interest, or to not own something that expensive.

It's quite simple: either you remain unable to buy what you want, or you borrow money to afford it, and pay for the service of using somebody else's money for your purposes until you've given it all back. Interest is the price of borrowing money. Maybe it comes to you as a bit of a surprise, but money isn't cheap. If you're not prepared for that, save up and buy your house or car in cash. (I do the latter, but you'd have to be crazy [or crazy rich] to do the former)

It's a system that makes perfect sense. If you want money in advance of your ability to earn it, then you have to pay for that service. like most all services, banking isn't free. Interest is there to get people to leave their money in the bank for long periods of time, and to get people to pay back their debts quicker, all the while turning a net profit. This allows for fractional reserve banking.

The money created by the banks in the fractional reserve system is very much money in any sense of the word. It can be used anywhere to buy things. it's accepted for all debts, public and private. Said more real currency than gold and silver. you can't go to a grocery store and buy food with gold. Gold's value as money is just as arbitrary as unbaked fiat money bills. It's only advantage is historical. It's pretty and retains it's luster. I, personally don't have any use for the stuff. If I did, it'd be for plating electrical contacts. I have all kinds of uses for money in the form of American currency, both cash and bank-held electronic money.

Without fractional reserve banking, banks would not be able to issue loans, including interbank loans. They'd simply be institutions for holding money. While that would be fine for my purposes, it would cripple them as useful establishments, pretty much ending all venture capital enterprise, dooming us all to suffer under corporate monopoly due to there being no other choice.

That said, a 10 percent reserve is a bit low for my tastes. I'd rather it be something closer to 20 or even 30 percent.

Originally posted by sc2099
Quite right. This is why financing ANYTHING is stupid. By the time you "own" your home, you've paid the bank twice what it's worth. A home is one thing, but hopefully no one who reads this forum would finance a car.

this is not true, are you familiar with the term net present value? It allows you to borrow money and yet make more money from that borrowed money. Hopefully no one gets car loans that are financed at outrageous interest rates but if you get a car loan for 0% or .9% or 1.9% or hell, even up to 2.9% for even the most financially ignorant then you should jump all over it. Take the cash you were going to use to pay for the car and simply put it in an IMG savings account, at the end of the 5 years you will come out ahead...
telling people not to borrow money, particularly in the US where certain loans provide tremendous tax advantages, is silly and ignorant.

Originally posted by mdiinican
Am I the only one who doesn't have a problem with the way this works?

Nope, you're not the only one. The economy could not function without credit and debt.

I admit I didn't read the whole thread but in case no one has pointed it out, 6% of $150,000 is $9,000. That is the interest you pay in the first year. Where on earth does that 580% come from?

The interest rate is 6% per year that's what per annum means. Do people expect to pay only 6% total interest on a 30 year loan? Turn it around. If you invest $150,000 for 30 years would you expect to earn only $9,000? NO! At 6% (per annum) you will earn $711,523.68!

This is basic finance people! It is the way interest works. If you don't understand it you have no business getting involved with it.


[edit on 4-9-2008 by Phage]

Originally posted by verylowfrequency
reply to post by ianr5741

 

Yes, I agree. We are being screwed and believe me I've seen what happens to Bank officers. My dad's friend was President of a Bank that was the main bank for a state. He took early retirement with a golden parachute that was incredible. I mean the guy walked away with between 10-20 million. My dad worked just as hard as he did and retired with about a tenth of because he was in a different industry.

The real question is how do we change things?

oh my god, are you serious? You're talking about communism...your dad had a choice of what industry to go in to, so did your friends dad. You've got to be kidding with some of this..."change things"...WTH? you mean have the government tell people what they can make, cap it at certain amounts, and take from people that make more than that? Everyone has to be the same! It's the "every kid gets a trophy" philosophy...I'm so sick of this attitude.

Originally posted by cutbothways
reply to post by verylowfrequency

 

Are the Banks robber baron's, Yes they are - but what option do we have? Don't forget they're taking a risk and they don't always make money as we now know.

Not to be picking on you, but jeez, this is the attitude that put us in this position in the first place.

"but what option do we have", and then we get dressed, go to our 9-5, so we can fund the bankers golf trips and fancy cars and oversized houses.

We deserve better.

"It's easier to thread a camel through the eye of a needle, than for a rich man to get into heaven."

Then the banker says, "that gives me an idea, let's get into financing churches too, then we will control religion"

What do you mean "we deserve better"? What do people deserve? Not a whole lot, certainly not material things like wealth. You deserve to be treated with some dignity and not be abused, but if you want a golf trip, a mansion, or whatever than you need to work for it and take it. You deserve exactly ZERO. People need to adjust their attitude and not sit around in their section 8 housing pining about how they deserve better.

I just wanted to show some love for this thread, it is one of the best I have seen on ATS to date.


I work in the mortgage lending field and I also do credit repair and debt negotiations for people who have had troubles with their credit. If consumers took the time to do the homework on what they are signing and read all of the term and conditions, and MOST importantly that amortization schedule, it would save everyone a lot of time and headache.


All of what counter terrorist has shown here is true. And it even appears in your final loan documentation that you sign at closing. So effectively people see this schedule of payments and don't even realize what the final numbers paid actually mean.


Put the most money down as possible and go for the shortest term that you qualify.

Get set up on a bi weekly accelerant poayment system. It shaves years and tens of thousands of dollars off of your mortgage just by paying bi weekly and throwing a little extra cash at your mortgage each month.

Originally posted by BlackOps719

Get set up on a bi weekly accelerant poayment system. It shaves years and tens of thousands of dollars off of your mortgage just by paying bi weekly and throwing a little extra cash at your mortgage each month.

Bi-weekly payment plans are good if there are no fees involved, often there are so beware, it's not worth it. Paying bimonthly is the same as making an full extra payment each year (26 payments x .5 = 13 payments). You can just as easily add 1/12 of a payment each month, same effect. Make sure you designate the extra amount as payment against the principal.

Of course, paying of your mortgage early through extra payments may not be the best financial strategy. You may be better off investing the extra payment in a vehicle with better returns than your mortgage rate.

Originally posted by mdiinican
Am I the only one who doesn't have a problem with the way this works? Same with Fractional Reserve Banking.

CT: Yes. A central bank for the U.S. is supposed to be publicly owned, not privately-owned. A private-owned central bank is the primary tool to rob the people of the money they have earned by deployed the mechanism of taxation without representation. When the central bank is publicly owned, it represents the people, whose money it holds. When a central bank is privately owned, it represents the NWO and robs people of their money and charges people a fee, called interest, to use their own money.

If you don't want to pay far more than the cost of what you've taken a loan out for in interest, you should pay in cash, or borrow from someone you know who has the money. If that's infeasible, then really, you've got no choice to finance it, with interest, or to not own something that expensive.

CT: It's hard to believe you're on ATS and haven't been exposed to all the arguments against monetary reform. You should consider reading Eustace Mullins, 'The Secrets of the Federal Reserve', if you wish to get up to speed on the contemporary posts against the Fed.

I find it hard to believe you advocate charging people 300% interest.

mdiinican: It's quite simple: either you remain unable to buy what you want, or you borrow money to afford it, and pay for the service of using somebody else's money for your purposes until you've given it all back.

CT: The point is, we shouldn't have to borrow our own money and pay interest in order to do it. The central bank is supposed to be publicly owned, AND NOT CHARGE INTEREST. You, of course are welcome to continue to pay 300% interest when the rest of us are paying 0%.

mdiinican Interest is the price of borrowing money.

Ct: No, it's the price of robbery and thievery.

mdiinican: Maybe it comes to you as a bit of a surprise, but money isn't cheap.

CT: Yes it is. Our money is worthless. It's not backed up by anything except mythology and public consent.

mdiinican: If you're not prepared for that, save up and buy your house or car in cash. (I do the latter, but you'd have to be crazy [or crazy rich] to do the former)

CT: yet, you're defending the crazy rich and the NWO, because you see neither rhyme nor reason in financial justice, nor see spiritual integrity in avoiding avarice.

mdiinican It's a system that makes perfect sense.

CT: Only to someone who worships financial slavery instead of financial freedom.

mdiinican: If you want money in advance of your ability to earn it, then you have to pay for that service. like most all services, banking isn't free.

CT: Wrong. It is entirely free to the bankers who own the fed and own fannie mae ... it's called, "profit". Ever walk into a bank. Who do you think paid for it? ...the bankers? Nope. You did.

mdiinican: Interest is there to get people to leave their money in the bank for long periods of time, and to get people to pay back their debts quicker, all the while turning a net profit. This allows for fractional reserve banking.

CT: nope. it's theft of public funds hardearned by taxpayers.

mdiinican: The money created by the banks in the fractional reserve system is very much money in any sense of the word. It can be used anywhere to buy things. it's accepted for all debts, public and private. Said more real currency than gold and silver. you can't go to a grocery store and buy food with gold.

CT: of course you can ... but, you don't own the gold, the bankers that own the fed, bank of england and city of london own the gold.

mdiinican: Gold's value as money is just as arbitrary as unbaked fiat money bills. It's only advantage is historical. It's pretty and retains it's luster. I, personally don't have any use for the stuff. If I did, it'd be for plating electrical contacts. I have all kinds of uses for money in the form of American currency, both cash and bank-held electronic money.

CT: I totally agree. But you fail to accept is that you're being robbed. A publicly-owned bank doesn't charge interest. Are you aware of the history of this country in terms of the ongoing battle since 1776 against a privately-owned central bank?

mdiinican: Without fractional reserve banking, banks would not be able to issue loans, including interbank loans.

CT: false assumption.

mdiinican: They'd simply be institutions for holding money.

CT: that's what they're supposed to be.

mdiinican: While that would be fine for my purposes, it would cripple them as useful establishments, pretty much ending all venture capital enterprise, dooming us all to suffer under corporate monopoly due to there being no other choice.

CT: hey, we do suffer corporate monopoly, it's called banking monopoly, and it's called the fed/city of london. What do you think the NWO is, anyway -- it's a banking conspiracy to hoard all the wealth in a few hands, instead of redistributing it back to the people it was stolen from.

Originally posted by sc2099
This is why financing ANYTHING is stupid. By the time you "own" your home, you've paid the bank twice what it's worth. A home is one thing, but hopefully no one who reads this forum would finance a car.

White Chapel: this is not true ... Take the cash you were going to use to pay for the car and simply put it in an IMG savings account, at the end of the 5 years you will come out ahead...

CT: ...except that in 5 years at an annual inflation rate of 15% your money will be worth 75% less than it was when you banked it in terms of buying power. Not to mention, prices will be higher, so you have more and more of less and less.

White Chapel: telling people not to borrow money, particularly in the US where certain loans provide tremendous tax advantages, is silly and ignorant.


CT: we recently had a reply from a fellow that works for the Bank of England, and he also advocates not borrowing money in order not to be a wage-slave.

A publicly-owned central bank charges no interest. This was the will of the majority of the founding fathers. The American Revolution was fought against the privately-owned Bank of England. What did you think America was fighting for, it's own flag. Nope. It was fighting for financial independence. If you're not part of the solution, you're part of the problem.


[edit on 5-9-2008 by counterterrorist]

Originally posted by Phage

Originally posted by mdiinican
Am I the only one who doesn't have a problem with the way this works?

Nope, you're not the only one. The economy could not function without credit and debt.

I admit I didn't read the whole thread but in case no one has pointed it out, 6% of $150,000 is $9,000. That is the interest you pay in the first year. Where on earth does that 580% come from?

CT: it comes from people who are illiterate and try to discuss something they haven't read. For Christ's sake, you didn't even read the financial charts that the opening post is about.

Do you know what a room-temperature IQ, is?

You aren't borrowing your own money when you're taking out a loan or financing buying a house or car. You didn't earn it. You plan to over a period of several years, plus enough to pay for the interest, but it's not your money. You're using the bank's money. which they pretty much made up, as long as there's about 10% of it left in cash reserves. But it's not your money, and you pay to use it. That's the whole freaking idea of interest.

And just like your accounts earn interest, but inflation also kind of negates that, so does inflation make the money you've borrowed worth less, meaning you've essentially borrowed less actual value as time goes on. Banks tend to charge much higher interest rates on borrowed money than they give out to money they're keeping because they're for-profit enterprises.

If you don't want to use banks, there's no reason you couldn't just immediately spend all your paychecks on gold bullion and exchanging that back for cash whenever you need it, and buy all your cars and houses in cash, but financially, that's stupid. Economic crash-proof (barring absurdly unforeseeable circumstances in which gold is no longer valuable), but stupid. Many things increase in value faster than gold. Housing and land, for example have been going up faster than gold for the past century or so. It's gone up ridiculously fast, and then slumped recently, but as a general trend, gold doesn't hold a candle to land when it comes to investment. Gold only really holds it's value in regards to base consumer goods.

(when I say gold, I really mean any of a number of precious metals and gems with an assumed [but not necessarily real] inherent value)

The fact that I don't use any credit system does not mean I don't believe it's a sensible and useful system. Many, if not most people don't understand it fully, and are fleeced for huge profits by banking and crediting institutions, yes, but they damn well signed up for it, and were given documents detailing the every point of their policies. Mabye if people realized that credit is serious business, and not just some magical source of money (well, on the consumer's end, that is), we wouldn't need threads like this.

It is a 6% fixed rate mortgage. Not 580%. You will end up paying that much, but at a six percent annual rate, compounded continuously (or monthly, or whatever is specified). They don't have to tell you how much you'll end up paying out by the end of it; anyone with half a brain can look up the formula for compound interest. It isn't so much predatory lending as the vast majority of loan-takers not knowing a damn thing about how financing works. Nobody should be surprised by this; they taught me the math I need to figure out how much I'd end up paying back in eighth grade at an inner city public junior high. Anyone who gets out of high school should have gone over it at some point.

Credit ratings are kind of annoying. They are pretty much a score rating just how much money a lender can get out of you, and how reliably. The more confident a company is that they can get your money, the more likely they are to approve you for various loans, and the more likely they are to give you preferential treatment for various rates

Idunquist worded it well.


Also: who wants a publicly-owned US central bank? Since when did anyone on ATS want MORE government? The very same people ATS believes killed 3000 Americans on 9/11? Along with NUMEROUS other crimes against various people and peoples both foreign and domestic, evidenced to varying degrees from undeniable to speculative? Why would you trust them over people who's motives you can easily know and trust: bankers.

They're in it to get your money, and have a system that most people agree as equitable to do it, even if it's just because they're aware of no alternative. Essentially, they give you money, and you agree to give them more back, at a difference determined by the duration you're borrowing it, and some other more arbitrary factors. You can play by their rules, in which they win, and, for a lack of a better word, you lose, or you can choose not to, and never be forced to buy used beater cars and live in a rented house where you pay money that won't ever go to owning a house (leastways, it won't ever go towards YOU owning a house).

If you stay informed about your financial decisions, work hard, and spend reasonably, you won't be a slave to debt. debt is useful for buying things you can't afford all at once, but you WILL pay more than it costs. The longer it takes you to pay it off, the more it will cost over the original cost. Just how much more is a matter of simple calculation. This is the price of trying to buy things you can't afford. Some things are worth it, like, generally, houses; it's always better than renting. Some things, like food, consumer goods and excessively expensive cars are not worth buying on credit.

Maybe most people don't get it, but really, that's their fault. It's not like the information isn't freely available for anyone who wants it. I hate to use the term sheeple, but if they can't be bothered to use a public library or other institution of learning, the internet, or to shell out the cash for professional financial advice, then I can't really feel sorry for them.

CT's reply to mdiinican & NWO disinfo agents & fascist neo-Nazis.

CT:

"Capital must protect itself in every possible manner by combination & legislation. Debts must be collected, bonds & mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile & more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers. This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world. By dividing voters through the political party system, we get them to expend energies fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned & successfully accomplished. ~Aug. 25, 1924 USA Banker'

mdiinican: You aren't borrowing your own money when you're taking out a loan or financing buying a house or car.

CT: Yes you are, if its a publicly owned central bank like the founding fathers (except Hamilton, who was a Bank of England agent) wanted.

"We began planning the Revolutionary War in order to issue our own money again ...and keep King George III and Bank of England from enslaving us with debt, and making Americans their financial slaves. By the time the revolutionary war started, Apr. 19 1775, British taxation had sucked the gold and silver out of the American colonies, to Britain. So, we had to print money to finance the war." ~ Benjamin Franklin, a 'founding father', 1706-1790

mdiinican: You didn't earn it.

CT: Neither did the bank. The just used fractional banking to turn $1 into $10 -- it's totally counterfeit money. It's supposed to belong to the people of the United States, to the public. But the Fed stole it.

mdiinican: You plan to over a period of several years, plus enough to pay for the interest, but it's not your money. You're using the bank's money.

CT: baloney. the bank doesn't own the money ... sorry.

"If this mischievous financial policy which has its origin in North American during the late war in that country, shall become endurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without debt. It will have all the money necessary to carry on its commerce. It will become prosperous without precedent in the history of the world. The brains, and wealth of all countries will go to North America. That country must be destroyed or it will destroy every monarchy on the globe." ~ Hazard Circular, 1865 London Times, speaking of Lincoln's 'Greenbacks'.

mdiinican: which they pretty much made up, as long as there's about 10% of it left in cash reserves. But it's not your money, and you pay to use it. That's the whole freaking idea of interest.

CT: wrong. the idea of interest is 580% is straight theft, plus, they're using counterfeit money via fractional banking.

mdiinican: Banks tend to charge much higher interest rates on borrowed money than they give out to money they're keeping because they're for-profit enterprises.

CT: the money that banks are using is owned by citizens of foreign countries and by foreign banks. They're not for-profit enterprises, they're thieves and counterfeiters.

As I told you before, you need to read Eustace Mullin's, "The Secrets of the Federal Reserve", so you have some idea what you're trying to talk about. But I'm sure you won't, because your a NWO disinfo agent and try to destroy the truth and cause suffering and despair, joblessness and poverty.

free online copy of ‘Secrets of Federal Reserve’, by Eustace Mullins www.whale.to... or www.fdrs.org...

CT: Also, you now have looked at the opening post and presumably you've found out where the 580% interest comes from. Do you get it?

"Whoever controls the money of a nation, controls that nation & is absolute master of all industry & commerce. When you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation & depression originate."~ President James Garfield, 1881

mdiinican: Housing and land, for example have been going up faster than gold for the past century or so.

CT: fannie mae and freddie mac are owned by the same bankers that own the fed, and we owe the fed 9 trillion and we owe fannie & freddie 5 trillion.
That's in less than 100 years. You bank worshippers support the financial thieves and murderers of the NWO.

mdiinican: The fact that I don't use any credit system does not mean I don't believe it's a sensible and useful system.

CT: right ... it's so sensible and useful that you don't use it. why don't you practice what your preach ... sounds hypocritical. Is this your motto: "It's good enough for the common people, but I'm better than that because I'm priviledged" --

mdiinican: Mabye if people realized that credit is serious business, and not just some magical source of money (well, on the consumer's end, that is), we wouldn't need threads like this.

CT: maybe if we had a publicly owned central bank like the founding fathers wanted, that charged no interest and didn't allow fractional banking, we wouldn't be paying 580% interest and be 14 trillion dollars in debt.

Let's get down to it: are you for or against the NWO? Let's settle this nonsense once and for all.

mdiinican: It is a 6% fixed rate mortgage. Not 580%. You will end up paying that much, but at a six percent annual rate, compounded continuously (or monthly, or whatever is specified). They don't have to tell you how much you'll end up paying out by the end of it; anyone with half a brain can look up the formula for compound interest.

CT: then why can't you understand the chart on the opening page. YOU simply support the NWO and are arguing for more exploitation. Most mortgages last 3 years, duh ... what interest have you been paying?--READ THE CHART AND READ THE OPENING POST, are you gettin it?

mdiinican: It isn't so much predatory lending as the vast majority of loan-takers not knowing a damn thing about how financing works.

CT: You are a NWO disinfo agent.

mdiinican: Nobody should be surprised by this; they taught me the math I need to figure out how much I'd end up paying back in eighth grade.

CT: so. what does that have to do with the American Revolution being fought against the privately owned Bank of England for financial freedom. Since you seem more and more illiterate, I've furnished some quotes from the presidents against concept of the privately owned central bank ... I don't expect you to read them, nor do I expect you to understand them if you do ... because you're a NWO disinfo agent.

mdiinican: Also: who wants a publicly-owned US central bank?

"The privilege of creating and issuing money is the supreme prerogative of Government, the Government's greatest creative opportunity. By adoption of these principles, taxpayers are saved immense sums of interest." ~ President Abraham Lincoln, 1861-1866

CT: the founding fathers -- oh illiterate one.

mdiinican: Since when did anyone on ATS want MORE government? ...

Why would you trust them over people who's motives you can easily know and trust: bankers.

CT: I seen now you're just a NWO/disinfo agent. look, the "government is bailing out fannie and freddie with several billion dollars of public debt on top of the 5 trillion we already owe them -- it's people like you who are ignorant of how the system works and how the NWO works, that are responsible for everything that's bad in the world. EVERYTHING IS YOUR FAULT. because of your false pride and cowardly promoting debt and poverty. You NWO disinfo agents are the worst creatures on the planet.

mdiinican: Maybe most people don't get it, but really, that's their fault.

CT: No, it's your fault for worshipping the Fed and having no understanding and being unwilling to educate yourself -- you worship the NWO, you are a NWO disinfo agent. You apparently lack the intelligence to understand the simple figures on the opening page ... and you lack the will or ability to read the true history of this country in terms of the hardships caused by the private central bank robbery of U.S. citizens, and the institution of the IRS to keep people in financial slavery. You have no idea of what the NWO is, and, even more sadly, you worship it.

www.my2012.4t.com...
"Banking institutions are more dangerous to our liberties than standing armies. If American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks & corporations that will grow up around will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks & restored to the people, to whom it properly belongs." ~ President Thomas Jefferson, 1801-1809

"Bankers are a den of vipers. I intend to rout you out & by the Eternal God I will rout you out. If the people only understood the rank injustice of our central bank system, there would be a revolution before morning. If the central bank continues to control our currency, receiving our public monies, & holding thousands of our citizens in dependence, it would be more formidable & dangerous than the naval & military power of the enemy. It is not our own citizens only who are to receive the bounty of our government ... More than 8 million dollars of the stock of this bank are held by foreigners ... Is there no danger to our liberty & independence in a bank that in its nature has so little to bind it to our country?"
~ President Andrew Jackson, 1829-1837

YOU ADVOCATE FASCISM, PLAIN & SIMPLE.

[edit on 6-9-2008 by counterterrorist]

Originally posted by ianr5741

Oh, it's much worse than that.

A quick history of money -


2) So people paid goldsmiths to store the money, and got paper receipts for it...

Small correction:

I think you will find that the Knights Templar were the first to invent the "traveller´s check", and they charged 10% for the service. They were the only organization at the time allowed to charge interest by the pope, as this practice was considered "simony" at the time.