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Sorry, I was up way too late last night with insomnia, and in a highly philosophical mood. I still feel wierd from it!
The fractional reserve systems allows banks to take an IOU (for example, print up $1 million in paper) from, in your case the Fed (private group of people), and then dish out loans that are somewhere around 10 to 1 compared to what they actually have (10 million). Then charge interest. It is not money, its just a digit.
Proverbs 22:7 - The rich rule over the poor, and the borrower is slave to the lender.
Since it really is not money, just a digit, that's where I get the "fake" from. In Canada there was a time where there was no reserve ratio. They could just make up numbers and charge interest on them. I think it is currently is 7 to 1. Its work in exchange for a digit.
If the fed just printed the 700 billion, they must also know that a couple years later comes hyperinflation...