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Most people believe that bank loans and Payday Loans are generally funded by deposits -- or other people's money. This is true for Islamic banks, but not for Western banks. The source for the majority of the money supply in western economies is through the loans issued by banks much like the one down your street.

However, regardless of the size of the loan, according to a former Chairman of the Federal Reserve Board, western bank loans are actually based on fraud. Why? Because bank loans are funded not by deposits on hand, but by the borrower's own future credit or "promise to pay". Robert Hemphill, former Credit Manager of the Federal Reserve Bank in Atlanta said "If all the bank loans were paid, no one could have a bank deposit, since there would not be a dollar of coin or currency in circulation... If the banks create ample synthetic money we are prosperous; if not, we starve.

We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible -- but there it is". Mr. Hemphill is saying that the act of issuing the loan itself is the process of creating "synthetic money", meaning the bank is actually creating money when a loan is issued. The loan itself is all credit or "debt" and is created out of thin air with a few keystrokes on the keyboard. Hemphill also admits that if all the bank loans were paid, then there would be no money in circulation. The corollary to that is that because there is always money in circulation, it is evidence that there are always loans outstanding -- debts which will never be paid without entirely extinguishing the money supply.View Links to other Loans and Mortgage sites here...

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