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Karl Marx

by on November 12, 2013
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With the development of interest-bearing capital and the credit system, all capital seems to double itself, and sometimes treble itself, by the various modes in which the same capital, or perhaps even the same claim on a debt, appears in different forms in different hands. The greater portion of this “money-capital” is purely fictitious. All the deposits, with the exception of the reserve fund, are merely claims on the banker, which, however, never exist as deposits.
– Karl Marx

http://www.marxists.org/archive/marx/works/1894-c3/ch29.htm

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One Comment
  1. specifically, you gotta admire the sleight-of-hand by which a liability resulting from another liability (money) …
    …becomes part of the M-money supply. Is it M1, M2, I forget. Who cares. It’s like those dudes scamming bored pedestrians by hiding a pea under one of 3 cups…and suddenly the pea’s gone! Whoops…now there’s a fourth cup!

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