In this report, I cover the early market action from London on Wednesday, July 17th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the mechanism of fractional reserve lending or banking. This is a system in which bankers lend money which they do not have on deposit and therefore earn an income or interest on money created out of thin air!
Even the Bank of England founder William Paterson admitted such when he said: “The bank hath benefit of interest on all moneys which it creates out of nothing.”
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