From Ian Fraser
''Banks have the privilege of creating credit and charging for access to
it. Most bank credit is extended to buy property or rent-seeking
privileges already in place. Banks rarely are set up to evaluate new
capital investment. Their time frame is notoriously short-term. It takes
time to develop production facilities, mount a sales campaign and
develop markets for new goods. It is easier simply to buy a privilege to
extract charges without producing anything at all. This is what
property rights are, along with special privileges such as charging
interest without making a tangible investment. So banks back the kind of
economy that makes money without new capital investment. The easiest
way to do this is to make loans for real estate at increasingly
debt-leveraged, bank-inflated prices. They call this a post-industrial
“service” economy. It is simply a rentier tollbooth economy.''
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