Re: TURMEL: Ben Franklin, Prof. Flaherty, on Death gamble

From: Bill Ryan (william_b_ryan_at_hotmail.com)
Date: 11/04/04 

Date: 3 Nov 2004 20:30:53 -0800

On January 1 the next year there is $100b in the
economy, of which $55 billion is due and payable to
the banker. As the banker receives his
$5 billion interest income, he spends it back into
the community, as does every businessman, so that
when July 1 comes around, there is a total of $55
billion in the economy, due and payable to the
banker. 55 = 55. Case closed on interest per se being
the cause of the problem.
----------------------------------------
Actually, in this case there would be $50 billion in
the economy on July 1. But the assumption is that
there are always two overlapping loans in the economy
rather than just one. More correctly stated, when
the first $50 billion loan is repaid an equivalent
$50 billion is lent, ad infinitum, so there is always
$100 billion in circulation, including the $10
billion spent annually by the banker, if the economy
is "evenly rotating." $55 billion is always payable
to the banker at each semiannual "due" date out of
the total circulating medium of $100 billion. The
banker is collecting $10 billion annually in payment
for financial services rendered.

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