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by gowld
2286 days ago
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Banks don't print money. They give out depositors' money to borrowers. If those depositors all demand their money back, then the FDIC covers it, so the borrowers owe the governemnt (taxpayers) money. If they pay back, crisis averted. If they don't, then it's a wealth transfer from taxpayers to the people who borrowed the money and spent it on consmption or waste. |
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