PLAYERS1. Commercial banks, central banks (e.g., Bank of Canada) and state or national banks.2. Federal Reserve System vs Bank of Canada3. Central banks (including BoC) does not hold on to retained earnings: it returns them to government.4. Bank of International Settlements dictate rules for all central banks.LOANS PROCESS5. Money creation at the retail level (e.g., mortgage loans): a mere keyboard entry, repayable in real money earned. 6. Fallacy of loans as drawn from depositors’ funds: a widely held misconception, even among experts.7. Fractional reserve lending: an antiquated notion.8. Capital adequacy requirements: a seeming deliberate obfuscation: a veil of complexity.9. FI’s reliance on probability estimates, but they are not exactly transparent.10. BoC does publish material and has some degree of transparency.PROFIT MOTIVE11. The decision process for business loans is primarily conditioned by the banks’ profit motive.INTERACTION BETWEEN CENTRAL and COMMERCIAL BANKS12. The central bank is either: - creating money for the government, or - purchasing securities in the secondary market (government-issued securities bought and sold by large institutions, pension funds, and commercial banks).13. Securities are issued by fed government when it has a shortfall in funding the budget. 14. Provision in legislation for either commercial banks or the central bank to create money ex nihilo is either non-existent or difficult to find. The officials deflect the question.15. SummaryArgument of PMC: While there is nothing wrong with corporations making profit to create wealth in a free market system, the objection is that the commercial banks have appropriated what we would consider to be a public utility or vital public infrastructure, namely, money creation.RESOURCESJeff’s video and pdf files on money creation; in particular, scroll to ‘capital adequacy requirements’.Authors mentioned:Eustace Mullins - The Secrets of the Federal Reserve - The London Connection (orig. published 1952; 1993)Stephen Mitford Goodson - see nextLINKSHere is a fairly comprehensive set of resources on the late Stephen Mitford Goodson, finance expert, historian, author, money reformist and ex-director of South Africa Reserve Bank.Stephen Mitford Goodson (1948 - 4 August 2018)INTERVIEWSin chronological order:Podcast: Andrew Carrington Hitchcock discussing the circumstances of Goodson’s death. September 2018.Podcast interview with Andrew Carrington Hitchcock Aug 2017 (detailed)Video - televised interview on ‘Straight Talk’ in South Africa 16 July 2017 Podcast interview with Dr Peter Hammond (Hitchcock’s frequent guest) 20 December 2016Podcast interview with Deanna Spingola (Republic Broadcast Network) 01 Oct 2012PUBLICATIONSBooksInside the South African Reserve Bank: Its Origins and Secrets ExposedA History of Central Banking and the Enslavement of Mankind The Genocide of the BoersAdolf Hitler and the Third ReichHendrik Frensch Verwoerd South Africa's Greatest Prime MinisterRhodesian Prime Minister Ian Smith The Debunking of a MythGeneral Jan Christian Smuts The Debunking of a MythSearch author at these sites:https://www.blackhousepublishing.com/https://www.barnesandnoble.comhttps://www.abebooks.comhttps://www.amazon.com/Articles (several) - search at:https://barnesreview.org/A History of Central Banking - unofficial audiobook with commentary - search at:https://www.bitchute.com/https://odysee.com/

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