Page 27, “When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost. It is primarily a bookkeeping entry”
FRiend this happens all the time. ALL the time. And given the direction of taking on digital currency— losses of the favored banks will be given a magical “book entry” disappearance of the unpaid obligation. Fractional reserve banking and digital currency controlling individual deposits, valuation and tracking normally private transactions— all bode for a worsening of financial abuse of this PRIVATE bank chartered by Congress to “manage” our currency. US money does not say Bank of the United States— it says “Federal Reserve Note”— meaning our MONEY is simply checks of the Fed Reserve— not backed by anything since the Congress abrogated it’s Constitutional responsibility for the Currency.