merely unsecured debt obligations of large private banks, and, more seldom, governments.
They are naked, unsecured, mere claims, not assets, against very very large, mostly private, bank corporations' assets.
These deposits are backed by nothing except by being continually ' diluted ', or alternatively ' strengthened ', in
' value ' (value of what, you may ask) by currency easing printing, or alternatively by tightening, by governments, under their control.
Take a look, for example, at the ownership situation of the Federal Reserve Banks.
People like Jefferson did not want a national bank, they wanted something ostensibly safer, private banks.
Great idea. Great timing, Mr Jefferson.
The Rothschilds were just taking over and monopolizing big private banking in Europe, both in England and on the Continent, and soon expanded operations into the US: many many books on the subject.
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