Source: Common Dreams
by David Korten
“The $34 trillion U.S. federal debt cannot be eliminated so long as private bankers control money production and profit from interest on money they create from nothing. This column puts this issue in a global perspective. Most of the U.S. federal debt arises when the U.S. government borrows from private bankers by selling them Treasury bonds and other financial instruments. A banker opens an account in the government’s name and enters the amount of the bond. With a few keystrokes, the banker creates expendable currency for the government’s use. The government is expected to repay the bank for the principal when due, plus interest. When the bond principal is repaid, that money disappears, but no money has been created to pay the interest. Thus, the accumulating interest creates a perpetually growing government debt spiral.” (07/05/25)
https://www.commondreams.org/opinion/global-financial-reform