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Comment by futuravenir | Hacker News Reader

We really ought to end the centralization of banking and begin more transparent operations through a global blockchain. On par with that, we need to print our own debt-free money and move beyond the stranglehold of this centralized wealth conspiracy.

I can't speak for the US, but Canada has the opportunity to do it and the Bank of Canada is being to taken to court over exactly this. https://medium.com/toronto-life/usury-in-canada-287001af6abe

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From the link:

> COMER and Galati are demanding that the government require the BoC to lend money interest-free to the Canadian Government in accordance with Canadian law

In the US, the Fed buys bonds and the Treasury pays interest on them. However the Fed returns profits to the Treasury, so these bonds are effectively interest-free. Is it different in Canada? What does the BoC do with its profits?

In Canada, the government creates money in the banks and borrows it back at interest. This guy explains it well. https://www.youtube.com/watch?v=jghiU55O5eY

Can you explain why?

It sounds very disruptive.

If there is more debt than credit in the world, that means that we are either a) borrowing more to pay back our debts or b) pushing others out of business to take their funds so that we may pay back our own debts. This creates a dog-eat-dog mentality. This is only one way of recognizing value. It is not the only way of recognizing value. Once you acknowledge that, you can think outside of the box of how we can generate a system that reflects values in line with our humanity instead of one that forces us to compete.

At the core of it, we follow the money system as it is because we choose to. We can choose to follow another type of money system...It just takes effort and imagination. http://www.theonion.com/article/us-economy-grinds-to-halt-as...

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