Not only Mr Werner has fully understood how our economy and financial markets work, but he has also the courage to speak up and clear. Not like some other few economists teaching at Harvard, MIT or Stanford, sometimes granted the economic Nobel price, who understand as well but keep it quiet or even lying to their students, because they want to keep their privilege and high salaries and are happy to be the puppets of our banking system. Thank you Mr Werner, and shame on the others.
Credit creation still doesn't negate the law of contracts whereby there needs to be both full disclosure and equal consideration. No-one who gets a loan knows that the money didn't exist and was created. That equals fraud. Equal consideration where both sides stand to lose an equal amount. Money created out of nothing means only the bank benefits out you either repaying or not as they get to repossess your assets or receive payment plus interest. You are only poorer. That equals cheating. Not a good deal except for bankers
