No Subject

["Perry E. Metzger" <perry@piermont.com>]

Whomever you are, could you get this shit out of Cypherpunks? This
list is about cryptography, not your ignorance of economics or how
banking works.

Anonymous writes:
> that they do. 95% of all "cash" transactions in the U.S. are by check.
> Checks are thus effectively also currency. The banker creates the so-
> called "loan" by writing a check or deposit slip, not against actual
> money, but against your promise to pay back the loan. The only cost to the
> bank is the paper,ink, and a few dollars in salaries and office costs for
> each tansaction. It is "check-kiting" on an enormous scale! The profits
> are enormous as shown below.
[...]