Euro Crisis, Central Bankers Dream of Economic Decoupling
By: Michael S Rozeff
May 08, 2010
It begins with government fiat. Money is mostly electronic. It is mostly “e”. It is mostly a series of 0s and 1s in memory banks. Everyone by fiat must accept e-money in payments. It is made into legal tender.
We live in a world of central banks and fiat money. Central bankers are at the core of one portion of a larger government-created political economy. They are the department given the power to create and destroy the electronic bank reserves of ordinary banks. These reserves are nothing more than an e-credit asset account in an ordinary bank’s computer memory and an offsetting e-liability account in the central bank’s hard drive.