John Pozzi wrote: Stat money

December 2025 Forums General discussion 100% reserve banking John Pozzi wrote: Stat money

#86983
ALB
Keymaster
John Pozzi wrote:
Stat money like US$ signify taxes on the product of labor to pay the interest to capitalist banks like the Fed.

No it's not. The workers who produced "the product of labour" have already been deprived of a part of it which goes in the first instance to their immediate employers as surplus value. Out of this come all property incomes (rent, interest, profit) as well as taxes paid to the State. Interest is only a share of surplus value, already taken from the workers, so why should they worry if their exploiters have to share some of it with those who lent them money?Incidentally, I still don't see how State fiat money involves interest. But I see we've managed to coral the two of them on to this thread, set up to deal with currency crank arguments.