1: Banks are no pinzi
1: Banks are no pinzi schemes. If I have a contract with you to pay £100 tomorrow, you have an asset worth £100 that's as good as cash itself. I don't need to currently have£100 in my pocket, just a reasonable expectation that I could when the debt falls due.2: This is enforceable, as it's a matter of contract, and if deliberately denied, it amounts to fraud. Governments will, thus, enforce terms of an IOU (so long as the debt contract is suitably transfered).3:The point is that wealth is created in the real economy, and banks are not the problem: we are exploited because of wages, not because of money. We could be paid in apples and it would still be exploitation.