http://dissidentvoice.org/201
http://dissidentvoice.org/2016/09/central-bank-digital-currencies-a-revolution-in-banking/Ellen Brown has a long history of being a critic of the banking industry and presenting money creating myths and currency crankism as when she repeats a B of E report fro a few years back. She is an advocate of the greenbanks
Quote:
Banks are not intermediaries taking in deposits and lending them out. When a bank issues a loan for a mortgage, it simply writes the sum into the borrower’s account. The borrower writes a check to his seller, which is deposited in the seller’s bank, where it is called a “new” deposit and added to that bank’s “excess reserves.” The issuing bank then borrows this money back from the banking system overnight if necessary to balance its books, returning the funds the next morning. The wholerigmarole is repeated the next night, and the next and the next.
But the article also adds stuff about a new development stemming from Bitcoin – The Public Blockchain. And the supposed end of fractional reserve banking. I'm finding it hard to get my head around what it's all about and what implications it is supposed to have.Can somebody break it down into digestible chunks for me?