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What Did J.P. Morgan Mean?

- James Turk - Goldmoney

"Debt-currencies are a financial asset. They are not tangible, nor is their value derived from expended labour. More precisely, they are liabilities of banks, and as any accountant knows, it is a bank’s assets – and not its liabilities – that have value."

im curious. does this mean that most of a banks assets are only what they could recoup from selling the value of their morgages if all of them went into permanent default?

Commented 3004 days ago

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Beginning of the headline :The following exchange occurred on December 18, 1912 when J.P. Morgan – the most influential American financier and banker of his time – was called to testify before Congress. Mr Untermyer: I want to ask you a few questions bearing on the subject that you have touched upon this morning, as to the control of money. The control of credit involves a control of money, does it not? Mr Morgan: A control of credit? No. Mr Untermyer: But the basis of banking is credit,... Read More

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