G. Edward Griffin Explains Money Creation After Biden’s Chief Economist Is Baffled By How Money Works

https://needtoknow.news/2024/05/g-edward-griffin-explains-money-creation-after-bidens-chief-economist-is-baffled-by-how-money-works/
“The federal government and the taxpayers are the borrowers, while the Federal Reserve (the consortium of commercial banks that own and operate the Federal Reserve) creates the money that is loaned. The money does not exist prior to the loan. It is true that governments could create their own money and, thereby, avoid paying interest on it as they now do, but it also is true that those same governments, over time, have become subservient to the Federal Reserve, and it would be political suicide today for politicians to seriously try to cut the banks off of interest payments on money they do not even have. It’s a scam, of course, but devious enough that most people, including Mr. Bernstein and Mr. Biden, do not understand it – and it is so outrageous that, if they did understand it, they likely would not believe it.”