What is “debt money?”

What is "debt money?"

Currency based on evidences of debt. Under the Federal Reserve System, the only way currency enters circulation is through the creation of debt. When any commercial entity, including you and I, enters a debt contract (i.e. mortgage, credit card), the debt obligation is monetized or exchanged at the Federal Reserve Bank for a similar amount of Federal Reserve notes. All currency in circulation has been borrowed into existence, and must eventually be repaid with interest.

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