From: "Perry E. Metzger" <perry@piermont.com>
Date: Thu, 28 Sep 95 01:51:58 PDT
To: cypherpunks@toad.com
Subject: No Subject
In-Reply-To: <199509280611.HAA02214@utopia.hacktic.nl>
Message-ID: <199509280851.EAA20863@frankenstein.piermont.com>
MIME-Version: 1.0
Content-Type: text/plain



Whomever you are, could you get this shit out of Cypherpunks? This
list is about cryptography, not your ignorance of economics or how
banking works.

Anonymous writes:
> that they do. 95% of all "cash" transactions in the U.S. are by check.
> Checks are thus effectively also currency. The banker creates the so-
> called "loan" by writing a check or deposit slip, not against actual
> money, but against your promise to pay back the loan. The only cost to the
> bank is the paper,ink, and a few dollars in salaries and office costs for
> each tansaction. It is "check-kiting" on an enormous scale! The profits
> are enormous as shown below.
[...]