Perhaps the economists can have some fun untangling the economics of the following post, which appeared on the Pound list recently. If all debt were paid, under the current system of banking, there would be no money at all.
Banks charge interest on all of it.
The classic case of usura. Twain again makes me aware of my shortcomings. Nevertheless, if the bankers are still on line maybe they could explain what was meant by the following discussion which took place between Congressman Wright Patman, chairman of the Banking and Currency committee and Marriner Eccles, Chairman of the Federal Reserve Board in 1913. Don't get me wrong.