In this episode of
Money Creation Explained, we are going to cover How to
Create Your Own Money with IOU Notes Like Banks Do.
Traditional banks create money in the economy through the
use of new loans such as mortgages, car loans, credit cards,
etc. Each time a new loan is made to a borrower, banks
create money by crediting those borrower’s accounts with a
bank deposit the size of that loan. Every new loan that a
bank makes creates new money into the economy by just
accounting entries on their computers. These numbers are a
‘liability’ or IOU from the bank to the customer. The
customer can then use their credit card, debit card, check,
or other forms of payment methods to spend those IOUs as
though they were the same as cash.
The IOU Notes platform extends the same power that banks
have in creating and generating new money into the economy
to all people and businesses. It can do this because when a
product or service is exchanged for credit, that business
extends to others directly at a credit limit level that they
determine, which they base on past transactions with that
user and other users based on their IOU Credit Score.
Businesses who extend IOU Credit to others are not laying
out additional funds each time a purchase is made like bank
and credit card companies do. Profits plus the original
costs to produce goods or services are delayed until the
customer pays back IOU Credit.
IOU Notes is a peer-to-peer credit and loan platform.
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