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— Mervyn King"There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a massive barter economy. All it requires is some commonly used unit of account and adequate computing power to make sure all transactions could be settled immediately. People would pay each other electronically, without the payment being routed through anything that we would currently recognize as a bank. Central banks in their present form would no longer exist – nor would money."
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Nothing in Chomsky's account acknowledges the difference between intending to kill a child, because of the effect you hope to produce on its parents (we call this “terrorism”), and inadvertently killing a child in an attempt to capture or kill an avowed child murderer (we call this “collateral damage”). In both cases a child has died, and in both cases it is a tragedy. But the ethical status of the perpetrators, be they individuals or states, could not be more distinct For Chomsky, intentions do not seem to matter. Body count is all.
— Sam Harris
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When banks extend loans to their customers, they create money by crediting their customers’ accounts.
— Mervyn King
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