Are you familiar with the origin of fractional reserve banking?
Coins were a bother to exchange so they would write a slip of paper giving a person a permission to withdraw money from their bank account. Basically a check. People started trading these checks and were hardly using money. Banks wisened up to this and started writing their own checks because in the rare event someone does try to cash out, there was plenty from other depositors to cover it. There was more paper money than there was money in the bank.
THEY are probably up to the same shit again. Today it's all just numbers in a computer and it's trivial to adjust them. Except this time instead of a bunch of people going to the bank and coming home without their gold and silver, their dollars will simply be worthless.
"A backend doubling of bank transfers" how in the world does this happen without someone noticing?
Are you familiar with the origin of fractional reserve banking?
Coins were a bother to exchange so they would write a slip of paper giving a person a permission to withdraw money from their bank account. Basically a check. People started trading these checks and were hardly using money. Banks wisened up to this and started writing their own checks because in the rare event someone does try to cash out, there was plenty from other depositors to cover it. There was more paper money than there was money in the bank.
THEY are probably up to the same shit again. Today it's all just numbers in a computer and it's trivial to adjust them. Except this time instead of a bunch of people going to the bank and coming home without their gold and silver, their dollars will simply be worthless.