[blam]

I've had this book for 30 years.

The Creature From Jekyll Island

[Toddsterpatriot]

Page 27, “When a borrower cannot repay and there are no assets which can be taken to compensate, the bank must write off that loan as a loss. However, since most of the money originally was created out of nothing and cost the bank nothing except bookkeeping overhead, there is little of tangible value that is actually lost. It is primarily a bookkeeping entry”