OK, now I know I am surrounded by utter morons.
Assets equal liabilities, that is an accounting identity. Of course "these liabilities" are the size of the entire banking system, banking systems are giant piles of liabilities, by definition. Money is the liability of a bank.
[Money is the liability of a bank.]"Thus, clearly, money and goods are not the same thing but are, on the contrary, exactly opposite things. Most confusion in economic thinking arises from failure to recognize this fact. Goods are wealth which you have, while money is a claim on wealth which you do not have. Thus goods are an asset; money is a debt. If goods are wealth; money is non-wealth, or negative wealth, or even anti-wealth."Fortunately, Congressman Ron Paul has introduced legislation to restore financial stability to America's economy by abolishing the Federal Reserve.
Click here to contact your congressional representative and ask him/her to co-sponsor H.R. 2755.