The author sheds light, based on new research, on how bankers' interest scams are sucking wealth out of the economy and into the One Percent's pockets without most of us realizing what is going on.
This hidden tribute to the banks will come as a surprise to most people, who think that if they pay their credit card bills on time and don’t take out loans, they aren’t paying interest. This, says Dr. Kennedy, is not true. Tradesmen, suppliers, wholesalers and retailers all along the chain of production rely on credit to pay their bills. They must pay for labor and materials before they have a product to sell and before the end buyer pays for the product 90 days later. Each supplier in the chain adds interest to its production costs, which are passed on to the ultimate consumer.I'm definitely one of those stupid ones who always pays bills on time while thinking that I was not paying interest!