Pericles,Miners don't have to borrow from banks much if they are making enormous profits.They simply re-invest their profits back into the system.

Private banks produce nothing of tangible worth unlike miners or manufacturers,so why should they have the sole priviledge of money creation? That money they create belongs to miners,and workers alike.

China has many Govt banks that create 80% of their new currency.It is a far less efficient system than ours with many debt defaults but unlike ours does not suck the lifeblood of incentive to work hard and prosper.China's growth is still 6-8% while the West in reality is negative.

It is the debt based banking system that is sucking the life blood out of our creativity and endeavour.

You are kidding yourself, Arjay, on two fronts.

>>Pericles,Miners don't have to borrow from banks much if they are making enormous profits.They simply re-invest their profits back into the system.<<

First up, they do not make a single buck until after they sink a load of money into the venture. So every miner that ever there was started with borrowed money.

And for seconds, every new mine is dug on borrowed money. Every week you will see another example of this - why do you think Gina Reinhart was so worried about the stories in the papers recently? Because it would spook the banks who were about to lend her another billion or so to develop a new mine.

Case in Point: BHP Billiton's current borrowings are in the region of $25 billion.

http://www.bhpbilliton.com/home/investors/Documents/Debt%20Investors/BHP%20Billiton%20Credit%20Summary_March%202012.pdf

>>Private banks produce nothing of tangible worth unlike miners or manufacturers,so why should they have the sole priviledge of money creation? That money they create belongs to miners,and workers alike<<

They only "create" it because you ask for it, Arjay. The loan to you then goes into their accounts as an asset, with an offsetting liability of the money that they, in turn, have borrowed. They are, as you know, limited in the amount they can lend by the reserves they are required, by law, to maintain. If they have reached this limit, then they cannot lend to you.

>>China has many Govt banks that create 80% of their new currency.<<

Until very recently, the figure was 100%. Why did they decide to open up the system - albeit only a little - and allow non-government Banks to operate in this space, do you think?

If you can work that out, then you will understand a great deal more about banking and finance than you do right now.