If the banking system has the power to print fiat currency - it takes money off people at the bottom at a higher rate than those at the top.
The bank takes value off the currency by printing more and more money - thus reducing purchasing power. (the inequality is exacerbated by this action. Those with less continue to receive less. Increasing inequality is systematic because of this dynamic).
The banking system uses the currency at it's highest level, (highest value),and then devalues it. By the time it's circulating in the lower socioeconomic levels the value has dissipated.
Taking value off currency through fiat printing is still theft.
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@lucylin,
But banks aren't autonomous bodies. Here in India, the banking industry has become a puppet in the hands of the central government. So any decision taken by the bank has to be permitted by the government or else that particular decision will be shelved.
"The banking system uses the currency at it's highest level, (highest value),and then devalues it. "
Whatever maybe the decision taken, it has to get the nod from the central government and that is the "ONLY" way things goes here!
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...quick search on india banking...
2017/18
https://www.quora.com/Does-the-Rothschild-family-own-the-RBI-Reserve-Bank-of-India
RBI was owned by illuminati Rothschilds and being controlled by international banking cartel. Our central banking systsem itself Rothchilds version,which is manifacturing more debt than real money in circulation,trapping every coutry ,people into debt.
All our RBI governors are all their groomed, choosen agents who are brainwashed ,selected to serve in their Central Bank,similarly in every country .
Our Banking system(interest making) itself fraud which creates money out of thin air, looting our economy,making all of us debt slaves, bringing excess money in to circulation,causing inflation.
India’s Public debt stood at 65,65,652 crores Rs (65 lakh crore Rupees) or roughly 929 billion US dollars at an exchange rate of @ 70 Rs to a dollar
The data is as on September 2017
Banks run governments my friend - not the other way around - just the illusion of it.