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hahaha... this is hilarious. the guy is on crack.
if it were really true, the credit card industry would have been shut down long ago.
how does the bank "create" assets based on a paper you signed?
i apply for a card. i get a $5k limit. i go and spend $5k at best buy. my bank pays best buy the $5k and then i pay my bank back.
now where does the bank get the $5k to pay best buy back? the squeeze it out of a paper i signed? or they take it from their pockets.
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