Usury is built into the very fabric of money today, from the moment of its inception. Money originates when the Federal Reserve (or the ECB or other central bank) purchases interest-bearing securities (traditionally, Treasury notes, but more recently all kinds of mortgage-backed securities and other financial junk) on the open market. The Fed or central bank creates this new money out of thin air, at the stroke of a pen (or computer keyboard). For example, when the Fed bought $290 billion in mortgage-backed securities from Deutsche Bank in 2008, it didn’t use existing money to do it; it created new money as an accounting entry in Deutsche Bank’s account. This is the first step in money creation. Whatever the Fed or central bank purchases, it is always an interest-bearing security. In other words, it means that the money created accompanies a corresponding debt, and the debt is always for more than the amount of money created.
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