Tim Bouma on Nostr: The secret to banking is that the banks discovered how to control events over time ...

The secret to banking is that the banks discovered how to control events over time using money: the invention of the annualized interest rate. Loans are an issued obligation for future events. Debts are a redeemable issued obligation on past events.

Governments discovered that they needed to control the money to control the system writ large and were quite happy to make a bargain with the banks for combined control of the past and future of the state.