Injin Posted November 4, 2009 Share Posted November 4, 2009 exactly Which is why they wanted a central bank backed by the state and taxation. (and why they should be closed down and imprisoned for crimes against humanity.) Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 My first point is that fractional reserve is legalised counterfeiting and new players want in on the game. My second point is that every bit of wealth they "earn" is simply taken from all other holders of the currency. VMR. It's an extremely tuned juggling machine. Seems some have dropped the balls though. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 Which is why they wanted a central bank backed by the state and taxation. (and why they should be closed down and imprisoned for crimes against humanity.) Shit happens and youre low in the pecking order. Get over it. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 Shit happens and youre low in the pecking order. Get over it. I'm right about FRB and facts beat all hierarchy. Get over it. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 (edited) I'm right about FRB and facts beat all hierarchy. Get over it. What's the betting youre still posting here in five years portending the end of the state 100% correct, guaranteed. Edited November 4, 2009 by Alan B'Stard MP Quote Link to comment Share on other sites More sharing options...
scepticus Posted November 4, 2009 Share Posted November 4, 2009 What's the betting youre still posting here in five years portending the end of the state 100% correct, guarauteed. Alan, why don't we put our hands up and agree the state is going to zero, asymptotically, along with the currency? Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 What's the betting youre still posting here in five years portending the end of the state 100% correct, guarauteed. Great, so we agree I am correct about FRB and that hierarchy makes no difference to facts. Good man. All you need to do now is apologise for being rude and it;s a full house. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 Alan, why don't we put our hands up and agree the state is going to zero, asymptotically, along with the currency? I don't know until it happens. Glass balls are not my thing. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 Alan, why don't we put our hands up and agree the state is going to zero, asymptotically, along with the currency? So the state will become zero and the zero becomes the state? Righto, confused.com. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 Great, so we agree I am correct about FRB and that hierarchy makes no difference to facts. Good man. All you need to do now is apologise for being rude and it;s a full house. No I don't agree. I think it's a beautiful engine Quote Link to comment Share on other sites More sharing options...
Number79 Posted November 4, 2009 Share Posted November 4, 2009 You may have missed the point. I am a bank and am legally entiltled to create the £200K (my example). The home seller will take that money, spend it or deposit it as they see fit and that money is part of the money suppy. Any other bank will happily take my newly created £200K as real money, VMR. why not start 10 or 11 banks? deposit the 20k in the first and frb allows for the creation of 200k. deposit 20k in each of the other 10 banks and let them use frb to create 200k each. you now have 2million created from your 20k stake and 11 banks that can prop each other up with creative accounting/transfers and sharp suits. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 No I don't agree. I think it's a beautiful engine I know,you like it. I admire it myself, as it happens, very hard not to given it's enormous success. Doesn't change what it is though, or make my description inaccurate. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 I know,you like it. I admire it myself, as it happens, very hard not to given it's enormous success. Doesn't change what it is though, or make my description inaccurate. Your description doesn't do it justice. It's the reduction of an idiot. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 Your description doesn't do it justice. It's the reduction of an idiot. It's inaccurate how, again? Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 It's inaccurate how, again? Well cash reserve ratio is inaccurate for a start - and so is your printy print meme - given that you actually believe theyve printed up fivers. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted November 4, 2009 Author Share Posted November 4, 2009 From the link in the OP: The state would earn $15,000 per $100,000 of mortgage, at a cost of about $1,700, while the homeowner would save $88,000 in interest and pay for the home 15 years sooner. "Our bank will save people about seven years of their pay over the course of 30 years, just on interest costs," says Dr. Khavari. He also proposes 6 percent credit cards and 6 percent certificates of deposit. They don't mention that this "free" gains for the state and homeowners is actually paid for by the wealth of all other $-holders. In the above case, the state has realised that the banks have been taking most of this "free" money. If only one states does it, they win the game. If they all do it, nobody wins, it's a zero-sum wealth game. (ignoring foreigners) If the state politicians have figured it out, I wonder when everyone else will. For house prices, the first implication is that you should rush out and buy one since your pounds will be reducing in value. However, the banks are mugging your neighbours as well and that's who you are competing with for housing resources. So we have to wait for our neighbours to lose their jobs and savings first. Roll on unemployment and high taxes. Anyone wonder why there aren't loads of new banks starting up all the time? I bet the govt makes this as difficult as possible. VMR. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 Well cash reserve ratio is inaccurate for a start - and so is your printy print meme - given that you actually believe theyve printed up fivers. How is my description of FRB inaccurate again? Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 How is my description of FRB inaccurate again? People who get mortgages expecting five pounds notes. Unprovable - even with your fantasy street sample on mancunian avenue. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 People who get mortgages expecting five pounds notes. Unprovable - even with your fantasy street sample on mancunian avenue. Did it in Chester, Liverpool and a few small towns actually. Definitely provable either way - now why don't you go and do a small experiment to prove yourself wrong once and for all? (Apart from sloth we both know you won't go cos you know I am right.) Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 Did it in Chester, Liverpool and a few small towns actually. Definitely provable either way - now why don't you go and do a small experiment to prove yourself wrong once and for all? (Apart from sloth we both know you won't go cos you know I am right.) Ill post a question on the J6P yahoo answers....do you want to provide the verbage? Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 (edited) Ill post a question on the J6P yahoo answers....do you want to provide the verbage? No. If you asked a medical question, you'd get answers from doctors and health professionals. If you asked a question about Man U's victories of the 1950's, you'd get the man U fan club weighing in. If you ask a question about banking, you'll get banking experts and other interested parties weighing. Edit - get your coat on. Edited November 4, 2009 by Injin Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 No. If you asked a medical question, you'd get answers from doctors and health professionals. If you asked a question about Man U's victories of the 1950's, you'd get the man U fan club weighing in. If you ask a question about banking, you'll get banking experts and other interested parties weighing. Edit - get your coat on. No I didn't think you would. No surprise there. If you get an anarchist asking alf roberts - town drunk - the question on skidrow in liverpool of course it won't be leading or biased or misinterpreted - let alone an improper sample. Quote Link to comment Share on other sites More sharing options...
Alan B'Stard MP Posted November 4, 2009 Share Posted November 4, 2009 Edit - get your coat on. Give me the question and Ill see it gets asked next time I'm in town. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 No I didn't think you would. No surprise there. If you get an anarchist asking alf roberts - town drunk - the question on skidrow in liverpool of course it won't be leading or biased or misinterpreted - let alone an improper sample. That's kindof the point. What the guy in the street thinks. Doing it on the street finds random people (ish) asking a question in a venue where only peopel who know the answer will turn up is daft, if the thing you are looking for is common (mis) apprehension. Quote Link to comment Share on other sites More sharing options...
Injin Posted November 4, 2009 Share Posted November 4, 2009 Give me the question and Ill see it gets asked next time I'm in town. Hey, sorry to bother, it's just a small survey about the banking industry - got a minute or two? Just wanted to ask what you think happens in a bank when you get a loan or a mortgage. >let them talk< What form do you think the money takes? (average response is to look at you like you have 3 heads, because everyone knows money is fivers.) >thanks< And where does it come from? >Ta< >thank them for their time< You'll get all sorts of random stuff - and I'd imagine now might see more clued up and certainly cynical answers than when I did it originally. There are people out there who still think theres gold behind the money, shit like that. If you want a laugh ask the cashiers at a bank. They don't know either. Just for scepticus I'd chuck in "do you know the difference between bank credit and money?" Quote Link to comment Share on other sites More sharing options...
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