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wakey wakey

although i find it hard to believe that 8% undestood the point - 0.08% more like


Almost three quarters of the public believe that they still own the money they

deposit in the bank, however, under British law the customer has no specific

claim of ownership of these assets, as they become the property of the bank

and are treated as loans from the depositor. The famous legal case of Carr vs

Carr (1811) established that putting money in a bank was not an act of

bailment, but rather was a generalized debt (from bank to customer). This

seemingly innocuous change opened the doors for fractional reserve banking.

Suddenly, the bank was not responsible for the specific asset the customer

entrusted them with, only the generalized debt. This allowed them to take a

portion of the deposit and loan it or invest it. Consequently, banks became

responsible only to repay the customer the amount of the deposit, while the

depositor had no specific claim of ownership of the assets deposited. Only 8%

of the public understood this point, whilst 16% believe that both the account

holder and the bank share ownership of the same resources

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  • 429 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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