Friday, April 25, 2008

Many a true word spoken in jest!

System no longer works, confirms UN

"Meanwhile, the banks are borrowing money from taxpayers so that they can then lend the same money back to the taxpayers at a higer rate of interest than they borrowed it from them in the first place. Seriously, is it just me?" I am a taxpayer and a tenant. So that means I am paying extra tax to subsidise my landlady's mortgage. Thanks a lot, Nulabour.

Posted by mark wadsworth @ 10:05 AM (1123 views)
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7 thoughts on “Many a true word spoken in jest!

  • Myself and the missus went shopping at Tesco at about 9pm last night for the monthly shop. We are having curry for lunch today, I managed to pick up a bag of Tesco Basmati Rice. It was the last bag in the store, probably the last bag in England. (Yes, the Isle of Wight is still part of England, but I think we ought to kick out the Criminals and declare UDI.) The former Ryde Town Management Committee would make a good basis for a Parliament.)

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  • planning4acrash says:

    As we all know, from that prophetic text, Day of the Triffids, Godshill, Isle of Wight, and Jersey will be the only inhabitable parts of this fair country come the apocalypse and the inevitable plague of Triffids, not sure you’ll be safe in Ryde!

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  • Well, a great leap forward. We’ve graduated from “robbing Peter to pay Paul” to the financial heights of “robbing Peter to loan it back to Peter for higher interest.” Meanwhile, Paul at least gets to keep his house, if he can keep up the payments one supposes. This is progress eh?

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  • Oh, and about the headline: System? What system?

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  • 5. indiablue19 said…
    Oh, and about the headline: System? What system?

    try this.


    It has been called “the most astounding piece of sleight of hand ever invented.” The creation of money has been privatized, usurped from Congress by a private banking cartel. Most people think money is issued by fiat by the government, but that is not the case. Except for coins, which compose only about one one-thousandth of the total U.S. money supply, all of our money is now created by banks. Federal Reserve Notes (dollar bills) are issued by the Federal Reserve, a private banking corporation, and lent to the government.1 Moreover, Federal Reserve Notes and coins together compose less than 3 percent of the money supply. The other 97 percent is created by commercial banks as loans.2

    Don’t believe banks create the money they lend? Neither did the jury in a landmark Minnesota case, until they heard the evidence. First National Bank of Montgomery vs. Daly (1969) was a courtroom drama worthy of a movie script.3 Defendant Jerome Daly opposed the bank’s foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. “Consideration” (“the thing exchanged”) is an essential element of a contract. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan.

    this work is well referenced and applies equally to the UK, just take a look at the owners of the Fed banks, a majority of non US names.

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  • What did I tell you yesterday,despite heckling from housepricecrash lifers;
    new money is created by the process of fictitious bank loans.the bank gives people
    money without subtracting the same amount from existing customers’ accounts.As the
    foreclosed American said : the bank had just made the money up out of thin
    air or made two accounts out of one.This always shocks first year students
    about as much as discovering their parents are still screwing .
    housepricecrash is a bit naif in this respect: the banks create money( seignorage) ab nihilo (out of nothing)
    Does n’t bother me that much, unless the new credit all pours into housing
    when its time for Land Value Tax. Probably it would be better if the banks were nationalised so everybody would benefit from the seignorage. Fractional reserve banking is the longest
    running con around.(Thats why they’re always talking about confidence)

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  • @Dbc Reed

    Just a clever trick thats too complicated for the man on the street to work out. The national papers are hardly going to highlight it for him. The man has heard all about interest rates, mortgages, sub-prime, CDOs, inflation, credit crunch, house price falls etc. Whether he understands much of it I doubt. But how often do we see FR banking under the spotlight? The whole idea is probablty too scary for starters!

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