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Just to back up my claim that banks create money from nothing - 13.40 minutes in - Economist Steve Keen on BBC's Hardtalk says "We have two sources of money in a capitalist economy. Banks can CREATE money by making loans and the government creates money by running a defecit".
He also says the general public needs a bailout of Government created 'positive money', to pay off debts and replace the 'negative' debt based money created by banks and government borrowing, which will hopefully save the system from complete collapse. Each person would recieve an equal amount - anybody with debts must use their handout to pay off debts (which helps recapitalise the banks) and anybody not in debt gets to keep their handout and hopefully spend it into the economy.
This is a must watch for anybody wanting to understand the current economic system and its fatal flaw.
www.youtube.com/watch?v=SkesgECRXtM
His idea may not be the perfect solution but at least he's offering an alternative to the current debt based monetary system. It's a pity no politicians are picking up on it. |
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Just to back up my claim that banks create money from nothing - 13.40 minutes in - Economist Steve Keen on BBC's Hardtalk says "We have two sources of money in a capitalist economy. Banks can CREATE money by making loans and the government creates money by running a defecit".
He also says the general public needs a bailout of Government created 'positive money', to pay off debts and replace the 'negative' debt based money created by banks and government borrowing, which will hopefully save the system from complete collapse. Each person would recieve an equal amount - anybody with debts must use their handout to pay off debts (which helps recapitalise the banks) and anybody not in debt gets to keep their handout and hopefully spend it into the economy.
This is a must watch for anybody wanting to understand the current economic system and its fatal flaw.
www.youtube.com/watch?v=SkesgECRXtM
His idea may not be the perfect solution but at least he's offering an alternative to the current debt based monetary system. It's a pity no politicians are picking up on it. | |
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You're nothing if not persistent!
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| Quote Dally="Dally"You're nothing if not persistent!'"
Well people are in complete denial about how money is created, as Galbraith said -
Quote DallyJohn Kenneth Galbraith, Money: Whence it came, where it went (1975), p. 15
The process by which banks create money is so simple that the mind is repelled. '" |
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what i cant understand is where all this money went? if i gamble and lose the bookie gets it, so who got all the cash the banks lost? And dont say millions of people who couldnt pay the banks back, because the banks loan out only against your assets! my aunt borrowed £60,000 from northern rock against her property, she died a two years later and before i could benefit from her estate I had to pay northern rock £94,000 back before i got 1 penny. and further more if half the banks lost cash by speculating with other banks then surly the money is still in the banking system. the whole system is one giant con and we the little people are complete mugs to go along with it!
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| Quote handrags="handrags"what i cant understand is where all this money went?'"
It was dropped in the street and washed down the drain, so it is actually lost. |
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And The KLF burnt the rest of it.
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| And people argue against forced sterilisation.
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| Quote handrags="handrags"what i cant understand is where all this money went? if i gamble and lose the bookie gets it, so who got all the cash the banks lost? And dont say millions of people who couldnt pay the banks back, because the banks loan out only against your assets! my aunt borrowed £60,000 from northern rock against her property, she died a two years later and before i could benefit from her estate I had to pay northern rock £94,000 back before i got 1 penny. and further more if half the banks lost cash by speculating with other banks then surly the money is still in the banking system. the whole system is one giant con and we the little people are complete mugs to go along with it!'"
It's simple - money is generally lent on the security of assets. The value of those assets is purely arbitrary eg a house is inherently almost worthless, it's value derives from what people are willing and able to pay for it. just When those asset values fall if borrowers can't repay their loans the banks take a hit. |
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[urlhttp://en.wikipedia.org/wiki/Fiat_money[/url
It's all about confidence. Some people insist it's a confidence trick.
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| Quote Dally="Dally":1rxacwvqIt's simple - money is generally lent on the security of assets. The value of those assets is purely arbitrary eg a house is inherently almost worthless, it's value derives from what people are willing and able to pay for it. just When those asset values fall if borrowers can't repay their loans the banks take a hit.'" , Yet the yanks owe trillions, and yanks rent property as do most europeans so thats not the simple answer. |
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| Quote LeighGionaire="LeighGionaire"Well people are in complete denial about how money is created, as Galbraith said -'"
If banks create money how do they run out of it? |
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Quote SBR="SBR"If banks create money how do they run out of it?'"
Two reasons -
1) Reserve requirement - there is supposedly a ceiling on how much money they can create depending upon the amount of deposit money they have.
2) They need a borrower's signature to create the money.
Here's a letter from the Bank Of England where they confirm that banks create NEW money when making loans -
www.onegoodcut.org/wp-content/up ... eation.jpg |
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Quote SBR="SBR"If banks create money how do they run out of it?'"
Two reasons -
1) Reserve requirement - there is supposedly a ceiling on how much money they can create depending upon the amount of deposit money they have.
2) They need a borrower's signature to create the money.
Here's a letter from the Bank Of England where they confirm that banks create NEW money when making loans -
www.onegoodcut.org/wp-content/up ... eation.jpg | |
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