It’s a nice sentiment, but savers cannot compete with newly created money.
Also, people will almost always borrow as much as they can for real estate purchases.
The only cure is sustained falling prices.
First bank moves!
- Thread starter Silverthorn
- Start date
It’s a nice sentiment, but savers cannot compete with newly created money.
Also, people will almost always borrow as much as they can for real estate purchases.
The only cure is sustained falling prices.
systematic
Well-Known Member
If people pull out just 10 percent of the amounts in their accounts ... then we would see who is borrowing from who ... as Warren Buffet is quoted to have said ... “You only find out who is swimming naked when the tide goes out" ...
systematic
Well-Known Member
Commonwealth Bank admits to manipulation of children's accounts
The Commonwealth Bank has confirmed that thousands of children's accounts were fraudulently manipulated by retail branch staff as part of a scam to earn bonuses and meet targets.
read more at http://www.abc.net.au/news/2018-05-19/commonwealth-bank-staff-manipulated-childrens-accounts/9779010
The CBA can't keep its grubby fingers out of kids bank accounts ... and then raises the mortgage interest rate ...
The Commonwealth Bank has confirmed that thousands of children's accounts were fraudulently manipulated by retail branch staff as part of a scam to earn bonuses and meet targets.
read more at http://www.abc.net.au/news/2018-05-19/commonwealth-bank-staff-manipulated-childrens-accounts/9779010
The CBA can't keep its grubby fingers out of kids bank accounts ... and then raises the mortgage interest rate ...
Pirocco
Well-Known Member
You got that right.
Alot on todays media, is in reality precisely the opposite.
Big Lie strategy all over the place.
The alternative is a free market. There is nothing inherently wrong with a banking sector, despite what some persistently argue. The problem is central planning. But I'm preaching to the converted aren't I?
Allowing the banking sector to create money then decide where that new money is directed isn’t really a free market.
Naw!!!! Serious?! They wouldn't do THAT!
You mean like we do with cars, shoes, fridges, house paint, tyres...?
Not sure what you mean?
Sorry mate. What I meant was that every other industry chooses the market for where their products are destined.
I’m not sure banks creating money is comparable to industry creating goods. Is it a case of comparing apples with bananas?
Currency is just a good.
How do you come to that conclusion? I can't fathom how or why a currency can be likened to a good.
It is simply the means to an end ie a good we exchange in order to satisfy our needs.
But no one creates currency/credit as it is today, rather it's a concept that by everyone agreeing becomes real. Therefore a small group of people should not dictate something they didn't create. Unlike Toyota for example which do create something, so they are free do dictate it (up until the point of sale)
In this scenario, in a free market, shouldn't everyone have the opportunity to create currency. Why should banks have the monopoly?
@leo25 , I’m talking about private currencies.
@willrocks, yes, everyone should have the opportunity to issue their own private currency. My suggesting regarding banks is that usually they’re in the best position to do it because they have depositor’s funds. Unlike Toyota which has its wealth largely in capital goods.
Look at cryptos as an example of private currencies.
@willrocks, yes, everyone should have the opportunity to issue their own private currency. My suggesting regarding banks is that usually they’re in the best position to do it because they have depositor’s funds. Unlike Toyota which has its wealth largely in capital goods.
Look at cryptos as an example of private currencies.
Correct....
1) The banks decide freely which sectors that want to support. They could vastly reduce lending to home loans and kill the market, or pull credit from SME's and knock over small businesses. No, it's not in their interests to do so, but they have that power and there's nothing you, I or the govt can do short or nationalising the banks....which will never happen. It cost Chifley the 49 election.
2) Insurance companies whilst not lenders provide a commoditised product and if they withdraw a certain product or won't provide insurance to a certain industry group, business type, then the banks won't lend to them....and there's nothing you, I or the govt can do in this free market economy to change that. Try getting a home or car loan from a bank if you can't get insurance.
Thus financial institutions decide where and how to drive the various sectors and we are all just along for the ride with the vague hope that if we pay enough ransom, the big boys won't turn our lights off.
Can i pay taxes with my private currency?
Yes, if we had a free-market for currencies.