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banks suck....
Former Member
Posts: 1,876,323 The Mix Honorary Guru
why has noone clocked that banks are the real leeches on society? my understanding of banking was fairly elementary until recently, for instance i thought national banks were owned by their respective nations. In fact they're owned privately, for instance the Rothschilds being one of the largest financial dynasties. Anyways.....
the most interesting thing is, money would disappear without debt. By that I mean if everyone paid back all that is borrowed, there would be no money left in existence. This means we are completely dependent on the commercial banks, and despite the government's offical stance, they secretly encourage consumer debt because it funds the economy.
the implication of this is thus: because every bit of currency in existence is borrowed by someone, it is earning interest daily for the banks that created them. A portion of EVERY transaction goes to the bank as payment, and this is the true cause of inflation. Unbelievable, it's called the Mandrake Mechanism.
the most interesting thing is, money would disappear without debt. By that I mean if everyone paid back all that is borrowed, there would be no money left in existence. This means we are completely dependent on the commercial banks, and despite the government's offical stance, they secretly encourage consumer debt because it funds the economy.
the implication of this is thus: because every bit of currency in existence is borrowed by someone, it is earning interest daily for the banks that created them. A portion of EVERY transaction goes to the bank as payment, and this is the true cause of inflation. Unbelievable, it's called the Mandrake Mechanism.
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you need to rephrase your comment, coins and notes would dissappear, but the concept of money or trading would not
I can not stress this enough.
My goal in life is to marry a Rothschild. If that isn't possible then a Rockefellar will do.
In America, the Federal Reserve is ridiculous. Bottom line is congress and the banking cartel have a cushty partnership where banks collect interest on every 'fiat' dollar, and congress have unlimited funding without having to raise direct taxes, what i don't get is why isn't this kind of stuff taught in schools?
The problem, of course, is that there is sod-all that can be done about it, really.
Money isn't created from debt, the banks' profit is but that money would exist regardless. If everyone paid back their debt the banks would still make vast profits, most of their profits do not come from debtors, they come from businesses placing money into bank accounts, which the banks then invest and make money from those investments.
Hence, if we had a crash of 1929 proportions, we'd all have no money. But even then money would still exist.
Firstly to claim that banks are leaches on society is not realy true as far as normal/business banking they offer a usefuill service that neesds to be there if it wasnt then we would probably never have had the industrial revolution. They are leaches in regards to the high fees that credit cards charge, but like all large businesses the're only interested in Profit.
The claime that "If everyone paid back all that is borrowed, there would be no money left in existence" Iv thought about this and its an interesting if misleading claime and brings into existance the fundamental economic question "what is money" Incidently the cleverest thing Marx ever said was on this point IMHO
Firstly by everybody presumable he means the banks them selves and governments, then Yes of course basicly he's saying if every bank account was closed therd be no more bank accounts.
coins and cash would still be there but no other form of money could be as its all either debt or credit, (as in when you have money in the bank then the bank is a debtor to you)
If im paid cash for work by a company that isnt in any kind of debt and I dont owe any other money, then Id still have my cash even if everybody had to pay back all they owed, in this case the banks would all fold.
"the implication of this is thus: because every bit of currency in existence is borrowed by someone, it is earning interest daily for the banks that created them. A portion of EVERY transaction goes to the bank as payment, and this is the true cause of inflation. Unbelievable, it's called the Mandrake Mechanism"
Buy which I assume you mean a combination of factors, Banks have to have a liquidty ratio I THINK its 7% but Im not sure, that is to say for every £7 they get in they can lend 93, because theres so much in circulation the gamble is that not everyone wil come to get their money at once, ITs a fact that if everybody came to claim all their savings from every bank any bank would crash. So they can create money oput of nothing and then charge interest on thet money is that what is ment.
This system has been around for years and is probably necessary althrough its
"created by nothing" its not its created by dependence of and confidence in the individual bank, its like if I guarantee a loan Im not spending any money but still creating a situation where that loan can happen.