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strata1972 (November 30, 1999 at 12:00 am)
no let's not copy anything the Chinese do. The American thing to do is drag them behind our big american pickup trucks!Seriously, only a attack on the main Federal Reserve buildingwill run them out of this land. Why couldn't the 911 hijackerschose the that building!
joseshema (November 30, 1999 at 12:00 am)
We should take an example of what the Chinese would do when their own officials are caught taking from the system. The chopping block. There would be so many head rolling (literally) down the hall of congress that we would need to find a landfill for all of the corruption we disposed of.
j4ck2234 (November 30, 1999 at 12:00 am)
+I think we disagree with what happens when you abolish fraudulent banking. I guess you believe that average Joe would hoard his gold (or whatever) in his basement or in a depositary institution rather than direct it to the most profitable use. I'm sure rational self interest and free market functions would prevent that. We don't need inflation to counter 'hoarding'.
j4ck2234 (November 30, 1999 at 12:00 am)
I think we agree in the conclusion that todays banks are a big fraud and have nothing to do with market institutions.
j4ck2234 (November 30, 1999 at 12:00 am)
What you are describing is not possible on the free market. They're giving a fraudulent guarantee. You cannot guarantee money that you don't have, that would be illegal. But that doesn't mean that on a free market people couldn't socialize the use of their savings to keep them accesable while benefiting from interest.
j4ck2234 (November 30, 1999 at 12:00 am)
No, lending out money that you don't have is creating money. Lending out that 1$ a 100 times with the motive that those 100 people would not clear their deposits at the same time is creating money, not the actual transaction of a dollar. The guarantees certainly had to be adjusted, but why not socialize the use of savings in order to benefit from minimum risk loans?
j4ck2234 (November 30, 1999 at 12:00 am)
Because it wouldn't work if you knew.
laufsalot2 (November 30, 1999 at 12:00 am)
Suppose you deposit $1 in my bank and I lend it to Alice, who pays Bob who deposits it with me. Now, Bob's $1 looks just like yours did, so I lend it to Carl who pays Danny who deposits it with me again, so I lend it out again... and so on. If I do this 100 times, I'd have $100 deposits, $100 loans and NO RESERVE - I'd've "created" $99, and as long as it keeps coming back I just keep on lending that $1, even a million times. Lending money while guaranteeing it to the depositor IS creating money.
moviedude111 (November 30, 1999 at 12:00 am)
executive order 11110
rogermoore27 (November 30, 1999 at 12:00 am)
Is all this true? Why have I never learned about this? |
