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Who'd have thought it, a mainstream news source explaining how banks create money from nothing . . . .
Quote monetary and financial institutionsIt's common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty's police. Yet there's a small collection of companies that are authorised to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called "monetary and financial institutions", but you probably know them by their street name: "banks".
The money that they create, effectively out of nothing, isn't the paper money that bears the logo of the government-owned Bank of England. It's the electronic money that flashes up on the screen when you check your balance at an ATM. Right now, this electronic money makes up over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched.
'"
www.guardian.co.uk/commentisfree ... ed-stealth
Just think about this as an example.
Say it takes a days work for a bank employee to process a mortgage application for a customer.
If the mortgage is over a period of 25 years and one days pay per week is needed to repay the mortgage, the customer is essentially giving up 5 YEARS of work for the initial days work it took the bank sorting out the paperwork to conjour up the money out of thin air in the first place!
This is debt slavery in a nutshell. |
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Who'd have thought it, a mainstream news source explaining how banks create money from nothing . . . .
Quote monetary and financial institutionsIt's common knowledge that printing your own £10 notes at home is frowned upon by Her Majesty's police. Yet there's a small collection of companies that are authorised to create – and spend – more new money than the counterfeiters have ever been able to print. In industry jargon, these companies are called "monetary and financial institutions", but you probably know them by their street name: "banks".
The money that they create, effectively out of nothing, isn't the paper money that bears the logo of the government-owned Bank of England. It's the electronic money that flashes up on the screen when you check your balance at an ATM. Right now, this electronic money makes up over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched.
'"
www.guardian.co.uk/commentisfree ... ed-stealth
Just think about this as an example.
Say it takes a days work for a bank employee to process a mortgage application for a customer.
If the mortgage is over a period of 25 years and one days pay per week is needed to repay the mortgage, the customer is essentially giving up 5 YEARS of work for the initial days work it took the bank sorting out the paperwork to conjour up the money out of thin air in the first place!
This is debt slavery in a nutshell. | |
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| International Chairman | 14845 | No
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| Dec 2001 | 23 years | |
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| Oct 2021 | Jul 2021 | LINK |
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| Quote Mugwump="Mugwump"On a personal note, even though I was offered plenty of credit prior to the sub-prime debacle it simply doesn't compare to the mountain of credit card deals I've received since.'"
What is a credit card "deal"!? |
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| Administrator | 25122 | No
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| Quote Dally="Dally"What is a credit card "deal"!?'"
Incentives. A matter of perspective, I suppose. But they seem to be falling over themselves lately to get my business. I guess the plan is instead of throwing credit at everyone and his dog (pre-subprime) they're all now competing to milk those remaining who they still think have a few pennies left under the mattress. |
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| International Chairman | 7594 | No
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| Dec 2001 | 23 years | |
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| May 2021 | May 2021 | LINK |
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| Quote Dally="Dally"What is a credit card "deal"!?'"
Burn the top one, then one each clockwise round the table starting on your left.
They've been doing it this way for years now. Credit check is a test of willingness to toss the house keys in. |
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| International Chairman | 28357 | No
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| Feb 2002 | 23 years | |
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| May 2024 | Oct 2019 | LINK |
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Capital One are a good example. they currently have this thing on Facebook and elsewhere, click on this and we'll tell you in 60 seconds if your credit card is approved. they bumf then says the interest rate is something like 39% which given that Bank rate is about a millionth of a percent seems like decent business if anyone falls for it.
I have no clue how many they issue, but it must surely be a right shedload, as else why would they spend all the dosh on advertising it?
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| International Chairman | 14845 | No
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| Dec 2001 | 23 years | |
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| Oct 2021 | Jul 2021 | LINK |
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| Quote Ferocious Aardvark="Ferocious Aardvark"Capital One are a good example. they currently have this thing on Facebook and elsewhere, click on this and we'll tell you in 60 seconds if your credit card is approved. they bumf then says the interest rate is something like 39% which given that Bank rate is about a millionth of a percent seems like decent business if anyone falls for it.
I have no clue how many they issue, but it must surely be a right shedload, as else why would they spend all the dosh on advertising it?'"
Precisely! There seems a strong positive correlation between businesses who offer "deals" and rip off merchants. Mobile 'phone charges spring to mind too. |
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