Joined: Feb 20 2002 Posts: 1437 Location: Leigh, where else?
A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt.
A must watch to understand the current economic crisis.
Quote:Where does money come from? Who creates it? Who decides how it gets used?
97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach.
Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis.
For anybody interested there is also an extended two hour version of the same documentary.
I'd be grateful if people could watch it and tell me your opinions.
A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt.
A must watch to understand the current economic crisis.
Quote:Where does money come from? Who creates it? Who decides how it gets used?
97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach.
Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis.
For anybody interested there is also an extended two hour version of the same documentary.
I'd be grateful if people could watch it and tell me your opinions.
"If the American people knew tonight, exactly how the monetary and banking system worked, there would be a revolution before tomorrow morning."
-Abraham Lincoln
Joined: Feb 20 2002 Posts: 1437 Location: Leigh, where else?
Diavolo Rosso wrote:Do you have a mortgage?
Yes I do.
Funny thing is when I took out my mortgage I was under the impression that the money I was borrowing was actually coming from another persons savings, not instantly created from nothing by the bank once I'd signed the paperwork.
It must have taken bank staff say 8 hours of work to sort out the details of my mortgage and then I spend the next 20 years giving the bank 25% of my income - 5 years worth of wages! Great scam don't you think?
"If the American people knew tonight, exactly how the monetary and banking system worked, there would be a revolution before tomorrow morning."
-Abraham Lincoln
Joined: Mar 08 2002 Posts: 26578 Location: On the set of NEDS...
LeighGionaire wrote:It must have taken bank staff say 8 hours of work to sort out the details of my mortgage and then I spend the next 20 years giving the bank 25% of my income - 5 years worth of wages! Great scam don't you think?
Actually I think it is an excellent system, when it works right.
When banks get greedy and lend to those who the shouldn't be lending to and encourage those to take on more debt that they can handle because rises in property prices mean they wouldn't be out of profit then they get stung.
Perhaps the major failing is the brainwashing we have that the only way is property ownership for everyone and renting is sociably unacceptable.
Joined: May 25 2002 Posts: 37704 Location: Zummerzet, where the zoider apples grow
Big Graeme wrote:Actually I think it is an excellent system, when it works right.
When banks get greedy and lend to those who the shouldn't be lending to and encourage those to take on more debt that they can handle because rises in property prices mean they wouldn't be out of profit then they get stung.
Perhaps the major failing is the brainwashing we have that the only way is property ownership for everyone and renting is sociably unacceptable.
Errrm, WHO gets stung?
The older I get, the better I was
Advice is what we seek when we already know the answer - but wish we didn't
I'd rather have a full bottle in front of me than a full-frontal lobotomy ------------------------------------------------------------------------------------------------------------ kirkstaller wrote: "All DNA shows is that we have a common creator."
cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"
------------------------------------------------------------------------------------------------------------ "No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan
LeighGionaire wrote:A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt.
Which banks make people pay interest? Don't people chose, sometimes, irrationally to pay interest?
Joined: May 25 2002 Posts: 37704 Location: Zummerzet, where the zoider apples grow
Richie wrote:0% finance isn't unusual.
But no such thing exists in reality
Richie wrote:Although the point was more about nobody being forced to take out a loan.
The final decision is still with the lender, they are the ones who should be bearing the risk
The older I get, the better I was
Advice is what we seek when we already know the answer - but wish we didn't
I'd rather have a full bottle in front of me than a full-frontal lobotomy ------------------------------------------------------------------------------------------------------------ kirkstaller wrote: "All DNA shows is that we have a common creator."
cod'ead wrote: "I have just snotted weissbier all over my keyboard & screen"
------------------------------------------------------------------------------------------------------------ "No amount of cajolery, and no attempts at ethical or social seduction, can eradicate from my heart a deep burning hatred for the Tory Party. So far as I am concerned they are lower than vermin." - Aneurin Bevan
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