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"If the American people knew tonight, exactly how the monetary and banking system worked, there would be a revolution before tomorrow morning." -Abraham Lincoln:995.gif



Al Jazeera recently aired a short program which explains how banks create money out of nothing when they make a loan - pity there aren't any UK broadcasters willing to expose this fact to the general public.

www.aljazeera.com/programmes/cou ... 59268.html

Conservative economic thinking - cuts and austerity for the plebs - leads to a shrinking of the money supply and a collapse of the system.

Labour economic thinking - more government debt - would merely kick the debt time bomb down the road for a few more years till is finally dawns on people that these debts are unpayable leading to a collapse of the system.

When will somebody in power address the real economic problem, namely our debt based monetary system?
Al Jazeera recently aired a short program which explains how banks create money out of nothing when they make a loan - pity there aren't any UK broadcasters willing to expose this fact to the general public.

www.aljazeera.com/programmes/cou ... 59268.html

Conservative economic thinking - cuts and austerity for the plebs - leads to a shrinking of the money supply and a collapse of the system.

Labour economic thinking - more government debt - would merely kick the debt time bomb down the road for a few more years till is finally dawns on people that these debts are unpayable leading to a collapse of the system.

When will somebody in power address the real economic problem, namely our debt based monetary system?


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Hasn't this topic (not the TV broadcast) been covered on here often enough?

I think we all know (bar one or two Conservative hard core) that it's all smoke and mirrors.

The usual question that pops up is "Show me what a pound looks like, not a coin but that which the bearer will be paid on request". It can't be done.

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Last edited by Ferocious Aardvark on stardate Jun 26, 3013 11:27 am, edited 48,562,867,458,300,023 times in total:d7dc4b20b2c2dd7b76ac6eac29d5604e_973.gif



Why anyone would think this is news is beyond me. Any form of money IS money for the reason, and only the reason, that you can exchange it for goods and services.

What is smoke and mirrors? The example given is basically that I go to the bank for a £1000 loan, they secure it on an asset of mine and then credit my account with the money. The point being, they did not "have" £1000 to lend me.

Well, of course they did, if it is relevant. I could go to the bank tomorrow and withdraw the £1000 in cash. But that seems to me to make no difference. The bank has given me the tokens with which I can buy £1000 of goods or services. It has not created anything. It has lent me real money I can spend on whatever I want, and if I default, it will sell my asset and get its money back that way.

Tell me this- if the bank HAS "created" money out of nothing, then where does this go? Let's say I repay the loan in full, with £100 interest. Seems to me that the bank is back to square one as far as the £1000 is concerned, but it is £100 better off in respect of the cash i paid by way of interest.

If as alleged the bank had "created money" out of nothing, then where has it gone?

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I'm just astonished that nobody has mentioned this before.

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Quote: Kosh "I'm just astonished that nobody has mentioned this before.'"


~coffee splurts over keyboard~

Ta. icon_wink.gif

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How do I get Nationwide to accept a goat and three chickens in lieu of my mortgage payment?

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Quote: Andy Gilder "How do I get Nationwide to accept a goat and three chickens in lieu of my mortgage payment?'"


Have you tried the Mogadishu branch?

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Quote: Andy Gilder "How do I get Nationwide to accept a goat and three chickens in lieu of my mortgage payment?'"


Use an intermediary (which could even be a member of Nationwide staff) to exchange your goat and chickens to a medium of exchange they will accept.

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Does LeighGionaire have a form of autism?

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Quote: Richie "Use an intermediary (which could even be a member of Nationwide staff) to exchange your goat and chickens to a medium of exchange they will accept.'"

There is at least one bank out there would be quite happy to launder a goat or two.

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Quote: Scooter Nik "Hasn't this topic (not the TV broadcast) been covered on here often enough?

I think we all know (bar one or two Conservative hard core) that it's all smoke and mirrors.

The usual question that pops up is "Show me what a pound looks like, not a coin but that which the bearer will be paid on request". It can't be done.'"


I'm still waiting for a mainstream UK news outlet or elected politician to discuss money creation and how it affects the economy. As I stated the current Coalition and Labour policies won't change anything, in fact they make things worse under a debt based economic system. There is NEVER enough money in circulation to pay off past debts, it has to increase continually or the system collapses as we are now finding out.

Politicians NEVER talk about decreasing government debt, only cutting the DEFICIT. Even doing this causes chaos to the system unless somebody else can be forced to take on more debt - Student Loans for example.

As for posting the same old stuff on here, if just one person who is oblivious to how money is created clicks on the thread, realises banks are screwing us over and thinks WTF! I have succeeded in my aim. icon_cool.gif

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Quote: LeighGionaire "I'm still waiting for a mainstream UK news outlet or elected politician to discuss money creation and how it affects the economy.'"

You may have to wait until one comes along with a religiously-motivated reason for promoting an alternative system. Or did the main thrust of the piece escape you?

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Quote: LeighGionaire "...Politicians NEVER talk about decreasing government debt, only cutting the DEFICIT...'"

Before the election, it was commonplace for Tory MPs to use the two terms interchangeably.

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Quote: Scooter Nik "The usual question that pops up is "Show me what a pound looks like, not a coin but that which the bearer will be paid on request". It can't be done.'"

Yes it can. A pound coin is legal tender therefore falls under the definition of: 'Money that may be legally offered in payment of an obligation and that a creditor must accept'. A one pound coin is a pound, the two are completely equivalent, im not sure where the confusion lies.

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Quote: LeighGionaire "snip'"

If money is simply created by banks, as you seem to think, completely out of nothing, how is a run on a bank possible?

If tomorrow i go to any bank in the UK with a £1000 deposit, and i wish to buy a £100k house, and ask for a 200% mortgage (i want to buy a nice car and do up the house etc), they would say no. Why?

In your version of reality it costs them nothing to give me the mortgage, the money is created out of thin air. From their point of view absolute worst case scenario: the housing market crashes and the house becomes worthless, and i default on the very first repayment. They've still gained a free house and got paid £1000 for nothing. If in your world the worst case scenario for the bank is that they get £1000 for nothing, why in the real world wont they give me the mortgage?

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