Topic: Fractional Reserve Lending IS NOT bad - its unavoidable - page 13. (Read 12782 times)

Calling me a fool, mate?  Haha. Must've touched a nerve.

When I read options trader with a background in finance and economics - I thought unemployed ex-investment banker.  Next thought was: schmuck.

You want a really long con.  Here you go mate, introducing you to the Federal Reserve:

Give up dude.  Your too stupid to understand finance and economics.  Everything you post sounds like its coming out the mouth of a High Schooler who just watched a Zeitgeist video on YouTube.

My father doesn't keep his money in a savings account you fool.  He has a income generating portfolio catered towards retirees.  

By not being an idiot who thinks every con must be a short con.  You create enough interest in the coin, you distribute some coin, you wait for people to start using and trading the coin, and, when it finally has sufficient value, you start selling your reserves.  
Simple.  Surprised I need to explain such basics.

@CoinCube:  Austrian School   Crazy old people with your souped-up Babbage Engines!

Awww don't cry. I know the links are hard to understand. Look there's a rainbow

And the price of rice in China is...  lol  Seriously, explain to me why house prices have to be smaller?  Are we running out of land?  Are your kids getting smaller?

Explain me one thing: how can I pump up ozziecoin when it has zero value, it's not listed on any cryptoexchange that I know of, we have not requested for such a listing and we're giving our half of all ozziecoins to the Aussie public free?

How do I pump that?  Can you please be my pump manager?

Lol, you're gauging the standard of living by house prices?  That's your basket?
Bro, do you realize that population has at least doubled since you were a kid?  For house prices to stay the same, we'd have to make houses smaller (we don't) or colonize another planet for moar, u know, 4 Lebensraum

Options trader.  Haha.  You're in the biggest ponzi system on the planet mate.  Let me prove it to you:

Libor = rigged
Metal markets = rigged
Short term interest rates = rigged
Long term interest rates = rigged
FX markets = rigged

You worried bitcoin?  Seriously???  FRB is stealing from your father by paying him ZERO interest my friend.

When we get the ozziecoin blockchain to the Australian public, we're going to have every ozziecoin accountable on the Blockchain.

I'm an options trader w background in economics & finance.  I'm here to warn people to stay away cause some bucket shop operation phoned up my very old and retired father to try to sell BTC investments.  I get the feeling that the Bitcoin world is full of scammers as bad if not worse than Wall Street.  

I've seen the same crap in penny stock land all the time.  Wolves pumping & dumping on newbies.  Like you pumping your ozziecoin

^See?  There's your problem

Seeing as you laugh at all bitcoiners here, and one presumes you don't laugh at yourself, which therefore means that you are not a bitcoiner.  So mate, what are you???  lol

And what are you doing here?  lol

Funny...  somehow young people's wages haven't kept up:

http://www.smh.com.au/business/the-economy/actu-to-seek-rise-in-minimum-wages-as-home-ownership-becomes-a-pipedream-20140324-35eb1.html

Why is that? Can you explain to us all how that happened?  Thanks buddy.  


Let me quote:

No if you were not too lazy to even open the links I mentioned you would see that they are simply summaries of mostly existing works with citations. I am certainly not the primary source for most of the information.

Since you seem to value non summarized original links here you go. The source material for the posts in question. But you and I both know you won't ever read any of it you are just talking up a load of BS to cover your laziness.

References:
McLeay M, Radia A, Thomas R. Money creation in the modern economy. Bank of England Monetary Analysis Directorate Quarterly Bulletin 2014 Q1
http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf
Rothbard MN. The Foundations of Modern Austrian Economics, Edwin Dolan, ed. (Kansas City: Sheed Andrews and McMeel, 1976), pp. 160-184
http://mises.org/rothbard/money.pdf
Murray N. Rothbard, Economic Depressions: Their Cause and Cure
https://mises.org/daily/3127
Ludwig von Mises Institute, Austrian Business Cycle Theory
http://wiki.mises.org/wiki/Austrian_Business_Cycle_Theory#cite_note-6
Christina D. Romer, Business Cycles
http://www.econlib.org/library/Enc/BusinessCycles.html
Shelby Moore III, Understand Everything Fundamentally
http://www.coolpage.com/commentary/economic/shelby/Understand%20Everything%20Fundamentally.html
Matt Taibbi The Great American Bubble Machine, Rolling Stones July 9, 2009
http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405
Ludwig von Mises. Human Action: A Treatise on Economics 1949
http://mises.org/Books/humanaction.pdf

In that case don't shit up this thread with your posts.  You cite yourself as a primary source -- only on bitcointalk, folks

Lol, if everyone kept their money in their wallets and did absolutely nothing with it (didn't spend it, didn't invest it, literally did nothing with it), then any money would be just fine.  Unfortunately, money gets used -- it gets invested, it gets spent in transactions with virtual strangers, it gets used.  And that's where the blockchain has nothing to offer, and Visa, with its chargeback and government enforcement agencies hunting down and pwning crooks, has plenty.  See?

No.  The biggest heist ever is when you give your money to your buddy Danny or Jon and he says okthxbi.

Ridiculous.  The young are more than compensated for inflation with rising wages.  Did you ever work?  Did you get raises?  Were you raises keeping up with inflation?  Or...

Only people who value their time and don't like repeating themselves.
Read the posts I linked or don't I really don't care.

If you read them and still think I am wrong say so and why and I will respond.
Otherwise quite frankly you are not worth wasting my time on.

Its no secret that banks create money from loans (out of thin air).  But they don't need FRB to do this, its just a balance sheet operation.  And the fact that they do this is NOT bad.  In most cases its done cause people need to borrow money.  The WORSE thing that can happen is if NOBODY is willing to borrow money and the economy comes screeching to a halt.

Read this article to understand how banks create money.  From the horses mouth.  http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf

Now the idea that FRB creates inequality that's hogwash.  Inequality is a side effect of free market Capitalism.  The more money you have the harder it is for others to compete w you, every child who has played Monopoly understands this.  That's why in places like USA there are anti-trust regulations.  

I laugh at all the bitcoiner BS here.  They are all as greedy as any other Captitalist except they pretend to rail against the "1%" so they can lure the lemmings into driving up price of BTC.  If you are really concerned about inequality then you should spend your time figuring how to redirect money flow from rich to poor.  Not spew BS about how some banker is stealing your money.

Bitcoin is not the answer to any economic problems in the world.  It might become a useful tool to transmit money -- and that's all it'll ever be

Created out of work?   WTF does that mean?  Then FRB loans are created out of work.  Or unicorn farts.  Or any statement that is so structurally crippled it's not even wrong.
Non sequitur.
It won't if it fails, it will if it succeeds.  Are you saying that the seeds of Bitcoin's destruction are an intrinsic part of Bitcoin?  That it is a planned failure, to be superseded by a better currency?
Does everyone here quote themselves?  No, you're wrong.  See my previous post

Reading the links would really help you mate.  But that's ok.  I'll do it in my own words:

The people that invested in the fraudulent stuff in bitcoin made one of two errors.  1. They trusted people they shouldn't have trusted, and gave money to those fraudsters.  2. And this is the biggest mistake.  They leave bitcoin on exchanges and other services that use off Blockchain transactions. 

They swapped real bitcoins for fake bitcoins.  Bad move.

Banks are worse than all the above because they just make more money out of nothing.  It steals money from you without even realising it. It's the biggest heist ever. 

Inflation steals from everyone.  But it's worse than that - rising property prices steal from the young and disadvantaged people.