Topic: Fractional Reserve Lending IS NOT bad - its unavoidable - page 3. (Read 12782 times)

LOL I'm relaxed ty.

Shame bear sterns didn't pay their "dues" or they'd still be around today too eh? It's clearly not capitalism...so it must be something else right?

Congress is charged with creating the nation's currency...yes? Who has the authority to charge them with that incredible power? Is it...We the People perhaps? If so, how can *I* grant Congress the power to divest the authority to coin the nation's currency into the hands of unknown opaque private banking institutions? Further, how can *I* grant Congress the power to grant bankers the power to whip up currency from thin air, if *I* don't have that power to grant?

Have you EVER seen a definition of the word "dollar"? Can you define the word? Can you tell me why it keeps changing over time?


Does that mean that you concur? ...or you simply don't care? If you don't care that's fine, but your unfunny memes are not a position and don't encourage me to take you seriously. It's a rather significant point, so if you'd prefer to be taken seriously then don't just ignore important topics, like this one and my comments about Bretton Woods.

I can appreciate that you're a thoroughly indoctrinated true believer...willing to fight for the dysfunctional status quo, but that doesn't make these salient points just disappear.

Where are you from, solarion?  If this is a language difficulty, here is the definition of the word:
:  made in imitation of something else with intent to deceive
:  forged

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If I do the same it is not called "loaning" it's called "fraud".

Because when you do it it *is* fraud (though not counterfeiting).  When I get such a loan from you, I get nothing.  When I get it through a bank, I can ...you know, spend it.

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Yeah, we get it.



Re. Goldman Sachs:  Money is already paid back.  Relax

Loaning "money" you do not have is counterfeiting. If I do the same it is not called "loaning" it's called "fraud".


The problem with this argument is that the fed is not part of government, it's privately owned and it is the fed that sets interest rates. If it were free market economics determining that 0% interest rates were appropriate and that saving should be a losing proposition that'd be one thing, but that's not the case.

Dear solarion,
I have taken the time too eek out the meaning from your incoherent (and frankly insulting) post, and addressed every point you have raised.
In return, you failed to coherently answer any of the concerns I have raised, choosing to lob at me a new salvo of asinine idiocy questions.
Way to manners
Re. your abortive attempt to define "fascist bailout":  I ask you again, what did you mean, and how does the word "fascism" (national socialism) modify "bailout"?  

Yeah, making a loan is now counterfeiting  .

I'd say those problems are mostly the result of government programs. Savers are being brutally punished by low interest rates, which are also causing the debt growth you are talking about. FRB has existed for thousands of years and been very prolific for the past few hundred and we've yet to see a massive collapse that can traced to FRB.

No...it is not.

Goldman sachs is a privately owned company...yes or no? Why are US taxpayers on the hook for their failed gambling ventures? Banksters needn't "run away" with your funds to rob you, they'll have their army of politicians relieve you of your savings in due course. Who do you think is putting these guys in office?

Do you prefer the term "crony capitalist"? How about "national socialist"?

Sure...off blockchain counterfeiting(FRB) is certainly possible.


Because there's no capitalism without capital and there's no capital without savings(capital formation). The current system will end whether you love it or hate it. It's doomed to failure because debt greater than previous debt is unsustainable. It will eventually collapse on itself. Savers are being brutally punished under the current system, and while FRB is only part of the problem, not the whole problem, it's the subject of this particular thread.

I just want to ask... those of you who are against FRB seem to see it as Bitcoin vs Fractional Reserve Banking, but you do realize that the two are not mutually exclusive, right?

You are making the argument on principle without providing *one good reason* to end a practice that many, including myself, would argue is beneficial. Other than "it's not fair," I've yet to see one reason that FRB should be banned, nor has anyone provided any evidence that doing so would not be immensely harmful.

You might not like the "big bad banks" but the reality is that all they are doing (in this case) is investing borrowed money. This works better for everyone since borrowing is cheaper, and savers earn interest instead of having to pay a fee. Yes, banks do make a profit, as they should, but the kind of money creation done by banks is different than just printing as much money as you want and spending it.

I agree that government need not be involved in money creation, but do you think that merely because Bitcoin is a non-fiat currency it is not affected? It is. Bitcoin is subject to FRB just as other currencies, and that is a good thing.

How do you propose we "just end this bit?" More importantly, why?

Since your posts are random assemblages of unsubstantiated generalities, slurs, and invective, I try to force you into some semblance of coherence by narrowing the topic down.  If there is a specific slur or invective you'd like me to address, I'd be happy to do so.


No.  Not "a few frauds."  I'm referring to the sum total of Bitcoin money services.  Each one ended in lolz, tears, and fail.  If that's what you are offering to replace the current financial institutions, no thanks.


Well yeah -- they trusted, they got pawnt, they cried, end of story.  All the money trusted vanished is somewhere on the blockchain (ther'ya go, Ozziecoin).  Not sure how to respond with specifics to "frauds committed by banksters and their government stooges."  My bankster never ran away with all of my monyz, my broker never texted me with "sry got hax0rd bro ur monyz gone."


I would seriously like you to explain WTF what specifically you meant by "fascist bailout."  Sounds interesting, but doesn't quite parse.

^
Is this specific and detailed enough for you?

Well, you could start by addressing the portion of that post that you keep *NOT* quoting.

Also, by all means drop the silly comparisons to a few frauds committed by scammers in bitcoin securities. There's no force of government behind those fraudulent enterprises. People voluntarily and unwisely trusted someone not trustworthy with their coins...end of story. It sucks, but it doesn't come close to comparing to the frauds committed by banksters and their government stooges.

If you seriously don't know what the word "Fascist" means then brush up on it and come back so we can discuss it intelligently.

How specific would you like me to get?

Why bother. Meme's, petty insults, and generalities is all lambchop has. He won't engage on specific issues because he doesn't know anything about the topic.

We can all do our part to keep the thread clear of trolls by not engaging them.

Is that a pic of you? Looks like you ate quite a few lamb chops. 

Rocket science is not rocket science.  Light fuse, climb in, go to da moon.

Give it a shot.



*On second thought, don't.  You'll hurt yourself and I'll have to start paying for entertainment. 

I've got to say this is one of the most tortured pieces of logic I've come across. Almost hurt my eyes reading it. 

1. Money creation is not rocket science.  Create it, people use it.

2. Govt's NEED NOT BE INVOLVED in money creation at all. There is this thing called the Blockchain.  I don't care which we use but hopefully we stick to a few key ones and hopefully it's got privacy built in.

3. The problem is that the banking sector is creating more money out of thin air, to the detriment of everybody except the 1%.  JUST END THIS BIT!!!

Man, this should not be this hard.

Are you a bwanker mate?

Ridiculous.  *World* history is one of bankruptcies, defaults etc., etc.  US banking system sux?  Compared to what?  This Libber paradise?  Where *every bank to date,* from Pirateat40 to TradeFortress to Ukyo to NeoBee Danny -- turns out to be a straight-up scam?

"Fascist bailouts"?  WTF does that even mean?  But hey, as bailouts go, this forum was all over Danny Brewster's D when he claimed to be bailing out Jon.  Now that he ran away, the sentiment has somewhat soured.


The vast majority could be wrong and you right, but more likely it's the other way around.  Climb off that soap box, bro, your particular brand of crazy stopped being amusing in the early naughts, don't milk it.

Willing to destroy the economy?  Haha easy to say if you have nothing to lose.

It doesn't work though. US economic history is one of bankruptcies, defaults, fascist bailouts, and outright theft. If the banking system works then what happened in 2008?

The US last openly looted the world in 1971 when Nixon unilaterally(and temporarily LOL) closed the gold window and ended Bretton Woods. The result has been a global race to the bottom for competing worthless debt based fiat currencies. Just because the vast majority of the peasants in the world don't understand the complex method that's being used to rob them, doesn't mean it's not happening or that they'll remain ignorant forever. We're stuck at insanely low interest rates long term for a reason. It helps to paper over the underlying dysfunction.