Topic: How the rich got rich and stayed rich without lifting a finger. - page 2. (Read 3903 times)

Ha!  You think it's easy to be any of these things?  Keep dreaming.  I own 3 apt buildings and it's a lot of work.  I have to maintain my property, chase down late rent, taxes, stressing about about my mortgages and falling real estate prices.  I deal w all kinds of unexpected sh*t.

If you think its so easy nobody is stopping you from going out and doing the same

Satoshi created BTC out of thin air and convince you all its worth $400.  I don't see anyone here bitching about that.  One thing you don't understand about banking is that loans are risk.  The bank is making money off the interest but they take the risk of credit.  If I default my loan the banks would be stuck w my 3 buildings that I haven't yet paid off the mortgage.  Thats a lot of risk

This happens all the time.  We agree it is totally unfair.  However, fractional reserve banking is worse than that. 

It steals by inflation and fast rising property prices.  Property price growth in Australia has totally outstripped inflation and wage growth over the last two decades in Australia.

It is untenable.

I can name at least three groups that get rich without lifting a finger:

1. The aristocracy/landlords

2. The resource owners - oil, water, various monopolies and oligopolies (who are also often owned by the aristocracy)

3. Bankers who basically shuffle paper to create loans and money out of thin air

Seriously, it does not take a genius to calculate credit scores and lend out money.  All that infrastructure was built decades ago.

We are ok with; one to one lending.  We are NOT ok with:

1. Banks or exchanges like MT Gox that create off Blockchain coins.  This is just FRB in crypto form.

2. Shadow banking type arrangements in its various forms.

If everything stays on the Blockchain, FRB will effectively be eliminated.

These are valid concerns.  We acknowledge them.  We are not your run of the mill altcoin creators.  We understand how important this is to the Australian economy.  

Our primary objective is fair distribution.  We will announce a fair transparent checking mechanism on the distribution process after ozziecoin is listed on a crypto exchange.

Ozziecoin was created to touch the 99.98% of Australians who do not own any bitcoins.  This is an initiative to get the Blockchain to the community in a people friendly manner via emailing ozziecoins. It's the first step - we are the training wheels.

We suggest people mine and email these coins to everyone.

Mate: TBTF - it's still there.  http://www.zerohedge.com/news/2014-05-09/tim-geithner-admits-too-big-fail-hasnt-gone-anywhere-and-thats-way-he-likes-it

Fractional Reserve Banking naturally exists, and unless it is outright banned (which would be a violation of freedom) it always will exist. Ironically, most debt is based off of banking, and without debt, you have huge currency volatility. Debt ensures future demand which actually stabilizes a currency.

The problem is with US FRACTIONAL RESERVE BANKING which is where money created with through the fractional reserve process is identical to "normal" money, due to a combination of the FDIC and the FED, especially when the FED gets its instructions from the government and from a coallition of big banks, guaranteeing it will lend to both almost infinitely.

The bank itself may become insolvent, but the rich people running it maintain their wealth. Ozziecoin's article is fine IMO. My only problem is with pre-mining and the very real possibility of taking the "coins for aussies" and selling for personal gain.

Nobody gets rich without lifting a finger except lottery winners.

Banks take on a lot of risk to give loans.  If the lender doesn't pay the banks can go insolvent

The reason why this happens is because the rich stay within a network to help each other out, like my freinds boss was a dentist owner and his freind sold dental supplies so they worked hand to hand to keep getting rich while the other comeptitors cant compete cause everyone helps each other within there network.  I hope that makes sense.

You're right: The devs will have a grand total of 0.03% of coin supply that was pre-allocated for the dev team.  Compared to other similar altcoins, we are okay with that.  We put in the time, work and the money to get the Blockchain out to the Australian community.  That is our primary objective and we're going to be transparent on that entire process.

Aussies, we encourage you to mine some ozziecoins and simply email this coin to your non-crypto aware mates, so they learn something about the blockchain and how coins work.  

International people can mine this coin also and register (https://ozziecoin.com/faucet/register.php) to send ozziecoins to their mates in Australia and around the world also.

It's a friendly, free way for ordinary aussies to learn about cryptos.  We are absolutely the training wheels for people wanting to learn about cryptos and do not want to shell out $500 for a bitcoin.

URL for emailing out ozziecoins: https://ozziecoin.com/faucet/default.php (visit with web or mobile device)

Article about ozziecoins in bitscan: http://bitscan.com/articles/exclusive-the-new-digital-coin-sent-via-email

From your website "Ozziecoin intends to list on a cryptoexchange within 3 to 6 months, which will give ozziecoins a fair market value." http://ozziecoin.com/ homepage. You and I both know you will have quite a few pre-mined ozziecoins to cash in for bitcoins when that day comes

Imagine borrowing more money from the person that you already owe, just to put a little dent in the interest that will inevitably compound. That's the surest way to go bankrupt, but our government can somehow sustain & never go under???  The US government spends 3 to 4 times more than they earn annually. Wish I could get away with that!

I will link to the supporting articles I have posted here.  The banks are creating money out of thin air.  I'm not making that up.  The system IS completely crazy and unfair. You should be pissed about that.  

Most people are not upset about it because they don't know their money has been diluted by inflation and fast rising property prices.  

We should all do our bit to ensure that everyone understands that Fractional Reserve Banking (including shadow banking) must be terminated.  

https://www.youtube.com/watch?v=iFDe5kUUyT0
best explains the scam of a system we have today

No mate, you're incorrect on this.  The choir now includes the heads of many central banks:

https://en.wikipedia.org/wiki/Fractional_reserve_banking

Sir Mervyn King, former Governor of the Bank of England said "Textbooks assume that money is exogenous"... "In the United Kingdom, money is endogenous"[27]

Glenn Stevens, governor of the Reserve Bank of Australia, said of the "money multiplier", "most practitioners find it to be a pretty unsatisfactory description of how the monetary and credit system actually works."[28]

Lord Adair Turner, formally the UK's chief financial regulator, said "Banks do not, as too many textbooks still suggest, take deposits of existing money from savers and lend it out to borrowers: they create credit and money ex nihilo – extending a loan to the borrower and simultaneously crediting the borrower’s money account".[29]

McLeay et al. said in the Bank of England Quarterly Bulletin: "This description of the relationship between monetary policy and money differs from the description in many introductory textbooks, where central banks determine the quantity of broad money via a ‘money multiplier’ by actively varying the quantity of reserves."[30]

Former Deputy Governor of the Bank of Canada William White said "Some decades ago, the academic literature would have emphasised the importance of the reserves supplied by the central bank to the banking system, and the implications (via the money multiplier) for the growth of money and credit. Today, it is more broadly understood that no industrial country conducts policy in this way under normal circumstances." [31]


The system has broken down on two levels:

1. The reserve requirement of 10% means that banks can lend out 90% of existing money, which doesn't belong to them.  As multiple rounds of such lending happens within a 12 month period, money is effectively multiplied in the economy.

2. The existence of securitisation and shadow banking has effectively reduced reserve requirements to much less than 10%.  It is probably less than 2.5% once shadow banking is taken into account.

The system is now effectively creating money completely out of thin air.  https://ozziecoin.com/wp-content/uploads/2014/04/The-Bank-of-England-explains-how-commercial-banks-create-mon.mp4

I am a big believer of meritocracy not aristocracy.  We need to get the Blockchain to the community asap.  And we also need to start explaining, in simple terms, why in rich countries like Australia there are so many poor people. 

The wealth gap is unsustainable but there is a real solution: insist on being paid with sound money. 

End fractional reserve banking.

Martin Wolf:

"Printing counterfeit banknotes is illegal, but creating private money is not. The interdependence between the state and the businesses that can do this is the source of much of the instability of our economies. It could – and should – be terminated."

http://www.ft.com/intl/cms/s/0/7f000b18-ca44-11e3-bb92-00144feabdc0.html#axzz31KH3P0mX

the rich get richer and the poor get poorer,this is what happening everyday.

this world is a rich men's world,not our poor guys.