The production of money... is SCAM! - page 2.

inashed

jr. member

Activity: 89

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Quote from: zubrr51 on October 20, 2018, 12:13:18 PM

You can not print money endlessly. This approach is completely contrary to the laws of economics and will inevitably lead to a depreciation of the currency.

Most crypto where we will reach the last coin at a very distant future is basically this, Yet I see people complaining about 100% premined (like nxt, not like ripple) coins all the time.

thehun

legendary

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Quote from: D3m1r4wanti on June 17, 2019, 04:38:17 AM

Printing money is the right of the country concerned, however, printing money cannot be done carelessly, the government of a country will calculate the amount of money printed to circulate in its country as needed, because if not, inflation will occur (decrease in currency) because of the large amount of money circulating will increase the price of the price and decrease the value of the currency.

This is generally true. However, the USD is an exception to this rule as they have the capacity to export inflation since virtually all goods around the globe are traded in USD, and they have been very keen to make sure it continues this way. The downfall of Gadafi in Lybia had a lot to do with this.

https://www.thenewamerican.com/economy/markets/item/4630-gadhafi-s-gold-money-plan-would-have-devastated-dollar

Naida_BR

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Quote from: D3m1r4wanti on June 17, 2019, 04:38:17 AM

Printing money is the right of the country concerned, however, printing money cannot be done carelessly, the government of a country will calculate the amount of money printed to circulate in its country as needed, because if not, inflation will occur (decrease in currency) because of the large amount of money circulating will increase the price of the price and decrease the value of the currency.

At the beginning of your statement it seems like you support the act of printing money.
As you said, printing money is very dangerous for inflation and it is the way why taxes go up along with the prices making people poorer.

jademaxsuy

full member

Activity: 924

Merit: 221

Quote from: D3m1r4wanti on June 17, 2019, 04:38:17 AM

Printing money is the right of the country concerned, however, printing money cannot be done carelessly, the government of a country will calculate the amount of money printed to circulate in its country as needed, because if not, inflation will occur (decrease in currency) because of the large amount of money circulating will increase the price of the price and decrease the value of the currency.

of course, printing money is based on the growth of the economy. Usually, there will be an inflation that will going to happen every after additional printing of notes. This will relatively degrades the value of the money after adding its numbers. But, I do not think that this is considered as scam. It seems that fiat currency has been useful in every economy even from the past years of the economy of the country until up to now the present.

D3m1r4wanti

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Printing money is the right of the country concerned, however, printing money cannot be done carelessly, the government of a country will calculate the amount of money printed to circulate in its country as needed, because if not, inflation will occur (decrease in currency) because of the large amount of money circulating will increase the price of the price and decrease the value of the currency.

fullhdpixel

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Activity: 2828

Merit: 611

Quote from: snatoshi on October 18, 2018, 01:44:13 PM

Just after the financial crisis in 2009, the journalist Scott Pelley asked Ben Bernanke on the 60 minutes CBS TV show where did they get the money for the AIG bailout in march 14, 2009? was these money of the taxpayer people?

He just said:"No. It isn't money from the taxpayers. The banks has it's own accounts with the Federal Reserve as well as you can have one with one commercial bank."

He continued: "In such way, to loan to a bank, one just simply uses the computer to mark up the size of the account they had with the Federal Reserve"

So he just literally admits they create the 85,000,000,000 usd out of nowhere to rescue the private company. This isn't the way capitalism should work and it's more like socialism where everybody takes the loses Angry

This shows how dumb some of you here can be. I'm tired of people who are thinking that the fiat system is their problem in life and thinking that the way money is printed by banks is by just pulling out a computer and fill up digits and that's, money is out!! If that's what you think then you're dumb. Central banks don't print money anyhow like that, if money is printed, there are reasons as to why they did and it can even be to renew the old ones in circulation in which they will have to burn the old ones as well. Our problem in this world is our leaders, the heart of men is wicked and like the saying goes-- power corrupts.

Suslura

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Activity: 599

Merit: 10

The only problem that today does not allow full use of cryptocurrency is the place of banks, state legalization of cryptocurrency in the world. If a user starts using cryptocurrency and transferring significant amounts, he will always have questions about the sources of taxation income.

whyrqa-1

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Activity: 350

Merit: 10

Quote from: XFlowZion on June 14, 2019, 08:07:37 AM

Quote from: snatoshi on October 18, 2018, 01:44:13 PM

Just after the financial crisis in 2009, the journalist Scott Pelley asked Ben Bernanke on the 60 minutes CBS TV show where did they get the money for the AIG bailout in march 14, 2009? was these money of the taxpayer people?

He just said:"No. It isn't money from the taxpayers. The banks has it's own accounts with the Federal Reserve as well as you can have one with one commercial bank."

He continued: "In such way, to loan to a bank, one just simply uses the computer to mark up the size of the account they had with the Federal Reserve"

So he just literally admits they create the 85,000,000,000 usd out of nowhere to rescue the private company. This isn't the way capitalism should work and it's more like socialism where everybody takes the loses Angry

Apparently, that is the real MAGIC my friend. That is how the rich and powerful people make us all, that are below the system look stupid for all our lives. Whenever they need a lot of money, they just create it while us in the poor sector is going to sacrifice for what they did by means of inflation. Bank is the real enemy and I can't wait for bitcoin to make their operation shutdown entirely.

Today, in many situations, the banking system can help humanity, but not only the banking system, but also citizens, as well as businesses that use their services, are more abused. I have repeatedly stated that if we do not go to the bank, no one can make us do it. Based on this, it can be assumed that in most cases we ourselves are the sources of our own problems.

XFlowZion

full member

Activity: 392

Merit: 100

Quote from: snatoshi on October 18, 2018, 01:44:13 PM

Just after the financial crisis in 2009, the journalist Scott Pelley asked Ben Bernanke on the 60 minutes CBS TV show where did they get the money for the AIG bailout in march 14, 2009? was these money of the taxpayer people?

He just said:"No. It isn't money from the taxpayers. The banks has it's own accounts with the Federal Reserve as well as you can have one with one commercial bank."

He continued: "In such way, to loan to a bank, one just simply uses the computer to mark up the size of the account they had with the Federal Reserve"

So he just literally admits they create the 85,000,000,000 usd out of nowhere to rescue the private company. This isn't the way capitalism should work and it's more like socialism where everybody takes the loses Angry

Apparently, that is the real MAGIC my friend. That is how the rich and powerful people make us all, that are below the system look stupid for all our lives. Whenever they need a lot of money, they just create it while us in the poor sector is going to sacrifice for what they did by means of inflation. Bank is the real enemy and I can't wait for bitcoin to make their operation shutdown entirely.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: slaman29 on June 14, 2019, 04:41:20 AM

Buffett likes to say Bitcoin is created out of thin air so it's a scam, he's using the same exact logic as saying money production is a complete scam too!

It's super flawed. Bitcoin can't be created out of thin air, not even back in the early CPU mining days. It has always required some form of computational effort to mine Bitcoin, and that has only increased today.

Fiat, as long as it doesn't come in paper or coin form, is what can be seen as a true scam by that logic. It literally only takes a few presses on your numeric keypad and a few mouse clicks to digitally print any amount you want.

I'm sure he's well aware of that, he's just playing dumb. His main problem with Bitcoin and even with gold is that these assets don't have a profit and revenue stream, but also don't allow him to earn anything in form of dividends.

tonyja2017

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Activity: 532

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First I want to say, printing money is not a scam. But anyway, the US government really did their job well. they helped the US economy to return to normal. that's what people expect so much. We should not have positive thoughts about government, trust them and let them solve things in the best way.

slaman29

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Quote from: Leyss on June 13, 2019, 02:33:12 PM

This is not to say that printing paper money is a scam. This process should be clearly controlled and interrelated with the development of the economy of each state. The dollar stands apart here, since it has not been secured since the seventies of the last century. In general, other states are watching the amount of new paper money being issued, because their greater number leads to an increase in inflation in the country.

Yeah, to be honest I'm sick of hearing all the time people just bashing the banks and bashing paper money and yet at the end of the day they're trading in their crypto for fiat and then keeping all their wealth in dollars and fiat anyway.

The system was made there for the economy and yes it has its flaws, and hopefully one day Bitcoin improves that slowly and gives people an alternative way to have and to use money.

Buffett likes to say Bitcoin is created out of thin air so it's a scam, he's using the same exact logic as saying money production is a complete scam too!

iv4n

legendary

Activity: 3346

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The entire system is one big scam! All of them! One big group of scammers, they work together to keep the people enslaved. Governments, banks, religions! They help each other and that`s why in this system rich people are getting richer, poor people stay poor!
Half of the world's wealth now is in hands of 1% of the people! Is this possible? And what they do with all that money? They create imaginary wars, where innocent people die. They control people with money, television, the internet.
It`s time for a new system! Short bankers, long bitcoin!

Mahanton

hero member

Activity: 2730

Merit: 632

Printing money isn't really literally a scam but if it do come already into a point where printing goes excessive and uncontrollable then
we do able to preview into our minds on what would happen and for sure we would really picture out Venezuela on that matter.

Leyss

member

Activity: 574

Merit: 12

This is not to say that printing paper money is a scam. This process should be clearly controlled and interrelated with the development of the economy of each state. The dollar stands apart here, since it has not been secured since the seventies of the last century. In general, other states are watching the amount of new paper money being issued, because their greater number leads to an increase in inflation in the country.

davinchi

legendary

Activity: 2100

Merit: 1058

The reality is that banks ask for interest yet there is not enough interest go around the people they give loans to and that results with more money getting printed.

Think about it if a bank loans 100 bucks to two people and asks 110 back from both of them there is 200 given out but 220 asked for which means that 20 bucks were never really given out but still asked for which makes sure that one of them will stay in debt if the other one pays. That type of system is the reason why printing of money is required and mandatory otherwise all of the world will be in debt (it already is) and there would be no way for anyone to pay their money back.

Governments print out money so that everyone could pay their debt and can live otherwise we would go into debt as whole nations and become Venezuela or Greece.

Kimonoe

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Quote from: pinkpanther03 on June 04, 2019, 12:19:10 AM

The production of money is not a scam. It's part of the system that were put in place years ago. For sure there were good reasons why this cash system had been setup. We all benefit with the cash system. But, other people take advantage of the situation including manipulation, graft, and corruption. These are just some of the reasons why cash system brings problems with other people. Same thing here with cryptocurrency. The concept of blockchain and decentralization is great, but other people take advatage and ruining these concepts.

of course the production of money by adhering to the economic regulations needed. as long as it is still in the applicable regulations, of course the production of money is still under control and does not reduce its value

mersal

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Keep printing Fiat money more and more every year is does the scam and it needs to be controlled if we want to have the real value for the fiat money.

pinkpanther03

hero member

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The production of money is not a scam. It's part of the system that were put in place years ago. For sure there were good reasons why this cash system had been setup. We all benefit with the cash system. But, other people take advantage of the situation including manipulation, graft, and corruption. These are just some of the reasons why cash system brings problems with other people. Same thing here with cryptocurrency. The concept of blockchain and decentralization is great, but other people take advatage and ruining these concepts.

Ibizugbe1

member

Activity: 272

Merit: 10

The federal reserve bank and the central banks are nothing but fraud. They are responsible for the economic instability all over the world. The bank borrows out money they don't have, they just print legalized counterfeit. I once worked in the bank as a contract staff, part of my job was take keep customers documents. The bank use loans to financially bankrupt citizens and at the end they will look wretched. I resigned out of anger.

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