Protest 15th Dec 2010

Is mise le key

Howdy all,

Not sure where to post this so if this is not the right place by all means move it to the relevant forum,

For anyone who disagress with the IMF sell out to be voted on this Wednesday i urge you to read the attached doc.
No scaremongering involved just the reality of the alternative & why a default is not the end of the world as we knoow it & you be led to beleive.
The key is,

Fractional reserve lending

This shows how & why we can default on the majority of the 'debt' of the Irish Private banks.

Saila

your not understanding fractional reserve lending

orourkeda

Does the IMF bailout help avoid bankruptcy or simple help us on our way.

Is mise le key

Saila wrote: »

your not understanding fractional reserve lending

IOU

thebigbiffo

i dont like the look of all those abbreviations at the bottom of the notice...once more, the unions who try screw me also try and get my support.

edit: i'm no economist or banker - but how exactly is fractional reserve banking supposed to replace IMF funding. sounds to me like it's got f'uck all to do with bankrupt banks

Saila

Is mise le key wrote: »

IOU

you owe me what now?

Wazdakka

To hell with all this protesting, it's going to do bugger all anyway.

You guys can keep your crappy country... I'm getting the hell outta here as soon as I can.

ABANDON SHIP!!

Is mise le key

thebigbiffo wrote: »

i dont like the look of all those abbreviations at the bottom of the notice...once more, the unions who try screw me also try and get my support.

Ah yes you obviously think that the entirety of the union's are as rotten as the leadership, you wont change annything by cribbing that you dont like the bosses.

chin_grin

Is mise le key wrote: »

Ah yes you obviously think that the entirety of the union's are as rotten as the leadership, you wont change annything by cribbing that you dont like the bosses.

Power. It..........changes a man. Mostly for the worst. <far away stare>

thebigbiffo

Is mise le key wrote: »

Ah yes you obviously think that the entirety of the union's are as rotten as the leadership, you wont change annything by cribbing that you dont like the bosses.

i'm not in a union - they dont represent me and in fact their whole mission is to try screw me more so to hell with them.

there's not much to change anyway - the country's skint. time to just get on with it imo. anyway, the public service wage bill should have been slashed along with social welfare - i'm fairly confident my opinions on this would get me a kicking at your protest.

Saila

thebigbiffo wrote: »

- but how exactly is fractional reserve banking supposed to replace IMF funding. sounds to me like it's got f'uck all to do with bankrupt banks

fractional reserve lending is a part of the reason we are in the mess, sounds like this guy is adding 2+2 and getting 15.

Blitzkrieger

Protest on Wednesday? Sorry, I can't afford the time off work....

Is mise le key

Saila wrote: »

fractional reserve lending is a part of the reason we are in the mess, sounds like this guy is adding 2+2 and getting 15.

No im not, re read the most relevant part of my original post,

Is mise le key wrote: »

This shows how & why we can default on the majority of the 'debt' of the Irish Private banks.

Now that is the fact which would then leave us with far less to deal with by way of potentially looking for loans. If we took the majority of the banks debt off the books we would be in a far better postion to try & fund our ailing country & nnot allow external crooks in to run the show for their own private interests.

When did Private companies losses become national debt anyway??

And even attempt to say 'Systemic'.

Oh yes to add to all this,

1. I am not a member of any union
2. I am lucky enough to still be working

IM0

Is mise le key wrote: »

No im not, re read the most relevant part of my original post,

When did Private companies losses become national debt anyway??

your missing some or most of whats needed in order to understand the bigger picture here bottom line is
when the government guaranteed them, thats why we are in the mess, they guaranteed an open cheque effectively
they wont be private companies for much longer

OutlawPete

What the did Status Quo ever do to anyone?? :mad:

Is mise le key

me@ucd wrote: »

your missing some or most of whats needed in order to understand the bigger picture here bottom line is
when the government guaranteed them, thats why we are in the mess, they guaranteed an open cheque effectively
they wont be private companies for much longer

Yes but even when they unfortunatley become nationalised, it is then that we need political leaders with the balls to tell the 'bondholders' that they cannot have 100% of what is owed on paper.

Just so we know who the 'bondholders' are we speak of here.

Dravokivich

fractional reserve lending...

wohooo we all saw that rte clip on youtube. please give us something else to be disgruntled about.

Is mise le key

OutlawPete wrote: »

What the did Status Quo ever do to anyone?? :mad:

Inflict repetitive strain disorder on guitar players worldwide!!!

Damn you three chord trick rockers.:D

Is mise le key

Dravokivich wrote: »

fractional reserve lending...

wohooo we all saw that rte clip on youtube. please give us something else to be disgruntled about.

Drink prices going up before christmas.

Dravokivich

Is mise le key wrote: »

Drink prices going up before christmas.

drink prices vary from pub to pub as is. with drink also being a luxury.

why would.i be disgruntled over that?

IM0

OP what is you're point? you posted about fractional reserve lending, then gave a pdf which was just a poster for your protest with fractional reserve lending linking to google

IM0

Is mise le key wrote: »

Inflict repetitive strain disorder on guitar players worldwide!!!

Damn you three chord trick rockers.:D

yeah nevermind burning the bond holders, Id settle for burning the Quo

Guill

How can the country afford to have people take time off work on a wednesday to walk around Dublin? Jeasus Christ.
Why not saturday?
Oh yea, they tried that, but when the Unions bussed everyone up from the country they all went shopping instead! Ha, love it.

Is mise le key

me@ucd wrote: »

OP what is you're point? you posted about fractional reserve lending, then gave a pdf which was just a poster for your protest with fractional reserve lending linking to google

Your in UCD & you need me to explain the link between,

Fractional reserve lending
The debts of the Irish banks
The imminent loan from the IMF
The irish people paying for it all

Words fail me if you are genuinley looking for me to explain how these are all intertwined & why it is staring us in the face that the burden does not have to be anywhere near as severe on us than is about to be imposed.

Recession only hurts the poor, not the rich.

Guill

me@ucd wrote: »

yeah nevermind burning the bond holders, Id settle for burning the Quo

Lets March against Status Quo!

http://rlv.zcache.com/the_status_quo_sucks_bumper_sticker-p128021154289244775tmn6_210.jpg

Is mise le key

Guill wrote: »

How can the country afford to have people take time off work on a wednesday to walk around Dublin? Jeasus Christ.
Why not saturday?
Oh yea, they tried that, but when the Unions bussed everyone up from the country they all went shopping instead! Ha, love it.

I work, always have & will be working this wednesday........its at 6pm.

Oh yes & im not a union member to point out again.

Guill

Is mise le key wrote: »

I work, always have & will be working this wednesday........its at 6pm.

Oh yes & im not a union member to point out again.

Thats way too close to my bedtime.

Pompey Magnus

Serious question: After Iceland went tits up and defaulted on its debt where did they get the money to run the country day to day? Is the fact that we are in the Eurozone causing us to have very limited options on what we can do?

IM0

Is mise le key wrote: »

Your in UCD & you need me to explain the link between,

Fractional reserve lending
The debts of the Irish banks
The imminent loan from the IMF
The irish people paying for it all

Words fail me if you are genuinley looking for me to explain how these are all intertwined & why it is staring us in the face that the burden does not have to be anywhere near as severe on us than is about to be imposed.

Recession only hurts the poor, not the rich.

I know how the system works okay, Im not the one suggesting people go on strike on the 15th Dec, Im trying to see if you know what your talking about or actually like I have said above, are adding 2+2 and getting 15.

so do expalin your points

thebigbiffo

Is mise le key wrote: »

Your in UCD & you need me to explain the link between,

Fractional reserve lending
The debts of the Irish banks
The imminent loan from the IMF
The irish people paying for it all

Words fail me if you are genuinley looking for me to explain how these are all intertwined & why it is staring us in the face that the burden does not have to be anywhere near as severe on us than is about to be imposed.

Recession only hurts the poor, not the rich.

i'm not in UCD, please explain it to me?

Pompey Magnus wrote: »

Serious question: After Iceland went tits up and defaulted on its debt where did they get the money to run the country day to day? Is the fact that we are in the Eurozone causing us to have very limited options on what we can do?

first question: markets - same as anywhere else. but they had their own currency which they could de-value.

second: yes

Guill

STRIKE!!!!!!


<Downs tools and walks off site>

IM0

Guill wrote: »

STRIKE!!!!!!


<Downs tools and walks off site>

its a compelling arguement isnt it! oh no wait there is none yet :rolleyes:

upandcumming

If what I can gather from the OP's posts, he wants us to default on our obligations, so we can 'start again'. If that happens, where will the money come from when this mess is finally over?

ScumLord

I like the way your protest poster has a hyperlink in it. This may serve as a distraction to the violent socialist student unions as they may spend ages waiting for the link to load on the web page stuck to the telephone pole. They will want to be fully informed when they go to the protest march.

IM0

so far its "look Im using these 3 big new words, so I know what Im talking about..honestly I do, I dont need to explain it, just do it"

starbelgrade

OutlawPete wrote: »

What the did Status Quo ever do to anyone?? :mad:

This...

http://www.bbc.co.uk/norfolk/content/images/2007/09/03/status_quo_250_01_250x300.jpg

thebigbiffo

me@ucd wrote: »

so far its "look Im using these 3 big new words, so I know what Im talking about..honestly I do, I dont need to explain it, just do it"

that pretty much sums it up i think

Is mise le key

You really think they are big words, well the hope for the future looks dim if your an example of college education, here it is explained in its simplest (and i stress simplest) form,

[SIZE=-1]How It Works[/SIZE]

Fractional reserve Lending wrote:

[SIZE=-1]John Doe decides that he is going to deposit in the bank the sum of $100 dollars. The bank gladly takes the $100 dollars from Mr. Doe, and in return gives him a receipt (passbook) that states that the bank owes him $100 dollars.[/SIZE]
[SIZE=-1]If you read the fine print on any deposit agreement you sign with the bank, you will notice that you have actually loaned your money to the bank. In return you get an i.o.u. from the bank (deposit receipt or passbook), which stipulates the principal owed to you, and an amount of interest to be paid to you for the loan of money you just made to the bank. For simplicity, let us say you are paid 1% interest.[/SIZE]
[SIZE=-1]The bank has a 10% reserve requirement that means that on the $100 dollars you just loaned to them, they only have to keep on reserve 10% x $100 = $10 dollars. That leaves them $90 dollars to loan out to someone else.[/SIZE]
[SIZE=-1]When they loan out the $90 they have to keep on reserve 10% x 90 = $9 on reserve. They then can loan out $82.[/SIZE]
[SIZE=-1]Now stop and think about it. You "loaned" the bank $100. In two loan transactions subsequent to your "deposit" the bank has already loaned out $90 + $82 = $172 dollars.[/SIZE]
[SIZE=-1]By the use of fractional reserve lending, the bank has already loaned out $172 dollars using your $100.00 dollars.[/SIZE]
[SIZE=-1]So where do they get the extra $72 dollars to loan out. They do not get it from anywhere's - they just create it out of thin air as entries on a ledger. The money does not actually exist.[/SIZE]
[SIZE=-1]Granny Smith comes into the bank and wants to take out a loan for $90 dollars. No problem says the bank; John Doe just deposited $100 so we have plenty of money to lend you. Granny gets a loan for $90, and a loan agreement that says she owes the bank $90 dollars plus interest of 3% percent.[/SIZE]
[SIZE=-1]What this means is that the bank owes John Doe the $100 dollars he deposited with them, yet they only have $10 dollars on reserve, as they have lent the other $90 dollars to Granny Smith. How can the bank possibly meet its obligations?[/SIZE]
[SIZE=-1]Solvent Versus Liquid[/SIZE]
[SIZE=-1]As long as no more than 10% percent of all total depositors demand their money at any one time the bank remains solvent, as in aggregate they have that amount held in reserve. This is the dark side of fractional reserve lending: the seamy side - the moral hazard that borders on fraud.[/SIZE]
[SIZE=-1]If a number of depositors greater than the 10% held in reserve demand their money at the same time, the bank will be in a bit of a bind, as they do not have that amount of money on deposit. They will have to call the Fed as the lender of last resort.[/SIZE]
[SIZE=-1]The Fed will have no problem in supplying the money - as long as no more than 10% of the total of ALL DEPOSITORS in the banking system don't want their money at the same time, because if they do - it ain't there. This is a banker's worst nightmare - it's called a run on the banks.[/SIZE]
[SIZE=-1]To the bankers, a run on the bank is sacrilegious and immoral, showing no faith in the system. What system? - The system of fractional reserves. The system of make believe.[/SIZE]
[SIZE=-1]To the depositors, a run on the banks is the simple and honest act of withdrawing their deposits on demand, as they are supposed to be able to do.[/SIZE]
[SIZE=-1]The bankers consider it immoral because fractional reserves themselves are immoral, they are the epitome of moral hazard - they allow contractual obligations to be placed in harms way, in default's way.[/SIZE]
[SIZE=-1]All it takes to start the refusal to meet contracted obligations is more than 10% of depositors wanting their deposits at the same time. Then the system of fractional reserves will be seen for what it is - a straw man - an illusion - what some would call a fraud.[/SIZE]
[SIZE=-1]The banking system appears to be solvent - but it is not liquid - it cannot be - it is impossible because of fractional reserve policy. Banking is the only type of business that is allowed to function this way. If any other business used a similar modus operandi, it would be subject to censor, arrest, court, and possibly imprisonment.

[/SIZE]

Now lets have a lokk at how money is created,

[SIZE=-1]Step One[/SIZE]

Money creation wrote:

[SIZE=-1]It all begins at the Treasury Department. The Treasury prints up a piece of paper called a bond, which presently is done electronically. Treasury bonds are debt obligations or liabilities of the government to repay a loan - with interest.[/SIZE]
[SIZE=-1]The Treasury deposits bonds with the Federal Reserve. When the Fed accepts the bond from the Treasury, it lists the bond on its books as an asset. The Fed assumes the government will make good on its promise to pay back the loan. This is based on the belief that the government's power to tax the people is sufficient collateral.[/SIZE]
[SIZE=-1]Because the Fed now has an asset that it did not have before receiving the Treasury bond, the Fed can now create a liability that is offset by its new asset.[/SIZE]
[SIZE=-1]The liability that the Fed creates is a Federal Reserve check. It gives the Treasury the check in payment for the Treasury bond.[/SIZE]

[SIZE=-1]THERE IS NO EXISTING MONEY IN THE FED'S ACCOUNT TO COVER THIS CHECK.[/SIZE]
[SIZE=-1]The Federal Reserve check is endorsed by the Treasury and is deposited in one of the government's accounts at the Federal Reserve. The government can use the deposits to write checks against, to pay for government expenses.[/SIZE]
[SIZE=-1]This is the first new money flow to enter the system. Various government contractors, vendors, etc. receive these checks as payment for services rendered, and they take the checks and deposit them in their commercial bank accounts.[/SIZE]

[SIZE=-1]The Second Step[/SIZE]

[SIZE=-1]This is when the wizards of finance really earn their keep. The deposits in the commercial banks take on a sort of split personality or dementia, brought on by a preponderance of delusional thinking that wizards are prone to have.[/SIZE]
[SIZE=-1]On the one hand, the deposits are the bank's liabilities, as they owe the total sums to their depositors. The commercial banks, however, list the deposits as RESERVES. Because of FRACTIONAL RESERVE lending, the bankers get to lend out that which they do have.[/SIZE]

[SIZE=-1]In addition, they get to charge interest on it.[/SIZE]
[SIZE=-1]As the newly issued money is put to work by borrowers, they then spend it and the receiver then deposits it in their bank account, and the bank starts the reserve lending policy all over again. This is why the[/SIZE]

[SIZE=-1]Money supply must expand by the amount of interest owed on the debt.[/SIZE]
[SIZE=-1]If it didn't, the debt would not be able to be serviced. There is no money created without creating debt, they are one and the same. Creating money by fiat does not create wealth - only debt.

[/SIZE]

ScumLord

Is mise le key wrote: »

You really think they are big words, well the hope for the future looks dim if your an example of college education, here it is explained in its simplest (and i stress simplest) form,

[SIZE=-1]How It Works[/SIZE]

[/SIZE][/FONT]

Now lets have a lokk at how money is created,

[SIZE=-1]Step One[/SIZE]

[SIZE=-1]It all begins at the Treasury Department. The Treasury prints up a piece of paper called a bond, which presently is done electronically. Treasury bonds are debt obligations or liabilities of the government to repay a loan - with interest.[/SIZE]
[SIZE=-1]The Treasury deposits bonds with the Federal Reserve. When the Fed accepts the bond from the Treasury, it lists the bond on its books as an asset. The Fed assumes the government will make good on its promise to pay back the loan. This is based on the belief that the government's power to tax the people is sufficient collateral.[/SIZE]
[SIZE=-1]Because the Fed now has an asset that it did not have before receiving the Treasury bond, the Fed can now create a liability that is offset by its new asset.[/SIZE]
[SIZE=-1]The liability that the Fed creates is a Federal Reserve check. It gives the Treasury the check in payment for the Treasury bond.[/SIZE]

[SIZE=-1]THERE IS NO EXISTING MONEY IN THE FED'S ACCOUNT TO COVER THIS CHECK.[/SIZE]
[SIZE=-1]The Federal Reserve check is endorsed by the Treasury and is deposited in one of the government's accounts at the Federal Reserve. The government can use the deposits to write checks against, to pay for government expenses.[/SIZE]
[SIZE=-1]This is the first new money flow to enter the system. Various government contractors, vendors, etc. receive these checks as payment for services rendered, and they take the checks and deposit them in their commercial bank accounts.[/SIZE]

[SIZE=-1]The Second Step[/SIZE]

[SIZE=-1]This is when the wizards of finance really earn their keep. The deposits in the commercial banks take on a sort of split personality or dementia, brought on by a preponderance of delusional thinking that wizards are prone to have.[/SIZE]
[SIZE=-1]On the one hand, the deposits are the bank's liabilities, as they owe the total sums to their depositors. The commercial banks, however, list the deposits as RESERVES. Because of FRACTIONAL RESERVE lending, the bankers get to lend out that which they do have.[/SIZE]

[SIZE=-1]In addition, they get to charge interest on it.[/SIZE]
[SIZE=-1]As the newly issued money is put to work by borrowers, they then spend it and the receiver then deposits it in their bank account, and the bank starts the reserve lending policy all over again. This is why the[/SIZE]

[SIZE=-1]Money supply must expand by the amount of interest owed on the debt.[/SIZE]
[SIZE=-1]If it didn't, the debt would not be able to be serviced. There is no money created without creating debt, they are one and the same. Creating money by fiat does not create wealth - only debt.

[/SIZE]

Does all that explanation of the American banking system really apply here too?

123balltv

Hats, scarfs, hot tea/coffee, gloves etc its going to snow on Thursday
wrap up well protesters

IM0

Is mise le key wrote: »

You really think they are big words, well the hope for the future looks dim if your an example of college education, here it is explained in its simplest (and i stress simplest) form,

are you still missing the part where I told you I know how fractional reserve lending occurs and why?
you still haven't told us how parts 3 and 4 of your list relate to points 1 and 2 which I told you I know about. at this rate you are better off putting it in conspiracy theories forum.

AntiMatter

ScumLord wrote: »

Does all that explanation of the American banking system really apply here too?

Fractional reserve banking is used pretty much all over the world.

Basically, if you deposit x amount in the bank, the bank can then lend out multiples of that amount, charging interest, on the basis that you're unlikely to withdraw all your cash.

It is said that to cover the interest, which is a debt created out of thin air, growth has to continually increase, like a pyramid scheme.

It's a favourite subject of conspiracy theorists, but has also come under much criticism from many economists, who claim it is the cause of boom and bust cycles, growing disparity between the rich and poor, it allows the banks to create free wealth for themselves etc. (just don't try and discuss it on the economics forum here. Criticism of FRB isn't allowed here).

Is mise le key

ScumLord wrote: »

Does all that explanation of the American banking system really apply here too?

Now this is where we should have been using the word 'systemic', take a look at exactly where the anglo bondholders hail from,

Bondholders

They are all inter 'lending' to one another using this fake system based on nothing of value, this is the biggest failing of all nations, to allow such an illogical way of creating false economy & wealth take hold.
What should have happened is the people of any given country, now finding itself burdened with debt created from nothing, should have done what is the logical conclusion in a capitalist system, if your business is unsustainable you go under & face your creditors.

All of these banks that have on ledgers everywhere that they are owed billions would be left chasing each other for their ficticious money that they so easily created but cannot now meet their obligations rather than it going now to every man woman & child to work off for generations.

Anyone who can stand by this kind of illogical way of living where money is created from nothing, has no real value & will be passed on to entire nations for literally generations really cannot see the writing on the wall.

It is unsustainable & will only ruin lives.

IM0

AntiMatter wrote: »

Fractional reserve banking

It's a favourite subject of conspiracy theorists, but has also come under much criticism from many economists, who claim it is the cause of boom and bust cycles, growing disparity between the rich and poor, it allows the banks to create free wealth for themselves etc. (just don't try and discuss it on the economics forum here. Criticism of FRB isn't allowed here).

I thought so, didnt realise how right I was though, thanks

thebigbiffo

Is mise le key wrote: »

Now this is where we should have been using the word 'systemic', take a look at exactly where the anglo bondholders hail from,

Bondholders

They are all inter 'lending' to one another using this fake system based on nothing of value, this is the biggest failing of all nations, to allow such an illogical way of creating false economy & wealth take hold.
What should have happened is the people of any given country, now finding itself burdened with debt created from nothing, should have done what is the logical conclusion in a capitalist system, if your business is unsustainable you go under & face your creditors.

All of these banks that have on ledgers everywhere that they are owed billions would be left chasing each other for their ficticious money that they so easily created but cannot now meet their obligations rather than it going now to every man woman & child to work off for generations.

Anyone who can stand by this kind of illogical way of living where money is created from nothing, has no real value & will be passed on to entire nations for literally generations really cannot see the writing on the wall.

It is unsustainable & will only ruin lives.

now i know about fractional reserve lending - how exactly does this knowledge help us as per your OP?

ScumLord

AntiMatter wrote: »

Fractional reserve banking is used pretty much all over the world.

Basically, if you deposit x amount in the bank, the bank can then lend out multiples of that amount, charging interest, on the basis that you're unlikely to withdraw all your cash.

Is mise le key wrote: »

Now this is where we should have been using the word 'systemic', take a look at exactly where the anglo bondholders hail from,

I know how it works it's just every time it's brought up the explanation is a copy and paste from the Zeitgeist movement. I haven't seen it with explained with Irish and European banks.

Our entire system of economy is destined to failure as it in it's entirety relies on infinite growth which is simply impossible, it's obvious and proven that an economy depending on infinite growth will always collapse.

IM0

OP you need to know about modern economics and inflation, money doesnt just disappear and appear, there is a price to be paid for it, printing money is an easy knee jerk solution, but this wont solve anything, not that Im saying you are suggesting anything like this, but this is what people who dont know about the complexities of the inns and out of the system and general banking civilisation will come out with, and you still have not been able to join up parts 3 and 4 to parts 1 and 2, and therefore have no arguement or debate as yet.

AntiMatter

me@ucd wrote: »

I thought so, didnt realise how right I was though, thanks

I wasn't actually criticising the OP in terms of his opposition to it. Yes, it is a favourite of the conspiracy theorists, the system itself was introduced by stealth in the U.S. in 1913 or so, but like I said it also comes under criticism from many economists.

me@ucd wrote: »

OP you need to know about modern economics and inflation, money doesnt just disappear and appear, there is a price to be paid for it, printing money is an easy knee jerk solution, but this wont solve anything, not that Im saying you are suggesting anything like this, but this is what people who dont know about the complexities of the inns and out of the system and general banking civilisation will come out with, and you still have not been able to join up parts 3 and 4 to parts 1 and 2, and therefore have no arguement or debate as yet.

Yes, under fractional reserve banking, money (and debt) does just appear out of nowhere.

ScumLord

me@ucd wrote: »

OP you need to know about modern economics and inflation, money doesnt just disappear and appear, there is a price to be paid for it, printing money is an easy knee jerk solution, but this wont solve anything, not that Im saying you are suggesting anything like this, but this is what people who dont know about the complexities of the inns and out of the system and general banking civilisation will come out with, and you still have not been able to join up parts 3 and 4 to parts 1 and 2, and therefore have no arguement or debate as yet.

The problem with these complexities and inns and out's is that they grew through personal deals between people that may be dead and gone at this stage.

It's a club where people milk the general population, the banking system is not set up for the benefit of the people but to take advantage of the people. You can say the people are ignorant of how the banks work and that's completely true it's like the legal profession it's set up so only a privileged few can benefit from it by paying money to learn the language.

Is mise le key

What!!!!

This debt is belonging to the Irish Banks, that were given credit by other banks all based on nothing real, if the actual reserve & hard cash is, as explained in the previous posts, about 10% in reality of deposits then iif we accept the debts of the banks as the countrys liability (which i dont agree we should) then the debt should be only 10% of what is on the books (the actual reserves of the hard cash the fractional lending is based on), leaving the overall amount needing to be borrowd far far less than what is being pushed on us.

Is mise le key

ScumLord wrote: »

it's set up so only a privileged few can benefit from it by paying money to learn the language.

Below are the words of the man that so many conspiracy theorists have as the root of all our modern banking system & are still to this day controlling it all (whether they are or not is for another forum so dont try & drag it into that, this is just for reference purposes in the context of the quoted post),

Mayer Amschel Rothschild said,

The few who understand the system (Banking),
will either be so interested in its profits or be so dependant on its favors,
That there will be no opposition from that calss.