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An alternative way of banking
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12-04-2013 6:06am#1So with the new rumours of AIB in trouble I thought I'd start a thread for discussion of an alternative way of banking.
At the moment, banks create money out of thin air and issue loans with it, nothing new, but why do we allow them to charge interest?
If you need say, €100, a bank will create the money from nothing, give you a loan of the money for a year but ask that you pay back €100 plus say, 10% interest so you pay €110 back in total.
We, like any society, require money to facilitate trade, but, we've collectively agreed to live and work under this bizarre system whereby we work 10% harder (as example above) and then just give the extra money to the bankers.
What we're essentially doing is siphoning off our wealth as a society and sending it to banker's pockets.
Why the hell have we allowed banking to be a private undertaking in the first place? What we should have is a bank for the people that issues loans and 100% of the debt is repaid, but no more. We need money to operate as a society, but there's no reason for anyone to be profiting from it!
We've now found ourselves in a crazy situation where there's plenty of teachers, plenty of kids in need of education, but the government can't afford to pay them and everybody suffers. Even though nothing's really changed since the banking collapse, we still have the same resources that we've always needed to operate the country, but everything's come to a standstill, and all because of this great invisible force called "the economy".
There's plenty of videos on youtube that explain what's going on a lot more eloquently than I have, for anyone interested in how the whole 'scam*' works this is the probably the best short video I could find.
*It's not technically a scam as the terms of a loan are agreed by both parties before the loan is issued, but the it is a scam in the sense that we are told that there is no alternative to the current system.
I was quite lucky to have my mind blown today on watching an interview with Cody Wilson about the free online sharing of designs for 3D printed guns. I highly recommend that you watch it, but what I think we could see (in the near future) is the power of corporations beginning to wane, as designs for their products are freely shared online, and consumers then printing them out at home on their own 3D printers for a fraction of the price.
More importantly, what this highlights, is the true power of the internet. Will we see a complete boycott of the current private banking system, and will people decide to trade in a new interest-free currency that is regulated with absolute transparency online?
What are your alternatives to private banking?8
https://www.youtube.com/watch?v=Kz6xG2YtyyEComments
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So with the new rumours of AIB in trouble I thought I'd start a thread for discussion of an alternative way of banking.
At the moment, banks create money out of thin air and issue loans with it, nothing new, but why do we allow them to charge interest?
If you need say, €100, a bank will create the money from nothing, give you a loan of the money for a year but ask that you pay back €100 plus say, 10% interest so you pay €110 back in total.
We, like any society, require money to facilitate trade, but, we've collectively agreed to live and work under this bizarre system whereby we work 10% harder (as example above) and then just give the extra money to the bankers.
What we're essentially doing is siphoning off our wealth as a society and sending it to banker's pockets.
Why the hell have we allowed banking to be a private undertaking in the first place? What we should have is a bank for the people that issues loans and 100% of the debt is repaid, but no more. We need money to operate as a society, but there's no reason for anyone to be profiting from it!
We've now found ourselves in a crazy situation where there's plenty of teachers, plenty of kids in need of education, but the government can't afford to pay them and everybody suffers. Even though nothing's really changed since the banking collapse, we still have the same resources that we've always needed to operate the country, but everything's come to a standstill, and all because of this great invisible force called "the economy".
There's plenty of videos on youtube that explain what's going on a lot more eloquently than I have, for anyone interested in how the whole 'scam*' works this is the probably the best short video I could find.
*It's not technically a scam as the terms of a loan are agreed by both parties before the loan is issued, but the it is a scam in the sense that we are told that there is no alternative to the current system.
I was quite lucky to have my mind blown today on watching an interview with Cody Wilson about the free online sharing of designs for 3D printed guns. I highly recommend that you watch it, but what I think we could see (in the near future) is the power of corporations beginning to wane, as designs for their products are freely shared online, and consumers then printing them out at home on their own 3D printers for a fraction of the price.
More importantly, what this highlights, is the true power of the internet. Will we see a complete boycott of the current private banking system, and will people decide to trade in a new interest-free currency that is regulated with absolute transparency online?
What are your alternatives to private banking?
How do banks create money out of nothing, they don't have money printers.
They lend money. That's not creating money out of nothing.
You also think there is no reason to profit from lending. You won't mind lending me money then at 0 % interest.
You don't have a clue what you're talking about. It's basically a rant which stems from a feeling of powerlessness in this world directed at those who you think have power.0 -
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