dilloduck
Diamond Member
I don't know what later changed his mind and allowed him to work first hand on the ponzi scheme, but he was right in 1966.
Money
Currency, you mean. But I do know what you're saying....
cheese
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I don't know what later changed his mind and allowed him to work first hand on the ponzi scheme, but he was right in 1966.
Money
Currency, you mean. But I do know what you're saying....
--just like families and governments, and churches. Bottom line here is that all these institutions are here to stay. It's the real world and we simply deal with it.For awhile. When it's abused it's a disaster......they can credit an account with money based on their reserves plus the collateral they hold. We've been doing it for many hundreds --maybe thousands of years. It works.
Hold on a second, you sound like you're trying to outlaw all loans/interest. If that's not the case then just what were you complaining about?It works? Tell that to the people that lost their ass in 2008. Low interest rates, credit abound, oopsy on that, pop goes the weazel....Banks can't print currency or loan out currency that's not on hand, but rather they create 'money' --they can credit an account with money based on their reserves plus the collateral they hold. We've been doing it for many hundreds --maybe thousands of years. It works.
Hold on a second, you sound like you're trying to outlaw all loans/interest. If that's not the case then just what were you complaining about?It works? Tell that to the people that lost their ass in 2008. Low interest rates, credit abound, oopsy on that, pop goes the weazel....Banks can't print currency or loan out currency that's not on hand, but rather they create 'money' --they can credit an account with money based on their reserves plus the collateral they hold. We've been doing it for many hundreds --maybe thousands of years. It works.