www.mindfulmoney.co.uk/13859/economic-im...ty-deposit-box..html

'Mindful Money talks to Tony Greenham, head of Finance and Business at the New Economics Foundation, on what it could mean for the future of the industry.

Mindful Money: How uncomfortable do you think most people would be with the concept of fractional reserve banking if it was properly explained to them? (Shock and Awe lol...) At present it seems that while the discussion is notionally about policymakers trying to protect consumers, it is really being framed as regulating for, not with them.'

Ever see the BBC ask THAT question?
The answer given is truly pathetic and is not even coming from the guys who the question should really be addressed to either.
In Ireland current accounts are ALL charged fees and they give sod all interest on them too.
Its akin to having your face shoved into a pile of steaming turd while they point, scoff, laugh and then demand some more bailout welfare.

www.independent.ie/opinion/letters/in-the-balance-3210452.html

Clearly the greatest problem of the last 20 or 30 years has been fractional reserve banking. That is the gigantic ruse, encouraged by people like Bertie and Biffo, whereby banks literally invent money on their computers and lend it out at great interest rates.

Then, when the economy collapses almost entirely, they blame the people who can't pay their mortgages.

The solution would be simple in a just society.

"Mr Bank, and your political sidekicks, you never had the money in the first place and you therefore have no right to try to claim it back."

The idea that this latest scourge of a Government is giving the banks back the money they never had and then making decent Irish people pay for it with more scams such as the property tax is somewhere between Alice in Wonderland, Franz Kafka and Stalin.

Have none of them any pride or shame?

Dick Barton
Tinahely, Co Wicklow

Jesus...we have a live one here people!! Sound the klaxon, send out the thought correction police immediately!

Just a comment column of course but WHERE ARE THE REPORTERS WHO SHOULD BE ASKING THESE QUESTIONS?
Answer: They don't know either, most of the politicians don't know either along with most of the public.

Now, perhaps everyone on this forum knows but have you ever tried explaining fractional reserve banking to anyone you would consider as 'normal joe average'??
Even though it has a whole section devoted to it in wikipedia with lots of cited examples and is totally admitted as factual?

So really what is the most important topic that should be discussed today?
Is it 911 and 'conspiracy theories'?
Is it aliens?
Is it some kind of spiritual stuff?

If you can't explain fractional reserve banking to someone what chance have you got with the rest?

The whole monetary system is deliberately designed to be as befuddling to the average joe as possible. Mention FR, derivatives, credit default swaps, government bonds etc to the majority and the majority will stare back blankly. It's meant to be that way of course because if the majority could see these things for what they really are they would stop co-operating immediately.....

dubmeup wrote:
Its laughable how the guy in the article who was asked that question actually agreed that FR banking is fraudulent.
I don't see it as being complicated tbh. I do see it as being incredibly rarely mentioned in the media, just as the supposedly commonly known rules of taxation for self employment are rarely discussed in the media and are not taught to kids in school.

a lot of people who complain abouttfractional reserve banking have in reality no idea of what fratcional resevrve banking actually is

Dawn, I would like to hear what you have to say about it.

andyh wrote:
Has anyone ever tried using this line of reasoning to default?

"I have reason to believe the money you loaned was gotten by illegal means and/or never actually existed, and you want to charge interest. Could I see a paper trail that shows clearly this money was yours to lend?"

oioioi wrote:
lol nice try

They could just show the banks own bank account balance
Which is ofc whatever they seem to want to type on the screen nowadays!

andyh wrote:
So they wouldn't be able to show where the money came from, just that it magically appeared on their balance sheet.

oioioi wrote:
Their balance is always going to be way way bigger than any amount you borrow from them

If it was the government borrowing off the federal reserve for example that might be different
(Unless ofc perhaps the govt has paid back more in interest and principal than it has ever borrowed and the fed just kept all that on their tally)

Who watches the watchers thats what I wanna know