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Do you know how money is created?

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Comments

  • #252
    Nino Brown
    Closed Accounts Posts: 1,507 ✭✭✭Nino Brown


    pH wrote: »
    Not sure what point you're making - there are many stupid people who think they've heard something clever about how banks "create" money - and like to parrot it on the net - they're wrong, you're wrong - I can hear what's being said just fine, it's just fashionable nonsense spouted by people who think it makes them look clever and informed about the banks and economics.

    Yeah I hate when people say things online to make themselves seem clever and informed. Good thing you dodged that bullet!


  • #253
    Yogosan
    Closed Accounts Posts: 172 ✭✭Yogosan


    faceman wrote: »
    I call it fancy paper.
    If that caught on there would be a financial meltdown overnight!

    -How will you be paying for this Ferarri sir?
    -Why with 200,00 in fancy paper of course!


  • #254
    LeonardNelson
    Registered Users, Registered Users 2 Posts: 54 ✭✭LeonardNelson


    Money just comes out from hardwork. Though money is a cycle, i'm curious too.


  • #255
    the culture of deference
    Banned (with Prison Access) Posts: 2,196 ✭✭✭the culture of deference


    Naz_st wrote: »
    If you know of a bank that loans out €1m for a house worth 50k, I want their number! :)

    A MAJOR investigation has been launched into how former Finance Minister Charlie McCreevy obtained a massive €1.6m Irish Nationwide loan to buy a luxury apartment in the K Club.


    The Irish Independent has learned the EU Commissioner purchased the property in 2006, at the height of the boom, after borrowing funds that exceeded the value of the property.


    Re the Guardian article


    any money a bank loans out will just end up back in some bank again. So for the banking system as a whole, every loan just becomes another deposit.


  • #256
    y0ssar1an22
    Registered Users, Registered Users 2 Posts: 17,750 ✭✭✭✭y0ssar1an22


    So is a bank similar to a giant, legal ponzi scheme? In that they can't afford to repay all the depositors?


  • #257
    The Dagda
    Closed Accounts Posts: 1,345 ✭✭✭The Dagda


    y0ssar1an22 wrote: »
    So is a bank similar to a giant, legal ponzi scheme? In that they can't afford to repay all the depositors?

    Yes, and since the crash now we know it's too big to be allowed fail.


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