Quote:
Originally Posted by RougeUnderoos
Fake?
A bank lent me money when I was going to school. I used that money to pay for rent and food and books and booze. Now I pay it back to them every month.
What is "fake" about this arrangement? Did I not eat that food? Buy those books? Drink that booze? Trust me, I did all three. There was nothing fake about it. In actual tangible reality, I used the bank's money to purchase real things.
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Quote:
Originally Posted by Ark2
I'm trying to understand what you are saying here but I'm not getting it. We accept fake loans and then turn around and "labour" it into something? What does that mean? Not trying to be an ass here, I just don't get what you are saying.
Who prints as much as they want? Not the banks. Do you mean the Bank of Canada? They don't print as much as they want, otherwise inflation would sky rocket.
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You guys never heard the term FIAT money? Really? Mickey doesn't explain it very well and is wrong about the interest, but it's funny you go to lenghts to ridicule him when you lack the basic understanding of the scam known as
fractional reserve banking