Stumbled across this:
http://www.telegraph.co.uk/news/feature ... -debt.html
It's not exactly a barrel of laughs, but it's probably the clearest exposition I've yet read of how we are all entangled in a global conspiracy called money.
Our world balances on a sea of debt
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mangocrazy
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mangocrazy
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Very good - emperor's new clothes scenariomangocrazy wrote:Quite; people might start to see the similarity and question the whole concept. And that would never do, would it?Samray wrote:I never did understand why pyramid schemes were illegal except when operated by governments and bwankers.
When does the revolution start?
It flies sideways through time
It's an electric line
To your zodiac sign
I've got a Black and Silver Machine!
It's an electric line
To your zodiac sign
I've got a Black and Silver Machine!
The basis under all of this goes back to the very roots of banking - the creation of credit has underpinned it all for centuries. Banking wouldn't exist without it.
The dangers come when banks lend riskily - ie when the deposits become too small a proportion of lending and too many people want to withdraw their deposits at once .... the situation becoming critical when loss of confidence in a bank leads to a stampede for deposits to be withdrawn.
The impact of it is well captured by James Stewart in "It's A Wonderful Life"
http://www.youtube.com/watch?v=_Er69b4H ... re=related
The problem is that it has been extended into more risky ventures and what they laughingly call "products" (I SO object to the use of the word "product" for non tangible finance schemes etc ... a product is something physical that people have fashioned).
As it always has, it falls down due to one thing ..... Greed.
The dangers come when banks lend riskily - ie when the deposits become too small a proportion of lending and too many people want to withdraw their deposits at once .... the situation becoming critical when loss of confidence in a bank leads to a stampede for deposits to be withdrawn.
The impact of it is well captured by James Stewart in "It's A Wonderful Life"
http://www.youtube.com/watch?v=_Er69b4H ... re=related
The problem is that it has been extended into more risky ventures and what they laughingly call "products" (I SO object to the use of the word "product" for non tangible finance schemes etc ... a product is something physical that people have fashioned).
As it always has, it falls down due to one thing ..... Greed.
“Scientists investigate that which already is. Engineers create that which has never been.”
-- Albert Einstein
-- Albert Einstein
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snapdragon
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found it a good read. nothing new, just presented in a much better way than ''if everyone with notes (promise to pay the bearer on demand~~) tipped up at the bank of england and asked for their i.o.u's paid in gold the whole of UK would be fekked.''
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