orangedog on Nostr: ppl are still under the illusion that money on deposit in a bank belongs to them In ...
ppl are still under the illusion that money on deposit in a bank belongs to them
In fact, it does not
It belongs to the bank
An account balance is simply a promise to remit $ when requested by depositors
bank runs have happened over centuries, when ppl lose confidence
government comes in with bailouts to restore confidence
they do this by expanding the money supply thus adding to public debt
‘WE ALL MUST PITCH IN TO AVOID GLOBAL COLLAPSE’
it will happen again, it happens every time
within weeks everyone goes back to life and forgets everything
and voila..confidence is restored
ppl make deposits..and banks lend at near zero fractional reserve requirements BY LAW
banking is a confidence game
a *con game*
In fact, it does not
It belongs to the bank
An account balance is simply a promise to remit $ when requested by depositors
bank runs have happened over centuries, when ppl lose confidence
government comes in with bailouts to restore confidence
they do this by expanding the money supply thus adding to public debt
‘WE ALL MUST PITCH IN TO AVOID GLOBAL COLLAPSE’
it will happen again, it happens every time
within weeks everyone goes back to life and forgets everything
and voila..confidence is restored
ppl make deposits..and banks lend at near zero fractional reserve requirements BY LAW
banking is a confidence game
a *con game*