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| Thread ID: 78975 | 2007-05-04 08:13:00 | Green Money,Green planet {whats wrong with current money system} | sbk (7676) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 546899 | 2007-05-08 11:58:00 | And isn't it lovely to be able to get the interest for lending money which doesn't exist? Remember the way the BNZ lent a billion or so to investors in the New Economy? Aren't taxpayers nice, to bail the bank out? The US banks loved their taxpayers too. The whole financial system is corrupt. I would agree with that before "Residual Reserve Banking" (or as Terry puts it Fractional) before a bank could lend $10,000 they had to have that on hand whereas now they only need $1,000 so it is like a license to print money. |
mikebartnz (21) | ||
| 546900 | 2007-05-09 02:00:00 | I would agree with that before "Residual Reserve Banking" (or as Terry puts it Fractional) before a bank could lend $10,000 they had to have that on hand whereas now they only need $1,000 so it is like a license to print money. It sounds weird but it works. Banks are required to keep sufficent funds on hand to cover bad loans and they can't just keep lending infinite amounts of money. The are restricted by capital adequacy ratios which limit the amount which can be lent. At it's most basic level, the exchange of money for goods and work is an elaborate charade which we all accept. There isn't any gold backing up the money - just a blind belief that it represents the production of an economy. Given a significant event such as an asteroid strike, money would be meaningless. In the meantime it has worked for 6000 years, long before there were options traders, derivatives, swops, and contracts for difference. |
Winston001 (3612) | ||
| 546901 | 2007-05-09 06:48:00 | In the meantime it has worked for 6000 years, long before there were options traders, derivatives, swops, and contracts for difference. Which hat did you pluck the 6000 from Winston |
mikebartnz (21) | ||
| 546902 | 2007-05-09 08:15:00 | I came across this site about money, it has a lot of interesting info and links: www.ex.ac.uk |
Terry Porritt (14) | ||
| 546903 | 2007-05-09 09:49:00 | Which hat did you pluck the 6000 from Winston? See Terry's link www.ex.ac.uk (www.ex.ac.uk) " c 9000 - 6000 BC - Both livestock, particularly cattle, and plant products such as grain, come to be used as money in many different societies at different periods. Cattle are probably the oldest of all forms of money, as domestication of animals tended to precede the cultivation of crops, and were still used for that purpose in parts of Africa in the middle of the 20th century. " |
Winston001 (3612) | ||
| 546904 | 2007-05-09 11:13:00 | See Terry's link www.ex.ac.uk (www.ex.ac.uk) " c 9000 - 6000 BC - Both livestock, particularly cattle, and plant products such as grain, come to be used as money in many different societies at different periods. Cattle are probably the oldest of all forms of money, as domestication of animals tended to precede the cultivation of crops, and were still used for that purpose in parts of Africa in the middle of the 20th century. " no i'm sure that counts as bartering, not currency. by definition currency/money must be divisible and universally accepted (within that economy)... then again cows can be " divided " :D but i'm sure egyptians had a monetary system, and that was 4000 years ago. failing that the romans definetly did, so money (as we know it) is atleast 2000 years old |
motorbyclist (188) | ||
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