Monetary theory

[mkm5]

I should add, you all do know the big banks are buying up real assets like homes, apartments, farmland, etc right?

Unfortunately, my retirement savings are in an account held by one of those three big banks.

So, they're using OUR money to buy real property and grossly inflating the price of buying a house or renting or farming.

This is the part of fractional reserve banking that really sucks. Instead of investing our hard earned dollars in stable markets, they're flipping the script and buying us out of our own homes with our own money/investments.

Think about that for a minute.

Mike

[gadders]

I think this gold thing might be a little more complicated than it appears.

Having a fixed amount of dollars leaves your currency, and country, vulnerable to speculators who can buy large amounts of the available currency. This is how Soros "broke the bank of england" he shorted the pound, and borrowed pounds to sell for other currencies, lowering the demand for pounds. The central bank of england had to raise interest rates to try to keep demand for pounds high. All in all it wasn't actually that profitable for Soros, he made 1 billion but had to sink 10 billion to do so. If it didn't pay off he was toast.
I'm sure some people here lived through it so would have actual memories of it, and we all know how unreliable "history" is of events like this so I'm all ears as to what it was like at the time. I'm probably in the minority but I think a hard pegged currency, gold or otherwise is a bad idea as it leaves you vulnerable to attack by international bankers and financiers. And things like that tend to get art school dropouts elected.

The reason the Bank of England had to raise currencies to keep demands for pounds high was because of the Exchange Rate Mechanism (ERM) that the UK had entered that forced it to keep the pound within a fixed-ish exchange rate to the Deutschmark. The UK entered at too high a level and struggled to keep their currency in the target range.


(The ERM was a pre-cursor stage to currency union and the Euro. Forcing Britain out probably did them a favour. This is probably the only time in history Soros has done something that is a net positive for the human race.)

[IlPrincipeBrutto]

Excellent. I had to read this a few times to really appreciate it.

I'll take it as a compliment, so thank you.

Unfortunately, fractional reserve banking has gone out of control.

It was not thinking about fractional banking when writing my post. I don't even know if it's relevant, I have not considered the subject at all.
My point, or one of my points, was to show the absurdity of any statement about "repaying the national debt", and the important consequences of any action aimed at reducing it.

IPB

[smokeyjones]

I should add, you all do know the big banks are buying up real assets like homes, apartments, farmland, etc right?


Unfortunately, my retirement savings are in an account held by one of those three big banks.


So, they're using OUR money to buy real property and grossly inflating the price of buying a house or renting or farming.


This is the part of fractional reserve banking that really sucks. Instead of investing our hard earned dollars in stable markets, they're flipping the script and buying us out of our own homes with our own money/investments.


Think about that for a minute.

Pretty much it. They've set an exponential force in motion & every year the gap grows wider. I can't wait until these irredeemable pieces of shit face the pitch forks.


Imagine. You're a billionaire. You've got everything you ever wanted. You and your future generations are set for life. You could stop working right now & your capital will support your current lifestyle. + the interest you get on your savings will keep bringing you the equivalent year wages of 100 actually useful human beings.


You have all this wealth, power & stability & instead of being happy and making a positive contribution to the world. You start thinking about how you can leverage your money to control human necessities. Buy up all the shelter. Full blown return to feudalism where you get to be Lord Cunt.


If that's what they want. We should put their head on a pike for them. Cause we certainly aren't going to solve this by playing to the rules. People make suggestions like welfare, subsidies & universal income. Just more levers for these assholes to exploit.


Rents too high so everyone gets $200 a week to help? You just gave 200 a week to your millionaire landlord who owns 10 properties. Oh, and since you've got 200 more to spend not dying in the elements. Your Rents going up by $150. Net gain for you: 50$ a week. Net gain for him: $1700 a week.


Our Country has a subsidy called the "Accommodation supplement". Essentially, a taxpayer payment to landlords for keeping rent higher than people can actually afford.


And ofc, boomers complain about this being welfare for poor people. Nope. It's a way for you to charge even more on that mortgage free, moldy shithole you paid next to nothing for originally. It's all going straight to your undeserving pocket. Right next to the non means tested weekly pension tax payers give you despite you being a millionaire.


And did the government of their time put money away to pay for that pension you get every week? Naw, they were too busy giving you free university & other perks. Let the next generation pay them welfare they don't actually need while trying to save for retirement themselves. Hypocritical, welfare leeching, cock suckers.

[mkm5]

Pretty much it. They've set an exponential force in motion & every year the gap grows wider. I can't wait until these irredeemable pieces of shit face the pitch forks.


Imagine. You're a billionaire. You've got everything you ever wanted. You and your future generations are set for life. You could stop working right now & your capital will support your current lifestyle. + the interest you get on your savings will keep bringing you the equivalent year wages of 100 actually useful human beings.


You have all this wealth, power & stability & instead of being happy and making a positive contribution to the world. You start thinking about how you can leverage your money to control human necessities. Buy up all the shelter. Full blown return to feudalism where you get to be Lord Cunt.


If that's what they want. We should put their head on a pike for them. Cause we certainly aren't going to solve this by playing to the rules. People make suggestions like welfare, subsidies & universal income. Just more levers for these assholes to exploit.


Rents too high so everyone gets $200 a week to help? You just gave 200 a week to your millionaire landlord who owns 10 properties. Oh, and since you've got 200 more to spend not dying in the elements. Your Rents going up by $150. Net gain for you: 50$ a week. Net gain for him: $1700 a week.


Our Country has a subsidy called the "Accommodation supplement". Essentially, a taxpayer payment to landlords for keeping rent higher than people can actually afford.


And ofc, boomers complain about this being welfare for poor people. Nope. It's a way for you to charge even more on that mortgage free, moldy shithole you paid next to nothing for originally. It's all going straight to your undeserving pocket. Right next to the non means tested weekly pension tax payers give you despite you being a millionaire.


And did the government of their time put money away to pay for that pension you get every week? Naw, they were too busy giving you free university & other perks. Let the next generation pay them welfare they don't actually need while trying to save for retirement themselves. Hypocritical, welfare leeching, cock suckers.

100%. I have two private pensions with the company I worked at for 30 years. One is a corporate supplied pension and the other is a voluntary supplemental pension. Our pensions were frozen by the company back in 2013, so it didn't have the opportunity to mature fully before I retired. I won't even mention the amount both pensions total to, but it's not even enough to put food on the table. Fortunately I have a few other sources of savings.

It's interesting though, I figure my pensions have lost 40% in value over the last several years, and it's not adjusted for inflation with COLA like government and state pensions are, so it's a pretty hard hit to take for retirees like me.

By the time I turn 70, maybe I'll just burn those pension checks in the fireplace for some heat during winter...

Here's some interesting information from Whitney re Black Rock, et al:

https://youtu.be/z44QO7TPsgY?si=J_0ukONewdaiok6E

I thought I heard Whitney say Panopticon? Had to look it up.

Panopticon | Surveillance, Discipline, Control | Britannica

[Subby]

Pretty much it. They've set an exponential force in motion & every year the gap grows wider. I can't wait until these irredeemable pieces of shit face the pitch forks.


Imagine. You're a billionaire. You've got everything you ever wanted. You and your future generations are set for life. You could stop working right now & your capital will support your current lifestyle. + the interest you get on your savings will keep bringing you the equivalent year wages of 100 actually useful human beings.


You have all this wealth, power & stability & instead of being happy and making a positive contribution to the world. You start thinking about how you can leverage your money to control human necessities. Buy up all the shelter. Full blown return to feudalism where you get to be Lord Cunt.


If that's what they want. We should put their head on a pike for them. Cause we certainly aren't going to solve this by playing to the rules. People make suggestions like welfare, subsidies & universal income. Just more levers for these assholes to exploit.


Rents too high so everyone gets $200 a week to help? You just gave 200 a week to your millionaire landlord who owns 10 properties. Oh, and since you've got 200 more to spend not dying in the elements. Your Rents going up by $150. Net gain for you: 50$ a week. Net gain for him: $1700 a week.


Our Country has a subsidy called the "Accommodation supplement". Essentially, a taxpayer payment to landlords for keeping rent higher than people can actually afford.


And ofc, boomers complain about this being welfare for poor people. Nope. It's a way for you to charge even more on that mortgage free, moldy shithole you paid next to nothing for originally. It's all going straight to your undeserving pocket. Right next to the non means tested weekly pension tax payers give you despite you being a millionaire.


And did the government of their time put money away to pay for that pension you get every week? Naw, they were too busy giving you free university & other perks. Let the next generation pay them welfare they don't actually need while trying to save for retirement themselves. Hypocritical, welfare leeching, cock suckers.

I guess billionaires keep doing what they're doing for the same reason you keep posting crap on the board. It's what they know and who they are. You can't just ask someone to stop doing what their identity is based around.

[The Stranger]

I'd just like an explanation of how and why we have a $35 trillion national debt.

Good question. Let's go to Joe Biden's Chair of Economic Advisors for an answer:

[mkm5]

Good question. Let's go to Joe Biden's Chair of Economic Advisors for an answer:

I saw that interview a couple of weeks ago, and just can't believe how absolutely stupid these people in government are.

[mkm5]

From Wikipedia:

"Bernstein stated he grew up in a "musical family" and aspired to be a professional musician as a young person.[8] Bernstein graduated with a bachelor's degree in music from the Manhattan School of Music where he studied double bass with Orin O'Brien. Throughout the '80s, Bernstein was a mainstay on the jazz scene in New York City.[citation needed] He is of Jewish descent.[9]

He also earned a Master of Social Work from Hunter College as well as a Doctor of Social Work in social welfare from Columbia University's school of social work in 1994.[10][11] At Columbia, his dissertation advisor was Irwin Garfinkel.[12]"

Seems like a legit pick for Chief Economic Advisor...

[guni]

I should add, you all do know the big banks are buying up real assets like homes, apartments, farmland, etc right?

Unfortunately, my retirement savings are in an account held by one of those three big banks.

So, they're using OUR money to buy real property and grossly inflating the price of buying a house or renting or farming.

This is the part of fractional reserve banking that really sucks. Instead of investing our hard earned dollars in stable markets, they're flipping the script and buying us out of our own homes with our own money/investments.

Think about that for a minute.

Mike

Not sure what banks your accounts are in, but commercial banks aren't buying up farm land and homes. There are asset management firms that may set up fund structures to invest in such real assets, but you'd have to deliberately invest your savings in those funds. Otherwise, your money is not being used to buy apartments, etc. If your money is sitting in a self-directed brokerage account then it's definitely not being used to buy houses either.