JAK Bank Criticism - Leonardo Becchetti's interview www.giorgiosimonetti.net

[dj4monie]

I agree and it rewards those that stay in debt, but in a controlled state and punished those who let their debt to income get out of control, or those who've made bad decisions because our education system doesn't explain the money system early enough and completely enough for them to understand.

[hemminger8]

It would be true that the difference between the interest on savings and the interest on loans is the fee that the bank charges for the service it offers, like a grocer marking up the goods he sells, BUT you fail to mention that banks don't just loan the money that they have collected in savings. Because of the fractional reserve system that is almost universally in place today, banks are able to lend money they don't have, meaning banks are actually allowed to create money for their own profit.

[huckteeper]

What you have pointed out is correct, in that the fractional reserve system allows banks to effectively loan nothing in return for something.

However, you could go further, and state that the rot starts with the central banks, such as the ECB and the Federal Reserve, who print currency or create electronic currency units with nothing of value backing it, other than the currency that already exists and the availability of our labour to pay back the interest.

[huckteeper]

Paying back that interest equires the printing of more money or the creating of more electronic currency units, which in turn demands interest.

The western banking system is parasitical, criminal and fraudulent to the very core. It is an officially-sanctioned Ponzi scheme, a scam used by the so-called elite to feed off those they have the cheek to call 'useless eaters'.

[dxvxvx]

@huckteeper exactly and that's why 9/11 was an inside job (ae911truthDOTorg) and that's why they invaded Muslim countries, because we believe in an interest based system and they don't want it to rise.

Do you want to know what a society achieves when it doesn't use interest? simply search on youtube: 1001 inventions

hit the link posted by 1001 inventions

[alicekdp]

:-(