Broly46 (OP)
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February 21, 2020, 08:24:20 AM |
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Bank continue to create money out of thin air at the comfort of their sweet aircond/clean air/Corona-free room white collar jobs while the rest of us need to fight to dead to make some money for living, (Uber, YouTube, MMO, Crypto trading, mining, scamming gullible investor, flipping junk on eBay, Webcam, hacking govt site) we risk our life working everyday, for a pay that cannot compete with the speed banker press the “print money” button at their basement, and print money is risk-free too.
The bank can print $10 out of $1, it translate to bank purchasing power of $10 while your purchasing power is $1, $100 while your is $10, $1000 while your is $100.
Bank print the money to buy Big Mac everyday, so the bank willing to pay $10 for each Big Mac, thus price fixing the Big Mac to $10, you all also need to pay $10 for Big Mac. When bank decide to pay $100 for Big Mac, all of you need to pay $100 too.
In the long run you can’t afford the same Big Mac, your purchasing power is stagnant at $1 for many years, while you need to keep paying $10 for Big Mac, what can you do? Stop eating Big Mac? Change diet to broccoli instead?
Of course in the long run bank will continue to buy Big Mac at inflated price, $10, $100, $1000, bank have unlimited money.
Summary, can you have saving today? How can you have any saving at all? Personally crypto is my only saving, my cash flow have been -ve since forever, more money out of pocket than more money go in, the ratio is greatly skewed toward expense, with each passing year the ratio gain more skewedness, 99% expense and 1% income, it’s not healthy.
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fiulpro
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February 21, 2020, 01:08:00 PM |
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This doesn't work like that at all , *Most of the money in our economy is created by banks, in the form of bank deposits – the numbers that appear in your account. Banks create new money whenever they make loans. ... Banks can create money through the accounting they use when they make loans.* - taken from Google Now when we think about it , if a person deposits 100$ in the bank , the banks loan out that 100$ to someone else , they are not creating money out of thin air , everything is systematic and going in hand to hand.
*Therefore it's only the government that can print more money , but at the risk of decreasing the relative price of their own currency which in turn affects the market drastically.
*If they had unlimited supply no one would be poor.
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Findingnemo
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February 21, 2020, 01:57:43 PM |
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*Therefore it's only the government that can print more money , but at the risk of decreasing the relative price of their own currency which in turn affects the market drastically.
AFAIK,only banks print their local currency but under the laws given by the respective government,OP is right but not entirely,Banks are creating money out of thin air but gradually so purchasing power decreases every year by negligible amount if we calculate them for a decade it will turns out to be big. *If they had unlimited supply no one would be poor.
If there is unlimited supply then it doesn't have any value. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Broly46 (OP)
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February 21, 2020, 05:34:08 PM |
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This doesn't work like that at all , *Most of the money in our economy is created by banks, in the form of bank deposits – the numbers that appear in your account. Banks create new money whenever they make loans. ... Banks can create money through the accounting they use when they make loans.* - taken from Google Now when we think about it , if a person deposits 100$ in the bank , the banks loan out that 100$ to someone else , they are not creating money out of thin air , everything is systematic and going in hand to hand.
*Therefore it's only the government that can print more money , but at the risk of decreasing the relative price of their own currency which in turn affects the market drastically.
*If they had unlimited supply no one would be poor.
You may know how much US is printing money, but do you know how much China is printing money? They may have printing twice the amount, that alone will dictate how your economy work in your country. Don’t forget Japan and Korea too, also the European Union and U.K.
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travwill
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February 21, 2020, 06:03:54 PM |
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Even with a large number of savings, they can easily depreciate in the event of a collapse of the bank and the financial system. As you know, this happens repeatedly with a certain degree of cyclicality. Therefore, it is quite dangerous to keep money in assets that are not secured by anything. In addition, banks can print money as much as they want, thereby depreciating these pieces of paper.
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dothebeats
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February 21, 2020, 07:06:14 PM |
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Banks loan out the money that they got from deposits and charge interests. That's how most of them make money. They do not create money out of thin air, but they do create money by using the trust people have given them, which is kinda smart (and nefarious, lol) if you ask me.
It is actually the governments who can create money out of thin air and faster than Usain Bolt. Certain financial policies aid them in doing such, though of course certain conditions should be met before they start printing out money. We all know what happens if a country decides to overprint its money, take for example Venezuela and Zimbabwe. Their currencies are affected by hyperinflation due to continuous printing of money which turned out to be really detrimental to their economic growth.
I get your sentiment but it is what it is.
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NoobRichard
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February 21, 2020, 07:53:27 PM |
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It's the government of a country which determines whether to make money out of thin air or not and to control the money flow inside the country. Banks will be filled with money when there's more money on people's hands and that is governed by the economic policy of the government. So, basically in my opinion, banks do not make money out of thin air, but the governments do...
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hugeblack
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February 21, 2020, 08:09:38 PM |
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Money, "paper money", is a representation of how well your government is able to fulfill its obligations that every currency you print has an equal value in terms of GDP and has a guarantee. Many countries flounder in monetary policy, so considering the protective money of these countries on the basis that they are assets is a matter of value.
As for saving, as you enter the mouse race, you must develop your skills in order to save more money. Inflation is difficult to balance, but does not change its essence.
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jackg
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February 21, 2020, 10:52:26 PM |
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You're sort of right and you're also wrong like the others have said.
Banks can't exactly print money, what they can do is make a balance sheet of assets of liabilities and there can be more of either than the other in actual amount.
I think since aig sold $78 million in assets for $500 million in derivatives (default swaps) every bank has become more stringent on what they actually do while lending. Inflation "taxes" people but it also encourages businesses to employ you since their assets today can be worth more tomorrow as money supply grows.
@hugeblack, I've never heard it be called the mouse race and instead heard of the rat race. And there are different people, those who are in the rat race and active participants that just want to keep building wealth and those who have a solid target while they're in it imo.
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LeGaulois
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February 21, 2020, 11:00:36 PM |
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Now when we think about it , if a person deposits 100$ in the bank , the banks loan out that 100$ to someone else , they are not creating money out of thin air , everything is systematic and going in hand to hand.
It doesn't really work the way you describe it. Banks have a 9:1 ratio. It means when someone deposits $100 the bank can create $800 and so it can loan $900 (with money that basically doesn't exist). This is the fractional-reserve banking system, Demand deposits are just numbers in a bank database ^^ https://www.imdb.com/title/tt1828247/A very good documentary to watch. (you can see it on Youtube it exits in many languages)
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Broly46 (OP)
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February 21, 2020, 11:32:06 PM |
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Even with a large number of savings, they can easily depreciate in the event of a collapse of the bank and the financial system. As you know, this happens repeatedly with a certain degree of cyclicality. Therefore, it is quite dangerous to keep money in assets that are not secured by anything. In addition, banks can print money as much as they want, thereby depreciating these pieces of paper.
=== I like how people enjoy something backed by something else, once upon a time, dollar is backed by gold, then dollar is backed by hope, then delusional hope is backed by another delusional trust, an illusion that backed by another illusion, and that would make a pretty safe haven? Because do the wrong twice would make it right? Go beyond to the right and you will end up on the left side? === Banks loan out the money that they got from deposits and charge interests. That's how most of them make money. They do not create money out of thin air, but they do create money by using the trust people have given them, which is kinda smart (and nefarious, lol) if you ask me.
It is actually the governments who can create money out of thin air and faster than Usain Bolt. Certain financial policies aid them in doing such, though of course certain conditions should be met before they start printing out money. We all know what happens if a country decides to overprint its money, take for example Venezuela and Zimbabwe. Their currencies are affected by hyperinflation due to continuous printing of money which turned out to be really detrimental to their economic growth.
I get your sentiment but it is what it is.
=== Keep believing what they want you to know, so they feed into your mindset that money don’t come from thin air? === It's the government of a country which determines whether to make money out of thin air or not and to control the money flow inside the country. Banks will be filled with money when there's more money on people's hands and that is governed by the economic policy of the government. So, basically in my opinion, banks do not make money out of thin air, but the governments do...
=== TBH now bank own too much money in their coffers, I don’t know you want to believe it, they practically control the entire nation’s wealth. === Money, "paper money", is a representation of how well your government is able to fulfill its obligations that every currency you print has an equal value in terms of GDP and has a guarantee. Many countries flounder in monetary policy, so considering the protective money of these countries on the basis that they are assets is a matter of value.
As for saving, as you enter the mouse race, you must develop your skills in order to save more money. Inflation is difficult to balance, but does not change its essence.
=== I know the good metrics of wealth using GDP, but can you have any saving with high GDP as of now? ===
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Money_Wizard
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February 22, 2020, 01:36:00 PM |
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Unfortunately, elites rule the worlds at the moment. They are ruthless and do whatever they want. Yes, they can get money from the air, so being in this system, an ordinary person is just a slave to them. But there is a way out - buy your land, do something useful there (for example, eco-products), sell it to others the same as you (or exchange for something that they produce). In this case, we bypass the money side. We work - and we get the result in the form of products or anything else. This is a simple scheme, but if you think it over well, then teaming up with people, you can be aloof from this slave system.
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Broly46 (OP)
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February 22, 2020, 03:12:08 PM |
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Unfortunately, elites rule the worlds at the moment. They are ruthless and do whatever they want. Yes, they can get money from the air, so being in this system, an ordinary person is just a slave to them. But there is a way out - buy your land, do something useful there (for example, eco-products), sell it to others the same as you (or exchange for something that they produce). In this case, we bypass the money side. We work - and we get the result in the form of products or anything else. This is a simple scheme, but if you think it over well, then teaming up with people, you can be aloof from this slave system.
I’m using Big Mac to draw line between bank and you. But I would rather prefer to use property and gold. In a short time frame of 30 years, my buddy can sell his house first purchase at $10,000 for $100,000 comfortably. In a short time frame of 20 years, my buddy can sell his gold coin first purchased at $275 buck to $1600 bucks comfortably. What I want to say is just a few decade down the road, your money deplete in near 90% of its initial value, it’s true for the gold, you could acquire a piece of gold coin at $275 during 2000, and nobody would bat an eye and think it’s cheap, we are going to see more people comtemplating about not buying gold coins at $275 each when they’re young. 20 years for gold to soar from $275 to $1600, that’s equally to 10% annual growth rate.
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fortunecrypto
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February 22, 2020, 03:44:42 PM |
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Bank continue to create money out of thin air at the comfort of their sweet aircond/clean air/Corona-free room white collar jobs while the rest of us need to fight to dead to make some money for living, (Uber, YouTube, MMO, Crypto trading, mining, scamming gullible investor, flipping junk on eBay, Webcam, hacking govt site) we risk our life working everyday, for a pay that cannot compete with the speed banker press the “print money” button at their basement, and print money is risk-free too.
The bank can print $10 out of $1, it translate to bank purchasing power of $10 while your purchasing power is $1, $100 while your is $10, $1000 while your is $100.
Bank print the money to buy Big Mac everyday, so the bank willing to pay $10 for each Big Mac, thus price fixing the Big Mac to $10, you all also need to pay $10 for Big Mac. When bank decide to pay $100 for Big Mac, all of you need to pay $100 too.
In the long run you can’t afford the same Big Mac, your purchasing power is stagnant at $1 for many years, while you need to keep paying $10 for Big Mac, what can you do? Stop eating Big Mac? Change diet to broccoli instead?
Of course in the long run bank will continue to buy Big Mac at inflated price, $10, $100, $1000, bank have unlimited money.
Summary, can you have saving today? How can you have any saving at all? Personally crypto is my only saving, my cash flow have been -ve since forever, more money out of pocket than more money go in, the ratio is greatly skewed toward expense, with each passing year the ratio gain more skewedness, 99% expense and 1% income, it’s not healthy.
Yeah you sum it up everything here and I enjoy reading this post, this is my condition when I am not yet in Cryptocurrency, we watch the government and bank pouring us their created and telling us what it can buy and how we can earn, I'm thinking in the future this fiat will become obsolete and these government will just issue their own coin in the their own chain.
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hatshepsut93
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February 22, 2020, 04:05:42 PM |
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Summary, can you have saving today? How can you have any saving at all? Personally crypto is my only saving, my cash flow have been -ve since forever, more money out of pocket than more money go in, the ratio is greatly skewed toward expense, with each passing year the ratio gain more skewedness, 99% expense and 1% income, it’s not healthy.
No one hides cash under their beds anymore, people save money by putting them in funds or investing in stocks/commodities on their own, or they do both. Their minimum goal is to beat the inflation, but often they make quite good additional income in the long run (unless they are autistic gamblers who blow their money on day trading).
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Wexnident
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February 22, 2020, 04:11:32 PM |
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I'm pretty sure the bank doesn't set the price though? More like the amount of fiat the bank's release determines it's purchasing power, thereby determining whether something is expensive or not. Additionally, it's not like banks release fiat currency willynilly. They take in to account a lot of economic factors, such as possible inflation as well as current purchasing power. There's also the idea of pushing the economic factors of the country by intentionally inflating the economy, but only in small amounts.
It's not like the banks benefit from producing money. It's more like they produce money because the people of the country need it. Banks don't earn money by printing money, banks earn by borrowing money and lending it to others. Do remember that there are laws and rules that banks follow, just like anywhere else.
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Broly46 (OP)
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February 22, 2020, 04:25:21 PM |
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Yeah you sum it up everything here and I enjoy reading this post, this is my condition when I am not yet in Cryptocurrency, we watch the government and bank pouring us their created and telling us what it can buy and how we can earn, I'm thinking in the future this fiat will become obsolete and these government will just issue their own coin in the their own chain. === Govt no longer provide fund to pensioners, that’s the time everything took a nose dive, you can’t look back the same advices pre 2008 era. === healthy.
No one hides cash under their beds anymore, people save money by putting them in funds or investing in stocks/commodities on their own, or they do both. Their minimum goal is to beat the inflation, but often they make quite good additional income in the long run (unless they are autistic gamblers who blow their money on day trading). === You just identify yourself the part of the guy who fight to dead to make a living via (Uber, YouTube, MMO, Crypto trading, mining, scamming gullible investor, flipping junk on eBay, Webcam, hacking govt site), but try harder since the bank would print money faster than you beating the next guy to dead. ===
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Self hating nerd that want to escape from reality into the cyberpunk.
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iamsheikhadil
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February 22, 2020, 05:06:12 PM |
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Thanks for explaining this complicated oppressive act in simple terms and formula. I appreciate it and it helps us to understand the real face of today's governments who are acting together to make the rich richer and themselves along with it and we need to replace it with a system which is ideally very similar to what crypto can offer.
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Findingnemo
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February 22, 2020, 07:12:22 PM |
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^^But what you can do to change these things? We can't do aything other than what our goverment asking us to do even in democracy the rights are limited so you can use their money or don't use them. Thanks for explaining this complicated oppressive act in simple terms and formula. I appreciate it and it helps us to understand the real face of today's governments who are acting together to make the rich richer and themselves along with it and we need to replace it with a system which is ideally very similar to what crypto can offer.
Not the banks only governments do.
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Broly46 (OP)
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February 22, 2020, 07:26:33 PM |
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^^But what you can do to change these things? We can't do aything other than what our goverment asking us to do even in democracy the rights are limited so you can use their money or don't use them. Thanks for explaining this complicated oppressive act in simple terms and formula. I appreciate it and it helps us to understand the real face of today's governments who are acting together to make the rich richer and themselves along with it and we need to replace it with a system which is ideally very similar to what crypto can offer.
Not the banks only governments do. This may be meaningless. But we can create awareness and we will have miracle very soon. Don’t we have satoshi stand up against the threat? By creating more awareness, we are helping to create more satoshi among us, with enough satoshi around us, we would see change coming. The change is very little, that’s why we need to create more awareness, with the advance of social media, we can create awareness much faster, however nobody would want to make it easier for you to create awareness, they want to censor your voice by passing garbage bills through Congress, the entire internet is in very bad shape today, we have been spammed with both side of a story and many more. But in the early day, internet was very simple, we have more intelligent discussions way back in the time, by now most people have been tame down to IQ 50, and they can’t tell which one is real.
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Self hating nerd that want to escape from reality into the cyberpunk.
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