Quote:
Originally Posted by Tchocky
I certainly refuse to be paid in paper money.
Everyone knows it's worthless.
I'm so clever.
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You clever guy should meditate a moment about what this idea of a "
fractional reserve system" really means, and what it means related to the constant increase of the amount of money in circulation, and the constant devaluation of said money.
But maybe you will not accept to see that until the day the banks remain closed or the zeroes on your banknotes count by the dozens. Maybe then you will refuse to be payed in paper money.
If your worldview can stand that disillusionment then, of course.
LINK: Fractional Reserve Banking
Quote:
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Technically, fractional reserve banking is embezzlement, but it is considered legal now. The bank is insolvent, because it cannot honor its commitments. But unless the customers demand too much money at once – or too many loans fail – it can continue running, without the customers ever noticing that their money was gone. If the bank's customers lose confidence in the chances of the bank's repayment, they can decide, en masse, to cash the deposits in. This loss of confidence, if it spreads from a few to a large number of bank depositors is called a bank run. It is always fatal, because, by the very nature of FRB, the bank cannot honor all of its contracts.
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Money created from credit only, that has no real-value representation, is worthless money. People today are under a spell and so think they are rich when owning paper money. That illusion only last until the first player at the table looses his trust and wants to see the cards.
All banks are bankrupt right now. All states are as well.
The king is naked. That simple it is.