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Who 'makes' money?


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Showing 26-50 of 133 posts in this discussion
In reply to an earlier post on 24 Mar 2013 17:13:13 GMT
Garscadden says:
Seeing as you don't seem to be able to use a search engine, this may help:
http://goo.gl/R9lqp

This was quite interesting:
http://www.economicshelp.org/blog/4098/economics/who-does-the-uk-owe-money-to/

You should really learn how to use a computer, and how to look things up though, you will look less like an idiot.

In reply to an earlier post on 24 Mar 2013 17:14:12 GMT
Idiocy is Fab.

In reply to an earlier post on 24 Mar 2013 17:16:15 GMT
Garscadden says:
Fair enough, if you want to live in ignorance I find that immensely saddening, but that is your prerogative.

In reply to an earlier post on 24 Mar 2013 17:16:45 GMT
Money is a promissory note. Not a commodity. Have you heard of commodity fetishism?

But anyway I'm not willing or able to enter into an in-depth discussion of political-economy with someone who seems even less qualified in this area than me. And I am hardly qualified in this area at all.

In reply to an earlier post on 24 Mar 2013 18:51:54 GMT
Dear Garryscidden...the truly wise know they are ignorant...

In reply to an earlier post on 24 Mar 2013 19:10:49 GMT
Garscadden says:
And, of course, the truly vacuous talk in empty platitudes.

In reply to an earlier post on 24 Mar 2013 19:17:05 GMT
From what you write it seems you do know somethings about money, for example, you 'know' <<banks create money using fractional reserve banking>>. Can they do this at will, any time, as much as they choose?

In reply to an earlier post on 24 Mar 2013 19:22:38 GMT
You owned £58,000 and you owned a debt to your lender of £58,000 plus the interest you agreed to pay too

In reply to an earlier post on 24 Mar 2013 20:16:15 GMT
Dear beloved...fwank you..

In reply to an earlier post on 24 Mar 2013 20:17:51 GMT
Beloved...no..no...no...the fount has watched (with his brain) TV programs which talked about this fractional reserve banking..the fount 'knows' nothing!

In reply to an earlier post on 24 Mar 2013 20:20:55 GMT
So you don't know banks create money by fractional reserve banking?

In reply to an earlier post on 24 Mar 2013 21:04:50 GMT
Spin says:
Mr Anthony: Indeed. "Money" is nothing of value in itself; it is a means of exchange. One exchanges ones labour for an accepted unit of currency which one then exchanges for goods. Therefore the value of ones labour, in terms of demand and specialisation, determines the goods one can buy. Money in itself is worthless; it is the concepts of labour and exchange that is the central factor. Thus it is that today more and more folk use cards, instead of hard cash to pay for items. The only reason cash is still used is because we do not trust computers or bankers; if either fails, as has happened frequently, a plastic card is useless. But paper money is also useless if it has no exchange value. And exchange value depends on the labour that went into creating the product on sale, not the currency itself. If a nations currency is devalued, or the nation approaches bankcruptcy, it means the money has no exchange value; the labour that went into creating products is worth more than the monetary wage. And simply printing money (in new-speak; "Quantitative Easing") does no good. It simply distributes paper money to those without and so devalues its exchange value as well as devaluing labour.

In reply to an earlier post on 24 Mar 2013 21:20:33 GMT
That sounds about right. But don't tell Simon, he still thinks wealth is created by him rather than the working class.

In reply to an earlier post on 25 Mar 2013 05:35:23 GMT
Beloved..."know"...no...I am told this...

Let's say it is true. Why are they allowed to do this and not me?

In reply to an earlier post on 25 Mar 2013 07:15:53 GMT
Because they are rich and powerful. And you are a sad little man who desperately wants to be something he is not.

In reply to an earlier post on 25 Mar 2013 07:22:24 GMT
You can do it. Start a payday loan company.

In reply to an earlier post on 25 Mar 2013 07:23:11 GMT
Who tells you that you can't do it?

In reply to an earlier post on 25 Mar 2013 07:24:00 GMT
Define <<working class>>

Posted on 25 Mar 2013 08:52:13 GMT
Pen Master says:
Real money, as opposed to printed money (QE), is borrowed from sovereign wealth funds. These are set up by countries that generate real wealth by exporting either raw materials such as oil (Middle East), or manufactured goods such as China or India. These countries have this money because they have a trading surplus, which means they export more than they import. At one time the UK had a manufacturing base that could generate valuable foreign exchange that allowed this country to remain solvent. However the liberals of this world thought this amounted to robbery from the developing world and so plans were put into operation to put our production base into foreign hands. They could not demand that companies either moved abroad or were sold to foreign buyers; so by driving costs up with wage increases, health and safety and high taxes this achieved the same effect. This was compounded by the Labour Party employing five million people in the public sector, many of whom were immigrants. These naturally sent money abroad to 'back home' which compounded the problems of liquidity in this country. The result now being that this county is not only broke but is getting broker (is there such a word?). But don't worry folks because when you cannot pay your mortgage and your house is repossessed and your wife divorces you and your kids are taken into care, you can at least sleep with a clear conscience on that park bench at night knowing that a liberal somewhere has provided a bowl of rice for a poor Chinese peasant. An eBook available from Amazon entitled 'Bleeding England' by Tantum Veritatum tells all!

In reply to an earlier post on 25 Mar 2013 11:44:22 GMT
Thanks pen....best post on this topic I have read.

In reply to an earlier post on 25 Mar 2013 13:39:34 GMT
Last edited by the author on 25 Mar 2013 18:40:27 GMT
Penny,

This country also generates <<real wealth>> from exporting...only not sufficient to pay for all its imports.

Will you give some details of <<these plans put into operation to put our production base into foreign hands>, who drew them up, when and what did they say?

If we are discussing the so called National Debt, btw, which is the gov's debt, about 30% is borrowed from overseas, the rest is borrowed from UKey pension funds and insurance companies; a bit from commercial banks and rich private individuals. Plus currently around 25% from the Bank of England; this happens when the gov can't sell any more debt because the interest rate is too low and there is no confidence in the future exchange value of the pound. The BoE buys it and credits the gov's accounts . This last one is inflationary, if the Bank can't sell them in future.

Why would your wife divorce you in the circumstances you describe? There's no equity in the house for her to take, you're broke and she'll have no job or sugar daddy to run to probably. Best for her to stick with you. Who pays for your kids to be taken into care if the country's broke? Looks like you will be lumbered with them.

The Chinese gov is taking care of its peasants. They are doing fine. China is going to expand domestic growth to become a welfare state and consumer society like our fine kingdom. They are spending money on the infrastructure and cleaning up pollution too. This will push up the price of Chinese imports (it's started already) so more stuff will be made in UKey.

The Chinese will reduce their balance of Payments surpluses, so there won't be as much money to buy UKey gov Bonds.

Labour didn't employ 5m in the public sector, they were there beforehand. But they did up the total by nearly 1 million...a bad idea. They even increased the National Debt by running budget deficits in a boom...unprecedented...another bad move. Even so, most of the increase in gov debt was due to borrowing to bail out insolvent banks, although things wouldn't have been as bad if Labour had reduced the ND by running budget surpluses when the tax revenues were flowing in.

In reply to an earlier post on 25 Mar 2013 13:42:14 GMT
Eh?

In reply to an earlier post on 25 Mar 2013 14:11:42 GMT
Eh...what? Eh?.....

In reply to an earlier post on 25 Mar 2013 14:17:01 GMT
Eh, are you feeling OK?

In reply to an earlier post on 25 Mar 2013 15:36:38 GMT
You wrote eh?....eh?...
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Discussion in:  politics discussion forum
Participants:  14
Total posts:  133
Initial post:  24 Mar 2013
Latest post:  31 Mar 2013

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