#ban

In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist. ↗

— David Graeber

#debt #england #money #money

All the mega corporations on the planet make their obscene profits off the labor and suffering of others, with complete disregard for the effects on the workers, environment, and future generations. As with the banking sector, they play games with the lives of millions, hysterically reject any kind of government intervention when the profits are rolling in, but are quick to pass the bill for the cleanup and the far-reaching consequences of these avoidable tragedies to the public when things go wrong. We have a straightforward proposal: if they want public money, we want public control. It's that simple. ↗

— Michael Hureaux-Perez

#capitalism #corporations #deepwater #economic-interventionism #environment

Money is a servant to politicians and the country. But, if the politicians and the country become the servant of the money, the politicians has failed. ↗

— Oliver Kemper

#country #money #politicians #politics #money

He became convinced that ordinary commercial financing could be done for a service charge plus an insurance fee amounting to much less that the current rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state's means of exchange. ↗

— Robert A. Heinlein

#economic #money #theory #money

Smartass Disciple: Master, can you trust this bank to keep your money safe? Master of Stupidity: Well, I can put a bit less distrust on this bank than others. ↗

— Toba Beta

#distrust #money #safe #saving #money

If all I had was all that money could buy, I'd be bankrupt!" EL ↗

— Evinda Lepins

#contentment #money #money

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending ↗

— Nassim Nicholas Taleb

#banking #economics #expertise #experts #finance

Governments were only invented to give banks a medium of exchange. Politicians are the only universal currency. ↗

— Bauvard

#currency #funny #government #humor #money

There is a defined gulf Between credit and character If you doubt this, ask any banker; He will advise that character is nice But it is not collateral. ↗

— Evan Rhys

#banks #credit #loans #money #money

All I see is my father’s tax money being wasted on shooting satellite pictures of South America like you guys work for the Travel Channel. -- Todd Dooley (BLACK MARIAH - A Calling) ↗

— Richard Finney

#alpha-male #apocalyptic #contemporary #extraterrestrials #paranormal