#banking

The trouble is, nobody knows exactly how the world really works. We are all fallible people with limited knowledge. It is only through Biblical revelation from the One who knows how the world really works because He made it and actively sustains it that anyone can come to a competent understanding of the world. ↗

— Gary North

#christianity #economics #reconstructionism #money

The advantage of online banking is that you can pay bills superfast, and your account is automatically credited or debited for each deposit and payment, making it easier to stay on track. ↗

— Suze Orman

#advantage #automatically #banking #bills #credited

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

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

We think it would be safer if the Bank of England had responsibility for solvency regulation of UK-based banks, as well as having an overall duty to keep the system solvent. Otherwise, there could be dangerous delays if a banking crisis did hit. ↗

— John Redwood

#banking #banks #could #crisis #dangerous

We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises. ↗

— Lawrence Summers

#back #banking #century #crises #depression

The reform of state industry, and most directly related to that, the banking sector, is enormously daunting. ↗

— William Kirby

#daunting #directly #enormously #industry #most

When you need to borrow money the Mob seems like a better deal I think. 'You don't pay me back I break both yer legs.' Is that all? You won't take my house or wreck my credit rating? Fine where do I sign. Legs? Fine. You don't even have to sign anything. ↗

— Craig Ferguson

#credit #mob #money #real-estate #recession

If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has. ↗

— John Maynard Keynes

#debt #economics #economics