#banking

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

Like the Nazis, the cadres of jihad have a death wish that sets the seal on their nihilism. The goal of a world run by an oligarchy in possession of Teutonic genes, who may kill or enslave other 'races' according to need, is not more unrealizable than the idea that a single state, let alone the globe itself, could be governed according to the dictates of an allegedly holy book. This mad scheme begins by denying itself the talents (and the rights) of half the population, views with superstitious horror the charging of interest, and invokes the right of Muslims to subject nonbelievers to special taxes and confiscations. Not even Afghanistan or Somalia, scenes of the furthest advances yet made by pro-caliphate forces, could be governed for long in this way without setting new standards for beggary and decline. ↗

— Christopher Hitchens

#caliphate #death-of-osama-bin-laden #fascism #islam #islamic-banking

We've got activists all across the country like the members of the Million Mom March organization, some of their leaders are here tonight. We're phone banking congressional offices and pursuing editorial boards. ↗

— Michael D. Barnes

#activists #banking #boards #congressional #country

The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. Everybody seems to think it is a free and clear open checkbook. It's not. The banking system in China is extremely fragile. ↗

— James Chanos

#banking system #built #china #chinese #clear

The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance. ↗

— Ron Chernow

#age #banking #banking system #conventional #faith

From blood banking to the modern subway, from jazz to social justice, the contributions of African Americans have shaped and molded and influenced our national culture and our national character. ↗

— Bill Frist

#african americans #banking #blood #character #contributions

Governments of all stripes want to deliver growth and rebalance their economies now that they have learned the hard way that, left to their own devices, markets pick expensive banking losers. ↗

— Frances O'Grady

#deliver #devices #economies #expensive #governments

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

It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country. ↗

— Adam Smith

#augmenting #banking #capital #country #greater

There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth. ↗

— Frederick Soddy

#banking system #debt #deeper #ever #expansion