Banks can create money out of THIN AIR with NOTHING to back it up and then they can charge interest on it to profit?
Plus on top of that, then they judge rich clients as more "credit worthy" so they have easy access to credit hence rarely go bankrupt, than poor people who would be forced to bankruptcy, have their homes foreclosed and made homeless?
Why is this allowed?
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It's only allowed until working class America realizes BEANS are a way better method of doing transactions.
>Banks can create money out of THIN AIR with NOTHING to back it up and then they can charge interest on it to profit?
That's not how it works at all
Fuck off back to r/Bernie and r/socialism
>Plus on top of that, then they judge rich clients as more "credit worthy" so they have easy access to credit hence rarely go bankrupt, than poor people who would be forced to bankruptcy, have their homes foreclosed and made homeless?
So you'd sooner loan $10,000 to someone with $5,000 debt, no money in the bank, and a $2000/mo salary than someone with a 7-figure net worth who makes $40k/mo?
That $10,000 loan was created out of tjin air with no risk to the banker.
...
>I have never heard of fractional reserve banking
It's funny because after the bailouts that's literally true.
...
>le fractional reserve banking
>le money multiplier model
Yeah its already been debunked by the horses mouth themselves
bankofengland.co.uk
>they have easy access to credit hence rarely go bankrupt
wealthier people declare bankruptcy about twice as often as poor or average people.
find a life, hedge fund baby.
>Spouts fake news liberal propaganda
>Gets intellectually sodomized
>Resorts to ad homs
Communists are consistently worse than ancaps.
No, but the bank should be ashamed for charging the poor guy 24% on his credit card balance. Wtf ever happened to usury laws?
>No, but the bank should be ashamed for charging the poor guy 24% on his credit card balance.
Why? If they don't charge him 24% they won't make their fucking money back on the other deadbeats who never repaid the loan.
>Wtf ever happened to usury laws?
They went away because they're retarded. Why would I lend money to a stranger if he's not going to pay it back with interest?
No. Myth floated mainly by gold bugs etc. Banks do not type some random numbers to your account. Mike Maloney used to tell this story.
They have to have that money deposited by someone else first ofcourse. Not some magical pc/check they simply create money lol
It devalues everything else. Read about the Weimar Republic and Zimbabwe. It's called inflation.
No.
BERNIE KEKS BTFOOOO
One man must pay for the burden of all the other assholes? Why not just send a repo man after the deadbeats that do owe the bank?
>One man must pay for the burden of all the other assholes?
Yes, because he is just as likely to be a deadbeat as they are. People with bad credit cannot be trusted to pay their loans back, so it's necessary to charge them absurd interest rates or not loan to them at all.
Do you think payday loan agencies actually get a 25%+ ROI?
>Why not just send a repo man after the deadbeats that do owe the bank?
A lot of deadbeats don't have anything worth taking.
Even if they did, it often costs more to collect than the loan is worth.
That's why banks often sell delinquent loans to collection agencies.
You choose to pay interest, berntard
Why is it that some people feel the need to be cheerleaders against themselves? Is this a type of masochism?
buy POSW now and youll never have to worry about this shit
not masochists
sadists
t. jason unruhe