Sorry I wasn't mocking your words, I genuinely thought you meant I was working for a bank! If you "defend" an organisation, a lot of people who disagree with what you are saying will try and dismiss your views by saying you work for them.(Original post by GwrxVurfer)
As we've seen, the American system is the same as the British monetary system in all but name (They call it Federal Reserve, we call it Bank of England).
They pay a certain level of interest, known as "yield". There isn't a set figure though, but is always charged.
Loaning themselves the money they need at 0% interest instead of borrowing it at high rates of interest would cut back on their debt.
I am not suggesting you are employed by a bank. By "work for", I am referring to the fact that those banks make a financial profit from your hard-work (I'm guessing you have taken out a loan at some point in your life), and profit from you leaving your money with them for safe-keeping. But if you really want to argue semantics - Why do you say that you work/bank with BankName - Are you really a major business partner of that bank? Or are you just trying to feel good about yourself?
Dont worry about answering that one, I was humorously mocking your choice of words, the same way you criticized mine. I don't think we should get bogged down in little issues like that.
I've given you two sources already, but you denied that either of them said anything about creating money. Even when I gave you a further link to the exact page which discusses money creation, you still refused to accept that it existed.
Even after going out of my way to further assist you with this, you then moved on to a new argument of "I don't trust that website". I think it's becoming apparent that you will always find some reason not to accept the sources, simply because they hinder your argument. I'm trying to be reasonable with you, but you are making it incredibly difficult (intentionally or otherwise).
The source you gave me talked about money creation at a central bank - a place I have said on several occasions DOES make money. You are claiming that retail banks create their own money - that is what I am disputing (and is what I very clearly said in the last post).
I don't particularly trust that website no, but I am happy to accept it as a source - I wouldn't base my entire opinion on it though. That website said absolutely nothing about retail banks creating their own money, just a central bank. Something I have accepted time and time and time again anyway.
I have no denied either of them say anything about banks creating money. I said I could not find anywhere on the page that says that - and the one passage you gave me wasn't relevant to my point anyway. Find me a quote on one of those (or any other) websites about retail banks creating their own money (NOT central banks) and I will believe it.
What's your story?