"A Banking System that steals people's Money"

[Telstra]

"It was theft and you knew it.
And it was fraud and you knew it. We know that you knew it"

Do you agree with this statement.
If yes, why are they not in jail ??

 

[cityboy-stl]

I do agree completely and I've been asking the same question for the last 8 years. Why aren't they in jail?

 

[luckynumbah7]

I do agree completely and I've been asking the same question for the last 8 years. Why aren't they in jail?

^That would be because they continue to have all the money.

 

[Telstra]

^That would be because they continue to have all the money.

But money doesn't get you out of jail.
If you murder someone, it doesn't matter how much money you got, it doesn't get you out of jail.

 

[luckynumbah7]

Your naivete is occasionally charming, Telly. Like most things, intersections matter.

 

[mikey3000]

It helps you from being there in the first place. yup.

 

[gsdx]

But money doesn't get you out of jail.
If you murder someone, it doesn't matter how much money you got, it doesn't get you out of jail.

Two letters: OJ

 

[mikey3000]

(Psssst, OJ is still in jail)

 

[Willie Boy]

"It was theft and you knew it.
And it was fraud and you knew it. We know that you knew it"

Do you agree with this statement.
If yes, why are they not in jail ??

I do agree completely and I've been asking the same question for the last 8 years. Why aren't they in jail?

Because although it may be wrong it is not necessarily illegal.

 

[star-warrior]

We've come to the assumption that if we place our money in the banks, we get some sort of interest paid back on the amount we have in. The interest rates are nearly always a low percentage and positive. So savers have income from these rates, and borrowers have to pay the bank back for any money they borrow.

Japan in recent years have introduced a negative percentage rate, and has the reversing effect. If you're a saver, they penalise you. If you're a borrower, the bank gives you money... It seems crazy doesn't it, your hard earned cash being whittled away and given away to people who borrow....

 

[kallipolis]

The Japanese are well known spend thrifts that has over many years led Japan into a deflationary pit.

Money is of no benefit to anyone unless it is being used.

Wise savers maintain a reasonable balance in their bank account to cover emergencies, while spending sensibly.

Stimulating a nation's economy by encouraging citizens to spend wisely serves the common good.

Government inspired austerity programmes are notorious for shrinking the job market, and reducing taxable income upon which government depends to fund pensions, and welfare for the unemployed. Any rise in the unemployment rate shrinks government income, while increasing its expenditure to assist the unemployed.

I maintain a small bank balance, spending responsibly...

....knowing that tomorrow I may not be alive, there being no fixed life term for human life.

 

[Benvolio]

I do agree completely and I've been asking the same question for the last 8 years. Why aren't they in jail?

What law was broken?

 

[Telstra]

What law was broken?

"Fraud and Theft" are legal ?

 

[frankfrank]

But money doesn't get you out of jail.
If you murder someone, it doesn't matter how much money you got, it doesn't get you out of jail.

In the USA, "affluenza" has been successfully used to keep rich people out of prison, occasionally.

There was that teenager who was driving drunk, and killed five people in a wreck last year in Texas, and he never had to go to jail at all...just "probation." I don't have the link, but it was a major story last year.

 

[Kabluey]

The Japanese are well known spend thrifts that has over many years led Japan into a deflationary pit.

Money is of no benefit to anyone unless it is being used.

Wise savers maintain a reasonable balance in their bank account to cover emergencies, while spending sensibly.

Stimulating a nation's economy by encouraging citizens to spend wisely serves the common good.

Government inspired austerity programmes are notorious for shrinking the job market, and reducing taxable income upon which government depends to fund pensions, and welfare for the unemployed. Any rise in the unemployment rate shrinks government income, while increasing its expenditure to assist the unemployed.

I maintain a small bank balance, spending responsibly...

....knowing that tomorrow I may not be alive, there being no fixed life term for human life.

Japan also suffered a prolonged period of asset price deflation, in particular for housing. A shrinking population, aging workforce and long established savings programmes, combined with banking collapses in recent history have created a very risk averse economy with widespread flocking behaviour.
When uncertainty hits the economy, spending stops very suddenly.
By comparison credit-fueled economies at least encourage distribution of monies.

 

[Kulindahr]

Because although it may be wrong it is not necessarily illegal.

Yes.

The wealthy have made the same error made countless times in history, namely that the law they can buy is what defines morality. It doesn't: many things not proscribed by law are immoral, and many laws are immoral. And almost invariably, the way that the wealthy deal with the law is immoral.

 

[Kulindahr]

We've come to the assumption that if we place our money in the banks, we get some sort of interest paid back on the amount we have in. The interest rates are nearly always a low percentage and positive. So savers have income from these rates, and borrowers have to pay the bank back for any money they borrow.

The interest rates on savings are just another form of theft: they're not even enough to keep up with inflation. That's why the wealthy don't have savings accounts; savings accounts are a guaranteed way to lose spending power.

I like an idea I heard from a Republican candidate in Oregon: basic savings should pay 20% of the highest interest rate a financial institution charges. So banks running a 24% APR on credit cards would have to pay a minimum 4.8% on basic savings. If they want to get away with the sort of savings interest we currently see, at 0.25%, the highest interest rate they could charge for any credit would be 5%.

 

[Kulindahr]

Re: "A Banking System that steals people's Money"

Wise savers maintain a reasonable balance in their bank account to cover emergencies, while spending sensibly.

I was always taught that a wise saver keeps two years worth of income in the bank, plus twenty percent for emergencies.

I've never been able to manage that.

 

[Kulindahr]

"Fraud and Theft" are legal ?

When you own the politicians and the lawyers, yes.

 

[kallipolis]

Re: "A Banking System that steals people's Money"

I was always taught that a wise saver keeps two years worth of income in the bank, plus twenty percent for emergencies.

I've never been able to manage that.

The OCD personality reckons he will be alive tomorrow.