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> I know the billionaires have their wealth as unrealized gains; I chose my words carefully That they use as collateral to get loans from banks that actually h
by ohgodplsno 5y ago
> I know the billionaires have their wealth as unrealized gains; I chose my words carefully
That they use as collateral to get loans from banks that actually have that money. "Billionaires don't actually have that money" is peak bootlicker logic.
- frutiger 5y agoThat’s why I said “vast majority of people”.
- landemva 5y agoNo, the banks don't actually have the money. Banks are regulated and licensed to print money based on undercollateralized loans. A house mortgage with 20% down is designed to be undercollateralized. When the regulators and debt rating agencies don't do their jobs, it is easily apparent those loans were not fully collateralized. Therefore, the loans created money out of thin air. The banks are licensed to print money.
- ohgodplsno 5y agoBig bootlicker energy here. It doesn't matter if what your bank gives you isn't paper money. That's not the point. The point is, you go to the bank, you can buy absolutely anything you want with your loaned money, even if it's just a line in a database called fake_money_literally_just_printed.