4 ms·
Why banks can not be sued for false advertising ?
by polote 4y ago
Why banks can not be sued for false advertising ?
- itake 4y agoWater out of a rock.
- MonkeyMalarky 4y agoBlood from a stone?
- m4jor 4y agoTruth from a politician
- deleted 4y ago[deleted]
- epgui 4y agoHow is this false advertising? It’s no secret that when you open a chequing or savings account at a bank, you’re loaning them your money. I’m not saying it’s right or wrong, I’m just saying that’s how it works, and everyone should know that, because it’s not a secret.
- basilgohar 4y agoIt is absolutely right, but just as absolutely not how most people think, nor how bank accounts are presented to people. In fact, it's considered "foolish" not to store money in a bank account (and, in many cases, it is), but there's also this small chance this kind of thing can happen, but it's never talked about normally – therefore, out of sight, out of mind. It's unfair to blame people for blaming the banks on this, because the banks get a disproportionate benefit from this kind of system, and most people in modern society have no choice but to rely on banking systems. Again, a person avoiding banking systems is scrutinized as backwards and ignorant, but then folks turn around and shame people for not being aware of how the banks truly work. It may not be a secret, but it's far from common knowledge.
- epgui 4y agoI didn’t say banks shouldn’t be blamed, I said there was no “false advertising”. Words have real meaning, and it’s important to use the right words.
- imtringued 4y agoIt should be common knowledge that this is an intended outcome of a permanent money system, it is going to collapse one day and all you can do is delay it.
- sneak 4y agoAs relevant as ever: https://sneak.berlin/20191119/your-money-isnt-yours/ https://sneak.berlin/20191119/your-money-isnt-yours/
- ur-whale 4y ago> it’s not a secret. It isn't, except that ... I would suggest you go and poll your close family and social network and see how many people actually understand that bit. It certainly isn't the first sentence on the "please open an account with us" pamphlet.
- epgui 4y agoEven if financial literacy is poor… does that make it “false advertising”?
- madsbuch 4y ago> you’re loaning them your money. This is mostly wrong in modern economies. In Denmark you are not able to to buy a car with cash (Yor are legally required to use banks when transacting more than DKK 20.000, ~USD 2.700). This has promoted the banking system to nation critical infrastructure, and the money in the bank is not a representation of "paper money". It is the money.
- epgui 4y agoAre you arguing that you can’t avoid using a bank, or that your deposits are not a loan to the bank?
- madsbuch 4y agoI am arguing that it is futile to see it as a loan to the bank. * There is no "lending" risk by depositing your money, only the currency risk (government insured deposits) * Banks provide critical infrastructure to transfer funds mandated to be used by the government. * It is even called deposits when you add money to you account, not a loan. * In Denmark we, still, have negative interests on deposits (at -0.6%, also for consumers) -- lending out is mandated to cost interests as in the tax authorities will force me to add interests at ~2.5% when I give a loan to somebody. All in all, depositing money in a modern bank should not be seen as providing a loan.
- layer8 4y agoHow would you pay your lawyer?
- throw123123123 4y agoBecause banks are part of the government.
- matrix_overload 4y agoBecause the courts are run by the same kind of people as the banks.