4 ms·
I think it is absolutely insane that we are basically depositing our hard earned money into gambling houses that can collapse the entire system. If one thing s
by sschueller 4y ago
I think it is absolutely insane that we are basically depositing our hard earned money into gambling houses that can collapse the entire system.
If one thing should be as solid as a rock it should be our trust in our currency and if that can't be achieved then maybe we need to go back to the gold standard however ridiculous that maybe.
- belter 4y agoAlready posted this here before...You are not depositing...You are loaning to the bank. If you want to deposit use a deposit box. "...At the moment of deposit, the funds become the property of the depository bank. Thus, as a depositor, you are in essence a creditor of the bank..." "Does The Money In Your Bank Account Really Belong To You?" - https://www.sgrlaw.com/does-the-money-in-your-bank-account-really-belong-to-you/ https://www.sgrlaw.com/does-the-money-in-your-bank-account-r...
- Arnt 4y agoMore than ridiculous: Irrelevant. Using gold as reference means that the value of everything else equals the amount of gold. Dig more gold out of the ground, and the amount of money increases, which sort of means that digging for gold creates value. Building a house without digging for gold does not create overall value in such a system, if you do that you're devaluating all the existing assets and transferring some value to you. It's not a terribly attractive system IMNSHO. Central banks tried to make it more attractive by trying to fix prices instead of the tying the total value of the economy to gold, turning it into a notionally gold-backed system. It's also not a relevant difference; as you can imagine, introducing gold-backed currency doesn't turn uninsured depots into insured deposits.