Post by Farmer Giles Post by Dan S. MacAbre Post by Farmer Giles Post by Dan S. MacAbre Post by Farmer Giles Post by Basil Jet
... thus proving they can't accept change ;-)
All bluster, I suggest. I wonder if any have left the country yet?
On this side of the pond, it's been years since I've been given a
They're still being minted, but I have to ask for them at the bank...
I pay for everything with a debit card now. If I actually need any
cash (e.g. placating beggars, collections at work), I never have any.
Although most people don't understand why, the move away from cash is
responsible for a lot of current debt.
I can understand why,
I could be wrong, but I don't think you do.
Okay, I probably don't actually. I generally assume it's because one's
money is abstracted (i.e. you don't see it any more, so you don't think
about it). If you'd care to suggest something else, I'd be happy to
Money used to be backed by gold. Now it is created through debt,
and private banks. Fiat currency is nothing more than an enormous
scheme and those who pretend otherwise either haven't understood how money
works or are hiding the truth from the public.
I have a vague sense of that, but I thought the discussion was about
personal debt. Apart from my mortgage, which I repaid decades ago
as quickly as I was able to, I have never actually borrowed money
for anything, so the causes of personal debt aren't something I've
given much thought to. I tend to put it down to the exploitation of
weakness in the face of temptation :-), but there seems to be a
suggestion here that there is a subtler reason for it.
Not really, Incubus has it - but I knew he did anyway from previous
Ninety-seven percent of the money in circulation is borrowed into
existence - you may not borrow it but someone has to on your behalf.
It is borrowed into existence through bank lending - they create it
out of nothing.
The other 3% is cash and coins, which is produced by the government.
Fifty years ago, for example, that percentage was much greater. I
don't know if you were around at the time, but if you were you would
know that in those days most people were paid in cash - and bought
things in cash. That is the reason why the increasing use of credit
cards, etc, has increased personal debt.
It is built into the system, and is inevitable - and not necessarily
about personal profligacy.
I did 'sort of' know that (as far as I am able to understand it). I
am aware that there is much more money in imaginary computer system
balances than there is available to hand out should everyone want to
withdraw it. I was paid in cash for the first months of my
employment, but I never really had a sense that even paper money was
worth anything anyway, since it explicitly identifies itself as a
'promise' :-) I felt that metal coins did have value, because it
occasionally crept into the news that things like copper coins were
worth more as scrap metal, so they had to keep making them smaller. I
think I realise that credit cards (which I have never had) facilitate
this in the banks' favour; but I've always regarded my debit card as
harmless enough :-)
I'm under no illusions that banks are there for our benefit. I
currently pay £5 a month for my bank account, but only because I get
about £7 in cashback and interest. If that balance should change,
I'll move to a different bank; but eventually, I expect it will be
like playing whack-a-mole.
I'm sorry, but I think you're missing the point entirely.