Why the whole banking system is a scam - Godfrey Bloom

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Picture of steve196025 achievements

+52 1. steve1960 commented 9 years ago

like it and it's all down to one word ....GREED....
Picture of ughlah41 achievements
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-12 2. ughlah commented 9 years ago

He is of course part right, yet there is about every other speaker who will say, that with 10 or so times less bank credits our industry wouldn't be able to work at all.

Simple example: I make 4000 $ per year in revenue. I buy a really good computer (or whatever) every 4 years, cause I need that for me work for 4000 $. Now depreciation over 4 years means I have to pay taxes on 3000 $ in the first year. The alternative is to buy the computer with a credit. Thus I'm paying the money back at the same rate it is depreciated.

If you are about to change money printing and the credit system you will have to go a lot of steps further and change the IRS and its workings as well.
Picture of Tehnol36 achievements

+66 3. Tehnol commented 9 years ago

Glad at least one politician has the balls to say it
Picture of WildMonkey32 achievements

+28 4. WildMonkey commented 9 years ago

Fractional banking and seigniorage are nothing new, it's as old as banking itself. The problem doesn't lie entirely on them; it's the grotesque misuse of said tools, including leverage, the ridiculous 30:1 Debt-to-Equity ratios of financial institutions, unregulated securities market, the destruction of Glass-Steagall, a do-nothing SEC, cronyism, financial lobbyist that literally write the laws and tell politicians what to do, say, and sign in to law.

The financial markets aren't the joke, human nature is.
Picture of krillemaster46 achievements

+22 5. krillemaster commented 9 years ago

We cannot allow our economic life to be controlled by that small group of men whose chief outlook upon the social welfare is tinctured by the fact that they can make huge profits from the lending of money.

-FDR, 1932
Picture of sidewinder26 achievements

+18 6. sidewinder commented 9 years ago

Picture of jackDjohnson35 achievements

+13 7. jackDjohnson commented 9 years ago

Bout time someone grew up and started telling the TRUTH !!! I hate Politics !! :S
Picture of Oddi50 achievements

+13 8. Oddi commented 9 years ago

I believe actually everyone in there has a rather excelent understanding of how and why the system works this way.. and all know what the problem is... the greed of bankers and polititians of course. So this speech is probably given to get more voters for his party and to show that he cares for us.. anyway at least they start telling some big truths.. even kinda pointless is still a good thing
Picture of z81070736 achievements

+14 9. z810707 commented 9 years ago

It is a great speech but its only touching the top of the iceberg.
Picture of Thanny37 achievements
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-7 10. Thanny commented 9 years ago

Comparing quantitative easing to counterfeiting is ludicrous. And fractional reserve lending is not a problem when you have deposit insurance and regulation. Moreover, no bank in history has ever *not* done fractional reserve lending.

Really, this is just a profoundly ignorant rant, from a man who clearly has no understanding what caused the financial crisis and what did not.
Picture of banzemanga46 achievements

+15 11. banzemanga commented 9 years ago

That woman, she must be part of the scam. Just look how annoyed her face was when listening to his speech.
Picture of UofMichFan16 achievements

+2 12. UofMichFan commented 9 years ago

For a minute there I thought he was talking about what Obama and his stooge Geithner are doing with our Treasury Department.
Picture of mosfet2333 achievements

+7 13. mosfet23 commented 9 years ago

Just as the chasm between the rich and poor is growing exponetially...So will the gap between rich and poor governments grow equally immense. Rich governments will be able to continue printing money and it hold value against each other, while the poor one's will see their currency become toilet paper by doing exactly the same. It's all about 'Might Makes Right' and nothing to do with right and wrong. Someone always pays in the end but it won't be rich folks or rich countries.
Picture of Acorn25 achievements

+6 14. Acorn commented 9 years ago

The sad part is, people still believe in democracy.
But democracy only works until money is presented.

"democracy is the worst form of government, except for all the others"
Sir Winston Churchill
Picture of Break-a-leg27 achievements

+7 15. Break-a-leg commented 9 years ago

@Acorn, isn't it that the whole world is built on money? And that in this world, money is nothing more than a guarentee that I, the spender, have done my share of work and hereby request you to do your share.
Ever since our ancestors thousands of years ago traded 1 wolfskin for two hammers has money (in an indirect form) been around.

therefore, to claim that democracy only exists as a product of money is true, but just as true is the statement that science is only possible because somebody pays for it.

For as far as the video goes, I totally agree. However, damage done to the entire financial system if more banks would topple over is huge. saving the banks is probably necessary.
BUT: Isn't it entirely valid to ban the CEO and board from doing a similar job again, ever? Or even jail them? That way, the financial system won't collaps and those greedy bankers will end up broke and harmless to society.
Picture of Baliverne25 achievements

+5 16. Baliverne commented 9 years ago

Everyone throwing human nature and "the way it just is", learn some facts because youre thinking inside the box you've grown and are desperately imprisoned in.

It's the environment you are raised into that shapes the kind of person you are, off course the financial market is the joke and not human nature. A joke that forces us to compete in a game of musical chair that has your house and well-being at stakes when the music stops.

If you change the variables in the early life of a person (having both relatively caring parents instead of only one that beats him for exemple), the child that grows into a ruthless competitor for money also has the potential to be an altruistic adult.
It's not in our nature to destroy each other, it's a way of self preservation we auto-generate in reaction to the system.
Human Behavior, not human nature.
Picture of Dolfy5 achievements

+2 17. Dolfy commented 9 years ago

Mr Bloom just proved he has no idea how the fractional reserve system really works.

Picture of BrutoN5 achievements

+9 18. BrutoN commented 9 years ago

Damn he is a passionate person. Need more people like him in public office.
Picture of vfines24 achievements

-1 19. vfines commented 9 years ago

If we had stayed on the gold stantard this currency manipulation could not have happened. Also kept private central banking, Federal Reserve, out of the government would have been a big help. No FR no IRSS. We can Thank Woodrow Wilson and Richard Nixon primarily for this fine mess we are in.
Picture of wongraven37 achievements

-2 20. wongraven commented 9 years ago

Read this people !!

Picture of ughlah41 achievements
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-5 21. ughlah commented 9 years ago

Well, as soon as someone starts talking some sense, they are voted down.

Just because something sounds good, it isn't automatically true. But I guess there is always enough sheep to follow an eloquent speaker, and history has shown us more than enough examples.

Next, let's post a video where someone asks why some top managers work 90 hours for awesome money and how it would be so much better to give that work to two people instead. Or why it is such a brilliant idea to increase taxes for the rich to 75% or even 100% after a certain amount of income.
Picture of roady24 achievements

+3 22. roady commented 9 years ago

#17 the issue is not fractional reserve as such, which is lending out most of the money you have. The issue is lending money you don't have, never had, and claiming interest you do not deserve. This devalues the money, which was fine when it was just the bank that would go bust. Money is called "bank notes" for a reason. But when the country guarantees the notes, then only the country should be issuing the money. And as a policy, should perhaps not issue inflationary amounts that sacrifice pensions and services to get politicians dodgy deals.
Picture of thundersnow58 achievements

+1 23. thundersnow commented 7 years ago

#5..I like the quote..FDR, the best President we've ever had in the US, the one who made some true changes...also like this video!
Picture of Judge-Jake53 achievements

+4 24. Judge-Jake commented 7 years ago

Sadly He went on say some very stupid things in public and got fired but his banking speech wonderful and what a great speaking voice :squirrel:
Picture of sux2bu67 achievements

+1 25. sux2bu commented 7 years ago

#23 FDR....father of the modern welfare state ,thanks a lot.Franklin Roosevelt’s New Deal was bad news for the economy because he expanded the burden of federal spending, raised tax rates, and increased government intervention.His policies made the Great Depression last longer than it should have.
Also during the height of the Great Depression FDR passed the Agricultural Adjustment Act, which was probably the most idiotic law in American history because it initially mandated that farmers slaughter livestock and burn their crops in order to keep prices high and get people to move from the cities to the country.
He also made it illegal for citizens to own gold coins or bullion which they were required to turn over the the Federal Government under threat of fines and/or imprisonment....thus he stole people's private property.
He was power-hungry so he trampled on the Constitution and people's rights. (similar to what BO has been doing)
Picture of thundersnow58 achievements

0 26. thundersnow commented 7 years ago

Yeah, those are the same people who gladly (and rightfully) accept unemployment, disability, and social security, all of which he had initiated while they are criticizing it at the same time. So much for logic!
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+2 27. sux2bu commented 7 years ago

Liberals and socialists loved FDR....guessing you are one of them.