We Are 97% Owned By The Banks : Sun May 13, 2012 10:46 pm  

A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt. A must watch to understand the current economic crisis. http://www.positivemoney.org.uk/97perce ... cumentary/ Where does money come from? Who creates it? Who decides how it gets used? 97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach. Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis. For anybody interested there is also an extended two hour version of the same documentary. I'd be grateful if people could watch it and tell me your opinions.

A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt. A must watch to understand the current economic crisis. http://www.positivemoney.org.uk/97perce ... cumentary/ Where does money come from? Who creates it? Who decides how it gets used? 97% Owned is a new documentary that reveals how money is at the root of our current social and economic crisis. Featuring frank interviews and commentary from economists, campaigners and former bankers, it exposes the privatised, debt-based monetary system that gives banks the power to create money, shape the economy, cause crises and push house prices out of reach. Fact-based and clearly explained, in just 60 minutes it shows how the power to create money is the piece of the puzzle that economists were missing when they failed to predict the crisis. For anybody interested there is also an extended two hour version of the same documentary. I'd be grateful if people could watch it and tell me your opinions.

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 11:20 am  

Do you have a mortgage?

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 12:42 pm  

Diavolo Rosso wrote:

Do you have a mortgage?

Yes I do.

Funny thing is when I took out my mortgage I was under the impression that the money I was borrowing was actually coming from another persons savings, not instantly created from nothing by the bank once I'd signed the paperwork.

It must have taken bank staff say 8 hours of work to sort out the details of my mortgage and then I spend the next 20 years giving the bank 25% of my income - 5 years worth of wages! Great scam don't you think?

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 12:59 pm  

LeighGionaire wrote:

It must have taken bank staff say 8 hours of work to sort out the details of my mortgage and then I spend the next 20 years giving the bank 25% of my income - 5 years worth of wages! Great scam don't you think?

Actually I think it is an excellent system, when it works right.

When banks get greedy and lend to those who the shouldn't be lending to and encourage those to take on more debt that they can handle because rises in property prices mean they wouldn't be out of profit then they get stung.

Perhaps the major failing is the brainwashing we have that the only way is property ownership for everyone and renting is sociably unacceptable.

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 1:06 pm  

Big Graeme wrote:

Actually I think it is an excellent system, when it works right.

When banks get greedy and lend to those who the shouldn't be lending to and encourage those to take on more debt that they can handle because rises in property prices mean they wouldn't be out of profit then they get stung.

Perhaps the major failing is the brainwashing we have that the only way is property ownership for everyone and renting is sociably unacceptable.

Errrm, WHO gets stung?

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 3:08 pm  

LeighGionaire wrote:

A new one hour documentary called 97% Owned - explaining clearly how banks create money out of nothing, make you pay interest on it and why we are all drowning in debt.

Which banks make people pay interest? Don't people chose, sometimes, irrationally to pay interest?

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 3:15 pm  

Dally wrote:

Which banks make people pay interest? Don't people chose, sometimes, irrationally to pay interest?

No, as far as I am aware there is no bank that allows you to opt out of paying interest on a mortgage or loan.

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 3:51 pm  

Big Graeme wrote:

No, as far as I am aware there is no bank that allows you to opt out of paying interest on a mortgage or loan.

0% finance isn't unusual.
Although the point was more about nobody being forced to take out a loan.

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 3:56 pm  

Richie wrote:

0% finance isn't unusual.

For a mortgage it is. And even 0% is paid for in other ways when taking out finance deals.

Richie wrote:

Although the point was more about nobody being forced to take out a loan.

True, went round the houses to say it though.

Re: We Are 97% Owned By The Banks : Mon May 14, 2012 4:00 pm  

Richie wrote:

0% finance isn't unusual.

But no such thing exists in reality

Richie wrote:

Although the point was more about nobody being forced to take out a loan.

The final decision is still with the lender, they are the ones who should be bearing the risk