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Authored by: Anonymous on Saturday, November 17 2012 @ 10:18 PM EST |
A bank makes money. Literally. From salt (the hash kind, not mined or sea)
and magic numbers. Any country that still believes its government
should have some say in the value of its currency has a simple solution:
wind back the deposit ratio to a sensible number so that the banks'
paper is supported on bricks and mortar, not salt and magic smoke.
In spite of the Islamic denunciation of usury lending and borrowing
through banking intermediaries seems tolerably profitable in the Arab world.
[ Reply to This | Parent | # ]
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Authored by: Anonymous on Sunday, November 18 2012 @ 03:44 PM EST |
Don't have his book handy, but John Bogle, in "Enough" laid
out three categories of people (and i think he was quoting).
From most important to least important:
- Those who make a living from the sweat of their brow and
the work of their hands, they are called "workers".
- Those who make a living from those who make a living from
the sweat of their brow and the work of their hands. They
are called "traders" (as in merchants, not stock traders).
- Those who make a living from those who make a living from
those who make a living from the sweat of their brow and the
work of their hands. They are called "financiers."
Financiers move money around. They don't actually produce
goods of value. This isn't to say moving money around isn't
important - it is. It keeps the funds going to those who
best produce goods of value. However, it, in and of itself,
produces no value.[ Reply to This | Parent | # ]
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