Court rules banks can !!!!!! you provided they warn you first

Edinburghlass_2

Be aware of the website this OP comes from....

Treating ALL news as A Remarkable Special Event - UK Spoof news and satire.

colprimus

mojjie wrote: »

Oh where to start indeed - you have got a bank account, you read the terms and conditions I presume in that glossy leaflet you mention and duly signed up so caveat emptor I would have thought. I would not dispute with you that the charges are unfair, iniquitous and pretty indefensible and that banks as a whole are a cancer on society but no one forced you to sign up to a bank account or have an overdraft. That maybe unpalatable but is true.

I am also not sure how you think this thin air credit works. You buy a house off me, get a mortgage to do so and I am paid nothing? The mortgage company fronts perfectly real money. If not the whole sub prime bubble would merely be a mirage and everybody would be hunk dory.

The whole sub prime bubble was in fact banks lending money that they did not actually..really have to people who couldn't pay it back. That is what the Bailout was about..ie the banks lent out money they didn't actually have, the govt has had to save them from collapse with money that it(the govt) did not actually have hence they have introduced 'quantative easing' ie printing more money to make up for what they had to give the banks...the govt has invented out of thin air the money they gave to the banks and we the tax payers will be paying for it for at least a generation...Watch Zeitgeist Addendum on google movies and open your eyes to what has really happened

poppingjay

mojjie wrote: »

Oh where to start indeed - you have got a bank account, you read the terms and conditions I presume in that glossy leaflet you mention and duly signed up so caveat emptor I would have thought. I would not dispute with you that the charges are unfair, iniquitous and pretty indefensible and that banks as a whole are a cancer on society but no one forced you to sign up to a bank account or have an overdraft. That maybe unpalatable but is true.

I am also not sure how you think this thin air credit works. You buy a house off me, get a mortgage to do so and I am paid nothing? The mortgage company fronts perfectly real money. If not the whole sub prime bubble would merely be a mirage and everybody would be hunk dory.

Thank you for your reply

Fractional reserve banking - the bank only has to keep a small percentage of 'money' in reserve to cover withdrawals in some instances as low as 10% so essentially that means that for every £1 deposit they can lend out £10. These days it doesn't seem to matter if they don't have any because the government will bail them out.

Prior to your mortgage contract being drafted most of that 'money' didn't exist anywhere it has literally been conjured into existence on your promise to repay - and the craziest thing is they are allowed to distribute it in the national currency!

Ease of getting credit (for some) has allowed for some serious over pricing in the markets and this is 'value added' that will never be recouped. Back to the hamster wheels folk - earn your living, whip whip!

Does anyone have a good argument as to why the Government doesn't print out it's own money? Private corporations are ok for eyeshadow and sports cars - but they shouldn't have so much sway over the finances of a democratic nation and the real people in it. It like living in the dark ages (with a few over priced gadgets to distract us).

mojjie

poppingjay wrote: »

Thank you for your reply

Fractional reserve banking - the bank only has to keep a small percentage of 'money' in reserve to cover withdrawals in some instances as low as 10% so essentially that means that for every £1 deposit they can lend out £10. These days it doesn't seem to matter if they don't have any because the government will bail them out.

Prior to your mortgage contract being drafted most of that 'money' didn't exist anywhere it has literally been conjured into existence on your promise to repay - and the craziest thing is they are allowed to distribute it in the national currency!

Ease of getting credit (for some) has allowed for some serious over pricing in the markets and this is 'value added' that will never be recouped. Back to the hamster wheels folk - earn your living, whip whip!

Does anyone have a good argument as to why the Government doesn't print out it's own money? Private corporations are ok for eyeshadow and sports cars - but they shouldn't have so much sway over the finances of a democratic nation and the real people in it. It like living in the dark ages (with a few over priced gadgets to distract us).

Hang on, the money is still real it is not produced out of thin air, all it means is that the banks gamble on the fact that depositers will not ask for their money all at once and result in a run on the bank.

poppingjay

mojjie wrote: »

Hang on, the money is still real it is not produced out of thin air, all it means is that the banks gamble on the fact that depositers will not ask for their money all at once and result in a run on the bank.

All money is debt - it says quite clearly on it - it is a docket for items of real value held in the vaults. There is a very informative film called 'Money as Debt' available on Google video and it might give some food for thought to any of you that think that banks are in anyway good for the general economy.

Money stopped being real when it stopped reflecting the true value of goods and services and floated off into the ethereal world of 'fractional reserve banking'. Google it - I haven't made it up I promise

If a bank only has to have 10% of the amount loaned in reserve where do you suppose the other 90% comes from? It comes from your legally enforceable promise to repay - without your signed contract they can't create the new money. I thought more people would have known about this :huh:

colprimus

mojjie wrote: »

Hang on, the money is still real it is not produced out of thin air, all it means is that the banks gamble on the fact that depositers will not ask for their money all at once and result in a run on the bank.

No it means for every £1 they have in deposits they can lend £10 and that is exactly what they did...that is called reckless lending

voiceofreason

pingchris wrote: »

March on london march on these horrible nasty con men who are screwing you and me into the ground,i hate these people,what example are they setting the young of britain,rip off is good ,con is good ,lies are good,deception is good,

they need to be stopped,britain is crumbling while they take there cash and sit in there deck chairs sipping whisky,they laugh at us,they lie to us,they steal from us and what do we do,we type words into computers like i am doing now,as its the only way to vent our anger,they think they can stop millions from marching on them,i hope we march to london,every man and woman,to get these GOONS to take notice of what they are doing to my country,i hate them,i want them out,the stench coming from number 10 downing street makes me sick

The whisky.....oh, the whisky

dzug1

poppingjay wrote: »

Firstly, I wouldn't mind so much if having a bank account was an avoidable luxury but it isn't and is thus a public service and as such should not rip people off 'just because they can'. Ethics simply must come into play - business is a tool of human interaction, not some insatiable beast that must be obeyed. It amazes me how many people are good pets just because the inherent unfairness of a system doesn't effect them personally.

Having a bank account is not unavoidable though - It is possible (but difficult) to survive without one and possible (and easy - insofar as living is easy at all) to live with just a basic or savings account that doesn't allow you to go overdrawn. If you don't NEED the possibility of an unarranged overdraft you do have an alternative.

Former_Spice

Edinburghlass wrote: »

Be aware of the website this OP comes from....

Treating ALL news as A Remarkable Special Event - UK Spoof news and satire.

Surprisingly nobody but you got the spoof nature of the OP.

achtunglady

Snakeeyes21 wrote: »

Then dont agree to contracts your not happy with

or get an authorized overdraft instead of using an an unauthorized one then complaining of unfair charges which you knew would be levied when you use the unauthorized overdraft

Im sure you dont sign employment contracts if your not happy with them

Some of the banks wont let you have an authorised overdraft but quite happy to let you go overdrawn to get the charges