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Is fractional reserve banking legal?
borussiaboscombe
Posts: 18 Forumite
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Yes.Is fractional reserve banking legal?
He lost on appeal.there was a case in america (jerome Daly 1968) who challenged the foreclosure on his property and won
It really isn't.when you take a loan/mortgage the money they lend you is literally created out of thin air0 -
Topic has been restarted here https://forums.moneysavingexpert.com/discussion/4691081You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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i think you missed my point. when we enter into a contract ie for buying a house both parties have to put up "consideration" for example a house worth £100,000, the bank then lend that amount against the property. i have therefore offered something of value (the house) but the bank just create the money to lend me, therefore not actually putting anything of value into the agreement. this is not therefore legal consideration surely.0
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noooooooooooooooooooo not this again for the love of God0
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It is the wrong forum for your point. Please.borussiaboscombe wrote: »i think you missed my point.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
i apologise if its the wrong forum, i have never posted before and dont know where i should have posted it, i thought i started a new discussion.0
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opinions4u wrote: »
It really isn't.
Where does it come from then?0 -
He didnt lose on appeal the case was nullified, after the event, however the bank actually admitted that this is true, it is inherent in a fractional reserve system that money is literally created out of nothing. that is how inflation occurs. This isnt my "belief" it is a true fact!0
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Well, I gave you the link for where your discussion should go. Here it is again. http://forums.moneysavingexpert.com/forumdisplay.php?f=149borussiaboscombe wrote: »i apologise if its the wrong forum, i have never posted before and dont know where i should have posted it, i thought i started a new discussion.
Plenty of people happy to debate your contentions over there. On this forum, which is about helping people with their mortgage problems, your discussion is substantially off topic and to some extent unwelcome. Please understand that you yourself are welcome on the site and I am trying to send you somewhere where people will engage with you in a way which you will find welcome.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Yep it's legal.
And yes the whole banking system is pretty much con!!0
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