Comments on: Petrodollar drought another blow to banks http://blogs.reuters.com/great-debate/2008/11/19/petrodollar-drought-another-blow-to-banks/ Just another blogs.reuters.com weblog Sat, 28 Nov 2009 20:34:07 +0000 http://wordpress.org/?v=2.6.2 By: zeedee armstrong http://blogs.reuters.com/great-debate/2008/11/19/petrodollar-drought-another-blow-to-banks/#comment-1424 zeedee armstrong Thu, 20 Nov 2008 12:06:00 +0000 http://blogs.reuters.com/great-debate/?p=564#comment-1424 Oldphart...you have revealed the real " elephant in the room" that big banks fear...a deposit by the masses...A CONSUMER STRIKE ON DEPOSITS! If you stop to think about how easily the middle class, can live and conduct business without EVER using a bank, it begs the question, as to their existence being necessary...the rich cannot do without them ...but we...who are at the bottom of the PONZI scheme, can do it very well. For example...WE have purchased enough doodads and gimcrackies to last each of us for the next ten years without ever going into a retail store...I can trade my next to new couch for your next to new fridge...I can trade my 2005 Ford truck for your 2007 Harley...all without the use of money...or banks or credit cards. I can also trade my farm, for your city house...without using a bank, all using the Internet.I can also conduct my small business, through barter and trade. Big business can't survive without them...but we can...and they are VERY fearful that we may try!! Oldphart…you have revealed the real ” elephant in the room” that big banks fear…a deposit by the masses…A CONSUMER STRIKE ON DEPOSITS!
If you stop to think about how easily the middle class, can live and conduct business without EVER using a bank, it begs the question, as to their existence being necessary…the rich cannot do without them …but we…who are at the bottom of the PONZI scheme, can do it very well.
For example…WE have purchased enough doodads and gimcrackies to last each of us for the next ten years without ever going into a retail store…I can trade my next to new couch for your next to new fridge…I can trade my 2005 Ford truck for your 2007 Harley…all without the use of money…or banks or credit cards. I can also trade my farm, for your city house…without using a bank, all using the Internet.I can also conduct my small business, through barter and trade.
Big business can’t survive without them…but we can…and they are VERY fearful that we may try!!

]]> By: OldPhart http://blogs.reuters.com/great-debate/2008/11/19/petrodollar-drought-another-blow-to-banks/#comment-1405 OldPhart Thu, 20 Nov 2008 06:25:42 +0000 http://blogs.reuters.com/great-debate/?p=564#comment-1405 Let's see. Bank's take in my $10,000 deposit and pay roughly 4% interest on that money. They then, using the fractional reserve system, loan out $100,000 and charge 7-10% interest. They make interest on $90,000 that they created out of thin air. I make the 4% interest on my $10,000 and they keep the difference. I get no earnings for the excess capital created from the basis of my deposit. Why in hell should anyone make a deposit? It's time for this banking system to fold as the ponzi scheme it truely is. Let’s see. Bank’s take in my $10,000 deposit and pay roughly 4% interest on that money.

They then, using the fractional reserve system, loan out $100,000 and charge 7-10% interest.

They make interest on $90,000 that they created out of thin air.

I make the 4% interest on my $10,000 and they keep the difference. I get no earnings for the excess capital created from the basis of my deposit.

Why in hell should anyone make a deposit? It’s time for this banking system to fold as the ponzi scheme it truely is.

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