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Godfrey Bloom - Why the banking system is a scam

Godfrey Bloom - Why the banking system is a scam

(2:19) Godfrey Bloom is a member of UKIP and Yorkshire and the Humber MEP for the UK. Here he speaks at the European Parliament in Strasbourg, May 21, 2013.

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cengland0 cengland0 (1643 days ago)
He says fractional banking means banks can loan out money that they do not have. WRONG! It really means that banks must hold back a portion (a.k.a. fraction) of your deposits and can only loan out the rest. They still have the money because people deposited it. If banks had to keep 100% of your deposits as reserves, banks would not be able to loan out any of that money and then would not pay interest on deposits either. People all over the world wouldn't be able to afford a house or a car because they couldn't get financing anywhere.
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He says fractional banking means banks can loan out money that they do not have. WRONG! It really means that banks must hold back a portion (a.k.a. fraction) of your deposits and can only loan out the rest. They still have the money because people deposited it. If banks had to keep 100% of your deposits as reserves, banks would not be able to loan out any of that money and then would not pay interest on deposits either. People all over the world wouldn't be able to afford a house or a car because they couldn't get financing anywhere.
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Guest: guest123456789 (1643 days ago)
this LINK is all your fault :)
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this LINK is all your fault :)
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cengland0 cengland0 (1643 days ago)
Why did you post a link to a YouTube video? Any facts in there you wish to point out that proves me wrong? Also, YouTube is like Wikipedia and is not an authority on anything.
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Why did you post a link to a YouTube video? Any facts in there you wish to point out that proves me wrong? Also, YouTube is like Wikipedia and is not an authority on anything.
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Guest: guest123456789 (1643 days ago)
you're part of the problem, not the solution. I'll link you to Ron Paul, since you're a tea-party-er LINK . better? :)
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you're part of the problem, not the solution. I'll link you to Ron Paul, since you're a tea-party-er LINK . better? :)
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cengland0 cengland0 (1642 days ago)
Your memory is bad. I've told you a couple times before that I am a libertarian. Not sure why you cannot remember that -- perhaps Alzheimer's runs in your family and you should get that checked.
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Your memory is bad. I've told you a couple times before that I am a libertarian. Not sure why you cannot remember that -- perhaps Alzheimer's runs in your family and you should get that checked.
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Guest: guest123456789 (1642 days ago)
wow, that's a lot clearer now! here's what i fonund ""If you were to draw a venn diagram. The tea-party is a big large circle that touches many of the conservative and republican groups. Some republican/libertarians like Rand Paul are big members. But social conservatives like Sarah Palin claim to belong. It kind of morphed from Ron Paul grassroots movement to a more "We Hate Obama movement". Also some people are dismissive of the tea-party movement. Right now Rand Paul is one popular member of the mainstream tea party. And some believe that his father started one aspect of the movement. They have repeatedly called Rand Paul a tea-party candidate even though he tends to lean republican libertarian."" I'm gonna assume that you agree with Ron Paul's views LINK since he's also a libertarian. PS, the insults show only that you don't live by your own rules; you had a period when you didn't speak to me because i was "rude" (according to you) but now you're the one that's being rude. Anyway, keep them coming, it's says more about you than about me.
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wow, that's a lot clearer now! here's what i fonund ""If you were to draw a venn diagram. The tea-party is a big large circle that touches many of the conservative and republican groups. Some republican/libertarians like Rand Paul are big members. But social conservatives like Sarah Palin claim to belong. It kind of morphed from Ron Paul grassroots movement to a more "We Hate Obama movement". Also some people are dismissive of the tea-party movement. Right now Rand Paul is one popular member of the mainstream tea party. And some believe that his father started one aspect of the movement. They have repeatedly called Rand Paul a tea-party candidate even though he tends to lean republican libertarian."" I'm gonna assume that you agree with Ron Paul's views LINK since he's also a libertarian. PS, the insults show only that you don't live by your own rules; you had a period when you didn't speak to me because i was "rude" (according to you) but now you're the one that's being rude. Anyway, keep them coming, it's says more about you than about me.
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Guest: Kenny1959 (1643 days ago)
@cengland0 if people all over the world STOPPED using finance, house prices would revert to a sensible level and would no longer be affected by the investment/gambling parasites we suffer from now.
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@cengland0 if people all over the world STOPPED using finance, house prices would revert to a sensible level and would no longer be affected by the investment/gambling parasites we suffer from now.
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cengland0 cengland0 (1643 days ago)
First, how much do you think it costs to build a house from scratch? Do you think people should save all their lives to get enough cash while paying someone else rent before they buy a house to avoid getting a loan from a bank? Mortgages are usually 15 to 30 years and if you had to pay rent while saving up money to buy that house, it will take you much longer. Rent is more than a mortgage payment. Landlords buy a house and rent it out for more than their own mortgage payments to make a profit and to reserve cash for maintenance on the property. The house prices are determined by supply and demand. Currently, in the USA, there is more supply than the number of people that can buy or want to buy so the pricing has gone down. If people could not afford to pay cash for a house, fewer people will be buying them, the demand will go down and the prices will go down for a brief moment. However, people will refuse to sell their houses for what the market will bear (and their current mortgage company will probably refuse that "short sale" too) if they will take a huge loss on the property. They will end up renting it out instead. Generally speaking, when people cannot afford houses, the purchases of houses go down and the rentals go up. If the price of the used homes drop significantly below how much it costs to build a new one, the building of new homes will slow down causing less supply and another increase in the prices. Eventually this will stable out where both the buyers and sellers agree is a fair price for the house and that should be around the costs of land plus materials plus labor plus realtor fees plus a little extra profit for the builders.
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First, how much do you think it costs to build a house from scratch? Do you think people should save all their lives to get enough cash while paying someone else rent before they buy a house to avoid getting a loan from a bank? Mortgages are usually 15 to 30 years and if you had to pay rent while saving up money to buy that house, it will take you much longer. Rent is more than a mortgage payment. Landlords buy a house and rent it out for more than their own mortgage payments to make a profit and to reserve cash for maintenance on the property. The house prices are determined by supply and demand. Currently, in the USA, there is more supply than the number of people that can buy or want to buy so the pricing has gone down. If people could not afford to pay cash for a house, fewer people will be buying them, the demand will go down and the prices will go down for a brief moment. However, people will refuse to sell their houses for what the market will bear (and their current mortgage company will probably refuse that "short sale" too) if they will take a huge loss on the property. They will end up renting it out instead. Generally speaking, when people cannot afford houses, the purchases of houses go down and the rentals go up. If the price of the used homes drop significantly below how much it costs to build a new one, the building of new homes will slow down causing less supply and another increase in the prices. Eventually this will stable out where both the buyers and sellers agree is a fair price for the house and that should be around the costs of land plus materials plus labor plus realtor fees plus a little extra profit for the builders.
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Guest: Kenny1959 (1641 days ago)
Latest comment: The bulk of the cost of a house in the UK is incurred in the land purchase. And why is land with planning permission so valuable? Because easy finance inflates the price making it a licence to print money for the few. Remove the easy finance and land/house prices would collapse to much more realistic levels. I can't see the landed gentry going along with that though, can you? Your explanation of how the market works is simplistic and frankly wrong. It's all about the money and how these few manipulate it.
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Latest comment: The bulk of the cost of a house in the UK is incurred in the land purchase. And why is land with planning permission so valuable? Because easy finance inflates the price making it a licence to print money for the few. Remove the easy finance and land/house prices would collapse to much more realistic levels. I can't see the landed gentry going along with that though, can you? Your explanation of how the market works is simplistic and frankly wrong. It's all about the money and how these few manipulate it.
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TheBob TheBob (1643 days ago)
They all looked dead impressed
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They all looked dead impressed
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Guest: guest123456789 (1643 days ago)
what about this source of power? pee power LINK
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what about this source of power? pee power LINK
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Guest: guest123456789 (1643 days ago)
wrong post, sorry...
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wrong post, sorry...
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Guest: guest123456789 (1643 days ago)
Fractional reserve banking, short explanation video LINK the site where you can find it LINK and the sources consulted for the creation of the video LINK . Here's Ron Paul on fractional reserve banking LINK
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Fractional reserve banking, short explanation video LINK the site where you can find it LINK and the sources consulted for the creation of the video LINK . Here's Ron Paul on fractional reserve banking LINK
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