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(it’s not satire – it’s the surreal world of banking)
Very often some people on the Right who are less intelligent – or to be more charitable less well-informed – say the reason many on the Left are against the government’s austerity measures is because they believe money grows on ‘Magic Money Trees’.
This accusation stems from the completely mistaken belief that there is only so much real money in the system – in the form of real banknotes and coins – and only hard-headed right-wingers like George Osborne understand there are no Magic Money Trees ready to produce more money to pay off the country’s debts and reduce the deficit.
But actually, it’s the Right who believe in Magic Money Trees.
Government supporters believe our NHS and public services should be cut just so we can pay non-existent money back into a banking system which really does grow fictional money from its numerous branches. Just like Magic Money Trees in fact.
The particular Magic Money Trees we’re talking about here are the ones that make up the enchanted fairy tale forest known as Fractional Reserve Banking – a system in which banks can lend money they don’t possess by creating it out of thin air – and the whole of the World’s financial system relies on it.
The eyes of those “less well-informed” people on the Right are probably already glazing over. Reality is much too complicated for them to understand. They presumably believe that when you sign a mortgage agreement with a bank, the banker goes and opens a vault full of cash and puts real pounds and coins into your bank account.
What actually happens is that the banker clicks a button on a computer screen which activates a direct line to the Magic Money Tree whose roots pass under every single branch of every bank and financial institution in the country – and the Magic Money Tree dutifully produces non-existent money which goes into your bank account.
For a really entertaining and easy explanation of how banks create money from nothing – have a look at this animation:
Most intelligent people on the Left understand all this and the reason most of them are against government austerity is because they also understand that a lot of the government’s cuts are being made in order to pay non-existent money to Magic Money Trees worshipped by governments the world over – in other words financial institutions like banks.
You see, when Barclays or Goldman Sachs executives pay themselves billions in bonuses every year, they don’t carry wheelbarrows full of cash around to their own houses and dump it in their garages alongside the Porsche and the Lamborghini.
They press another little button on their computers with a direct line to the Magic Money Tree and more non-existent money appears in their bank accounts – fictional money which nevertheless they can still use to buy their real yachts and islands and bottles of Bollinger.
So why are so many governments cutting public services to pay money – which doesn’t even exist – to Magic Money Trees?
Because it fulfils a political agenda – not a financial one. The political agenda of austerity is to reduce the welfare state, not to reduce the deficit or pay off national debt.
The UK should do what Iceland did when told to introduce austerity to keep the Magic Money Trees happy.
They told them to f*** off:
Iceland president: Let banks go bankrupt
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For more information about the Great Banking Con, see these links here:
The Goldsmith’s Tale – (full version)
Where does money comes from? … the Bears explain
The market has a name: It is Goldman Sachs
Stephen Hester, Fred Goodwin, Bernie Madoff and the fraud at the heart of our banking system
COMPREHENSIVE REFORM OF THE CITY – Pay, Practice & Structure
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Boris Johnson not fit for purpose
http://m.newsshopper.co.uk/news/10195484.Boris_Johnson_overrules_chiefs_on_fire_station_closures___and_fails_to_back_Lewisham_Hospital/
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Did you know you can earn over a grand a week ?
Yes the DWP will pay you an incentive wage ..that’s if you are an employer ’employing’ a disabled person aged 16-24 who is on work program making money for you by donating their labour to you free gratis..you can get paid over two grand a week if they work longer hours.
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In fairness the (allegedly left wing) Labour’s belief in PFI was not exactly easy to swallow. Especially now it is bankrupting sections of the NHS….
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As you say (allegedly left wing) New Labour accepted what they were being told by neoclassical economists like Mankwi and institutions like the World Economic Forum, that there was no need to regulate because the markets would self-cleanse from fraud; that the markets only failed when they were interfered with by government and that banks were simply the intermediary between the saver and the borrower. None of which are true! To my mind, the ignorance of MPs about economics and even more importantly the financial sector is unforgiveable… and those who were/are not ignorant, and still insisted on deregulation, are fraudsters!
The reason for boom and bust is purely down to the banks creating too much money as debt bubbles during the booms, and withdrawing credit in the busts. The financial power of the biggest banks like Goldman Sachs is so huge that they can create a ‘bubble’ by buying, and then profit from the crash that they also create by selling. The best way to rob a bank, is to own one… Never mind the millions of people who get hurt or the trillions of debt created.
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Chris Dillow wrote:
“Who suffers most when governments go bust? When they can no longer pay salaries, benefits and pensions? Not the bankers and the hedge fund managers, that’s for sure. No, it would be the poor…
Of course, this is plain wrong. In countries with their own central banks, governments cannot go bust because the central bank can simply print money to buy government debt: this is what QE is. Of course, this might or might not be a bad idea. But Clegg didn’t argue this. He just made a prat of himself.”
http://stumblingandmumbling.typepad.com/stumbling_and_mumbling/2012/09/reactionary-postmodernism.html
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Yes, we should do what Iceland did and tell them to eff off. Especially those that bang on about austerity and cutting the welfare state. Unfortunately, what happened in Iceland is not well publicised in the media. I wonder why that is?
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Reblogged this on HUMAN RIGHTS & POLITICAL JOURNAL.
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I don’t know how the Private Banks got permission to do this. Only Central Banks (like BofE have this power over a nations currency.As Richard Murphy says Banks have been CREATING money with every loan they make.The “LOAN” Comes from thin air.British Senior Citizens Party tell you how its done on their Website
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Robin Macfarlane has been tweeting this info on twitter & at the website he founded for the last 19 months. The Private banks must be stopped from CREATING money like this they will undermine British £. this creating money must only be done within the shores of Britain
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The NHS is on the one hand trying to cure those addicted to gambling and on the other running a lottery to keep the health service afloat (without much success it seems, I wonder where the profits really go from this lottery?)
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