Quote:
Originally Posted by Average Joe
I can only conclude that 95% of average joes around these sorts of sites are full of BS. Possibly mentally ill/paranoid/you name it. I'm sorry, but this is how it is starting to look to me.
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I studied economics at A level. I believe this is possibly the most unsound 'bail out' ever devised. Why? Because the bill has a clause which states clearly that banks need to hae ZERO, 0, NO, NONE, NADA deposits to cover their loans.
Do you realise what that means? They can lend 55 million in electronic digits, and not have even 1/1,000,000 of that amount in their 'bank' to act as security.
In short? if you went and wanted £1,000,000 in cash, they could point blank refuse and say 'we don't have it now or ever' and there would be nothing you could do about it. You would still be an 'electronic' millionaire, but in assets you could trade with another human in a real time environment? you would be as poor as a homeless dude.