Debate @Fuck Bankers on banking, the Great Depression, and Jews I guess.

[Fuck Bankers]

lease

I disagree with this practice.

People pay out the ass and pool together generations of savings

Source?

Banks have un-due and unnecessary control of our economy. Communism is bad, and retarded. These things can coexist.

 

[draggs]

Source?

The source is literally the Forbes article you linked to and didn't read

 

[( ◠‿◠ )]

it's a source to Forbes where they tell you the data that 90% of Chinese people own their homes out right. You can click it or not, it's the truth.

Funnily enough, this is both true and false.

At least as of a few years ago, there's technically no private ownership of real estate. The state owns everything but you can buy or sell long term leases.

On the other hand, many women won't marry a man who doesn't have his own home, so even in cities like Shanghai where the cost of real estate is ridiculous compared to average wages, people feel like they have to spend their life savings, including borrowing from all their extended family, if necessary to buy a house for their sons or else their family will go extinct. For that reason, some people in big cities even prefer to have daughters rather than sons, which is the opposite of the rest of China.

 

[reptile baht spaniard rid]

When I say "bank" I mean a "private bank". What China, Russia, and Nazi Germany had was a "public banking" system. You have a bank account, but it is with a government bank.

You need something that facilitates money transfers.

You need something that manages and produces currency (when it was all gold, you could get deflation/inflation cycles out of control).

You need something that can loan money (though you can loan against property as a form of deferred sale that is not usurious and so doesn't noticeably increase the money supply.

None of these things HAVE to be done via banks, but they currently are.

 

[Fuck Bankers]

The M1 supply contracted from 1929 to 1933 because of decreasing deposits and bank runs crashing banks. Your characterization of what the M1 supply is is simply incorrect lol

The money in those bank accounts weren't destroyed they were transformed into dollars. The banks almost didn't have the money but they were bailed out by the Federal deposit insurance. the M1 money supply was destroyed by the federal reserve. They're the only one with the power to destroy M1 currency.

 

[draggs]

The money in those bank accounts weren't destroyed they were transformed into dollars. The banks almost didn't have the money but they were bailed out by the Federal deposit insurance. the M1 money supply was destroyed by the federal reserve. They're the only one with the power to destroy M1 currency.

The deposits were transformed into dollars? ...What did you think the money in those accounts were in if not dollars? I get you don't understand what the M1 money supply actually was in 1929 and don't understand the concept of time so you don't understand that the FDIC didn't exist when the bank runs and failures of 1930-33 occurred, but damn

No, they're nerds. They're not interested in the footy game

I've been enjoying Patti Mahomes getting spanked as much as I've enjoyed Fuck Bankers and you being retards. It's not hard to split attention when you're not a mongoloid

 

[indomitable snowman]

The Great Depression was due to a multitude of economic factors through a decade. The markets were heavily reliant on imports for factory production along with agricultural output. The biggest contributor was lack of government intervention.

Are you saying the great depression was bad because a LACK of government intervention?

 

[Dread First]

Source?

Banks have un-due and unnecessary control of our economy. Communism is bad, and retarded. These things can coexist.

Directly from the Chinese government.

The Property Law of the People’s Republic of China, adopted at the Fifth Session of the Tenth National People’s Congress of the People’s Republic of China on March 16, 2007, is hereby promulgated and shall go into effect as of October 1, 2007. Hu Jintao President of the People’s Republic of China. March 16, 2007 Property Law of the People’s Republic of China (Adopted at the Fifth Session of the Tenth National People’s Congress on March 16, 2007)

 

[Meth Until Death]

The deposits were transformed into dollars? ...What did you think the money in those accounts were in if not dollars? I get you don't understand what the M1 money supply actually was in 1929 and don't understand the concept of time so you don't understand that the FDIC didn't exist when the bank runs and failures of 1930-33 occurred, but damn

I've been enjoying Patti Mahomes getting spanked as much as Fuck Bankers and you being retards

You're very effeminate in your language and mannerisms. @Fuck Bankers wins the internet argument cos he doesn't talk like a fag and his shits not retarded

 

[FILTH Tourist]

All land is owned by the government. If the government can kill me for not paying property taxes, then it owns it. I do believe in inheritance and families owning land for generations. That is a fundamentally different issue to public vs private banking.

Your missing the point. In the article you posted it mentioned how the CCP switched from public to private home ownership and development along with the autistic as fuck scheme the Chinese do to afford the house. That didn't change the fact that the goverment still owns the land and it is being leased to citizens for 70 years at a time which is what @WelperHelper99 was refrencing. The US the property is yours indefinitely and you can pass ownership to whoever you want, the income tax is relatively low, and you have a lot of protections against the goverment from just taking the land back. As opposed in China where if you die thr government decides how the property is distributed among living relatives, you pay a large upfront leasing fee on top of the absurd cost of the house, and the CCP can take it back whenever they feel like.

 

[draggs]

You're very effeminate in your language and mannerisms. @Fuck Bankers wins the internet argument cos he doesn't talk like a fag and his shits not retarded

Repetition is a sign of both Down's syndrome and autism

 

[Fuck Bankers]

The deposits were transformed into dollars? ...What did you think the money in those accounts were in if not dollars? I get you don't understand what the M1 money supply actually was in 1929 and don't understand the concept of time so you don't understand that the FDIC didn't exist when the bank runs and failures of 1930-33 occurred, but damn

from "digital dollars" held in a bank, to physical paper dollars. That is why it was a lowering of M1 supply, because yes dollars held in banks are considered "M1" so is "physical paper dollars". The banks that were failing because they used fractional reserve lending to counterfeit more money than they had.

 

[draggs]

from "digital dollars" held in a bank, to physical paper dollars. That is why it was a lowering of M1 supply, because yes dollars held in banks are considered "M1" so is "physical paper dollars". The banks that were failing because they used fractional reserve lending to counterfeit more money than they had.

...You think there was some huge proportion of "digital dollars" making up bank reserves from the Fed in 1929-1933? The FDIC did not exist until June 1933, insuring deposits (reserves) with money from the Fed. In 1929, 5% of bank reserves consisted of loans from the Federal Reserve

 

[Meth Until Death]

Repetition is a sign of both Down's syndrome and autism

You've got a woman brain so I have to repeat myself

 

[MirrorNoir]

Where did I say it didn't continue far after 1933? You said policies implemented almost 3 and 3/4 years after the Depression started caused the Depression. You said FDR's policies lowered the money supply causing the Depression when the money supply only decreased (barely) in a single year of his presidency. That's what your dumb ass said

Great Depression hit late 1929. Hoover was a feckless cunt who fiddled as the country burnt and by 1933 shit was dire as fuck, especially when the Dust Bowl hit and was a Chernobyl tier ecological disaster for the middle of the country.

FDR came in with a Trump like mandate to fix shit, which took quite a while and there were numerous set backs and backslides due to Hoover doing Jack shit and letting everything burn. But ultimately it took WW2 and it's war economy to push us over the final mountains to end the depression.

To make a comparison, Obama and Bush 2, for better or worse did shit Hoover refused to do to stop the crash of '08 from being as apocalyptic as the '29 crash. Because of that, Trump inherited a decent economy on the upswing until the left blew it up via Covid and even then the stimulus checks kept us from getting worse only for Biden to go full Hoover and letting shit burn once more.

 

[John Badman]

Are you saying the great depression was bad because a LACK of government intervention?

It was a lack of preventative measure to prevent the cheapest possible means to acquire a successful cycle. If you don’t diversify your inputs you can’t output at a sustainable level during recession. Allowing an economy to form around fragile close looped systems like brownstone apartment to factory or railway and agricultural correlations heavily reliant on resource pipelines means that if one thing goes out of an idealistic range it tends to corrupt other parts of the economy, to this point the economy was also not dictated by theory and nobody knew what markov chains were.

 

[Fuck Bankers]

...You think there were "digital dollars" in the 1930s?

something written with pen on paper is referred to as "digital" in this case.

Directly from the Chinese government.

The Property Law of the People’s Republic of China, adopted at the Fifth Session of the Tenth National People’s Congress of the People’s Republic of China on March 16, 2007, is hereby promulgated and shall go into effect as of October 1, 2007. Hu Jintao President of the People’s Republic of China. March 16, 2007 Property Law of the People’s Republic of China (Adopted at the Fifth Session of the Tenth National People’s Congress on March 16, 2007)

I wasn't asking for a source on that fact that people can only own land for 70 years in China. I think that's a bad practice and I don't deny that it is happening right now in China.

What I was asking a source for was "People pay out the ass and pool together generations of savings" If it's so expensive and people pool money for generations then how do 80% of them own homes out right? How did millions of Americans 100 years ago own homes out right?

 

[FILTH Tourist]

What I was asking a source for was "People pay out the ass and pool together generations of savings" If it's so expensive and people pool money for generations then how do 80% of them own homes out right? How did millions of Americans 100 years ago own homes out right?

Did you not read the article you posted?

 

[draggs]

something written with pen on paper is referred to as "digital" in this case.

And those dollars were 5% of bank reserves in 1929. How did the Fed "counterfeiting" 5% of bank reserves cause the Great Depression?

 

[Fuck Bankers]

Did you not read the article you posted?

Take for example the case of Ye Qiuqin, a resident of Ordos Kangbashi who owns two houses across the country in Guangdong province, where she is originally from. Together with her fiancé, she makes roughly US$3,200 per month from running a cram school. For her first home she made a down payment of roughly US$20,000; of which $3,300 came from her parents, $10,000 came in the form of loans from her sister and friends, and the rest came from her savings.

That seems like a much better deal than many have in America. Their personal savings rate is fair better than Americans. They apparently save 30% of their income, according to the article I posted.