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The Magic Cafe Forum Index » » Not very magical, still... » » Orwellian Banking (0 Likes) Printer Friendly Version

tommy
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Eternal Order
Devil’s Island
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You lend the Bank money and the Bank charges you


http://www.bbc.co.uk/news/business-36889828


Will wonders never cease?
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
0pus
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Inner circle
New Jersey
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This pretty much turns the banking industry on its ear. The bank/depositor relationship (at least in the United States) is pretty much a debtor/creditor relationship. Negative interest is pretty much an absurd concept. The depositor is saying, "Here is my money. You lend it out to get interest you keep. Put my money at risk. And I will pay you for that."

This makes stuffing a mattress with cash look more attractive.
Dave Scribner
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Assistant Manager
Lake Hopatcong, NJ
5075 Posts

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Quote:
On Jul 26, 2016, 0pus wrote:
This pretty much turns the banking industry on its ear. The bank/depositor relationship (at least in the United States) is pretty much a debtor/creditor relationship. Negative interest is pretty much an absurd concept. The depositor is saying, "Here is my money. You lend it out to get interest you keep. Put my money at risk. And I will pay you for that."

This makes stuffing a mattress with cash look more attractive.


Note the article says it only applies to businesses and not personal accounts so no stuffable mattresses are needed at this time.
Where the magic begins
tommy
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Eternal Order
Devil’s Island
15919 Posts

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Some magicians are in the business.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
arthur stead
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Inner circle
When I played soccer, I hit
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Quote:
On Jul 26, 2016, Dave Scribner wrote:

Note the article says it only applies to businesses and not personal accounts so no stuffable mattresses are needed at this time.


Unless mattresses are an essential part of your business!
Arthur Stead
royalty-free music and interactive routines
www.arthurstead.com
Dave Scribner
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Assistant Manager
Lake Hopatcong, NJ
5075 Posts

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Smile Smile
Where the magic begins
ed rhodes
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Inner circle
Rhode Island
2726 Posts

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Well, my bank charges $5 a month if you don't keep at least $100 in your savings account. Smile
"There's no time to lose," I heard her say.
"Catch your dreams before they slip away."
"Dying all the time, lose your dreams and you could lose your mind.
Ain't life unkind?"
tommy
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Eternal Order
Devil’s Island
15919 Posts

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Well, send me $99 and I will only charge you $4 a month.
If there is a single truth about Magic, it is that nothing on earth so efficiently evades it.

Tommy
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