Cyprus-Forum.com

[repulsewarrior]

...we will see Nikitas. "Confessions of an Economic Hitman", come to mind, i hope i am wrong. His Finance Minister resigned, that too is telling and set the stage for a future comeback.

[Robin Hood]

Pyroliser:

I was always wondering where you base your belief that Bankers make money from thin air.
So... it was from the 18th century events when the Rothchilds created the first Banks in the US ...
Yes, we know that's what was happening back then, and how fast the States themselves realized what was going on and got control.
Since then, things have changed a lot. I am sorry but your belief is today invalid.

It is not belief or as some would have it, a conspiracy theory, and those comments are as valid today as they were then, in fact thanks to computers they are even more valid!

Yes things have changed but not for the better. Just last year the Bank of England produced a bulletin called ‘The Creation of Money in the Modern Economy’ (BoE Q1 Bulletin 2014) which, as far as money goes, describes in detail how the banks do it. In brief; making loans by creating debt creates new money; repayment of debt destroys money; banks do not act as intermediaries between lender and borrower; banks do need deposits to make loans. Like all things, it’s simple when you know how.

The US never got control of banking and the money supply, they lost control when The Federal Reserve Bank was created in 1913, a Bank which is owned by bankers and is neither Federal nor a reserve, but there are those that still believe the FED is a State owned institution.

What I find intriguing is that those who don’t believe this to be true never provide an account to explain how money is created as they understand it. A simple example: If Governments created all money (as some believe)......... why do Governments borrow money from commercial banks? Some also believe that the money banks lend is the depositor’s money but cannot explain how they can then lend many times more than they have on deposit.

If you look at each of those quotes, it explains exactly what has happened to Greece. No doubt successive Governments squandered the easy money but behind that is a very sinister story. Why would banks lend money to an individual or a Government knowing that the odds were they would not repay it? Take note of what Jefferson said ...... that happened to the Greeks yesterday! In exchange for another loan of 'money' that banks will create as debt, Greece sells off its wealth and the people will pay for generations to come .... in fact they will never repay it!!!!

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

[Get Real!]

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

What you’re claiming is no different to a government printing money with no regard for the standing of its currency on the international market because whether you’re increasing figures in software at the central bank or printing it on paper makes no difference... the devaluation is certain.

[Nikitas]

RW

The next few days there will be more, possibly many more, resignations from Syriza as the new situation forces a separation of the true modern leftists from the lunatic fringe that subscribe to violent revolution and chaos as the only means to bring about socialism.

The problem for these revolutionary idiots is that in a nation of 11 million it is not easy to deistinguish between the proletariat and the bourgeoisie. Many of the "revolutionaries" themselves are the offspring of oligarchs of wealth and priviliege. Let us look at specific examples:

The former finance minister is the son of the president of a major steelworks. He is married to an heiress of a vast fortune. The president of parliament is the daughter of a big time lawyer with close contacts with major shipowners. Most of the others "revolutionaries" have major stock portfolios heavily invested in demonised foreign corporations like Black Rock. We know because by law their holdings became public when they took office. It is through reading these portfolios that I learned that there are investment firms specialising in high risk stocks of BRICS companies. Financial speculation for fast capital gain is hardly a revolutionary pursuit!

The "drachma lobby" is not untainted either, though its chances have diminished with the new EU agreement. There is strong suspicion that those pushing for the drachma are no more than the bulwark of a sizeable bunch of businessmen who took their money out and are waiting to pounce once the drachma returns and is promptly devalued. They planned to buy us all out for peanuts.

If Tsipras matures and forms a wide ranging coalition with other parties the lunatic fringe will be isolated. At the moment they are seething. The next two days will be interesting, as it all has to happen by midnight tomorrow.

[Robin Hood]

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

What you’re claiming is no different to a government printing money with no regard for the standing of its currency on the international market because whether you’re increasing figures in software at the central bank or printing it on paper makes no difference... the devaluation is certain.

A Government prints note and coin ....all governments that is, that have a sovereign currency, This is 2% created by Government from nothing just like that created electronically by the banks (97-98%) but there is one significant difference! Government money is spent into the economy by government and, as it is not borrowed, there is no debt created, no repayment and no interest to pay. There are only a few internationally recognized currencies among them is the dollar and the Euro, neither of which are sovereign currencies and there is Sterling which is. The Cyprus pound did not change its value to the Euro in the period leading up to joining the Eurozone because, although it was an existing sovereign currency the EU rules dictated that it would shadow the Euro at a fixed ratio.

If Greece were to replace the Euro or run a parallel currency with a sovereign currency it would most likely follow the same procedure i.e. follow a fixed value to the Euro. Greece's income or external expenditure does not change, it would still be in Euro's, dollars or pounds but internally the shops and restaurants would accept either foreign currency or the new Greek currency. But when paid into the bank the foreign currencies would be automatically converted and entered into the payees account as the New Greek currency.

As Harold Wilson said ......"Devaluation will not affect the pound in your pocket"......... I will add ..... except when buying foreign goods, other than that local stuff remains the same.

[Paphitis]

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

What you’re claiming is no different to a government printing money with no regard for the standing of its currency on the international market because whether you’re increasing figures in software at the central bank or printing it on paper makes no difference... the devaluation is certain.

You have no clue mate.

Some countries deliberately devalue. I remember when you were poking fun at the devalued AUD but that accelerated growth to 3.5%

[Get Real!]

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

What you’re claiming is no different to a government printing money with no regard for the standing of its currency on the international market because whether you’re increasing figures in software at the central bank or printing it on paper makes no difference... the devaluation is certain.

You have no clue mate.

Some countries deliberately devalue. I remember when you were poking fun at the devalued AUD but that accelerated growth to 3.5%

Australian idiot, I said... "with no regard for the standing of its currency".

Two different things.

[Get Real!]

As for your post Robin Hood... eisai enas kalamaras faflatas!

[Paphitis]

I am sorry but to say the idea of money created out of nothing by commercial banks is invalid, is just not true.

What you’re claiming is no different to a government printing money with no regard for the standing of its currency on the international market because whether you’re increasing figures in software at the central bank or printing it on paper makes no difference... the devaluation is certain.

You have no clue mate.

Some countries deliberately devalue. I remember when you were poking fun at the devalued AUD but that accelerated growth to 3.5%

Australian idiot, I said... "with no regard for the standing of its currency".

Two different things.

As long as you understand that the value of a countries currency is irrelevant. A country can have the Peso and a Euro could be worth a million PESO. The only difference is that they will have big notes.

[cypriotnado]

Any one like Lemon vodka snapps

http://www.thedrinksbusiness.com/2015/0 ... dka-drink/

This is how nations make money by being inventive