I was coming to post the same. Those fucking clickers were so stupid and overpriced, all so my biochem professor could poll the class AND grade everyone on their results. Results to questions about material that was JUST taught in the same lesson. Good thing everyone benefits equally from lecture, right? Fuck that guy.
Holy shit. I get it! That’s a great explanation and I really appreciate your taking the time to type it all out. I’m glad we don’t have Lemmy medallions to award but, if we did, I’d give you one. I now see how a 100% reserve requirement, i.e., all deposits completely backed in cash, would entirely change banking.
The only thing that feels weird to me is the virtual money the bank creates doesn’t seem go away once it’s paid back. For example, if a mini bank only had $1000 and lent $900 with a 10% reserve, they’d end up with $1900 once the loan is repaid (ignoring interest). Or does the $900 they lent create a -$900 for the bank that is cancelled through repayment?
I’ve been thinking about it and it still doesn’t make sense. I’m a scientist, not an economist, so it’s wildly out of my wheelhouse. Would you mind pointing me in the right direction?
Here’s where I’m hung up. Let’s assume a 10% fractional reserve and, for the sake of simplicity, just one bank and a dramatically simplified deposit/loan scenario, just to minimize the number of hypothetical people and transactions.
Person A deposits $1000. Bank lends $900 to person A which is sent to Person B.
Person B deposits $900. Bank lends $810 to person B which is sent to Person C.
Person C deposits $810. Bank lends $729 to person C which is sent to Person D.
Person D deposits $729. Bank lends $656 to person D which is sent to Person E.
Let’s stop there. So we have one initial deposit of $1000, which has resulted in an additional $2,493 in deposits ($3,493 in total) and $3,095 in loans. The bank is now receiving payments, plus interest, on over 3x the amount of actual money it was actually given. To me, it seems like the bank is figuratively “printing money” and gaining interest on it. Nothing I’ve read on fractional reserve lending has suggested this is incorrect.
Halp!
I learned to pick locks in my youth. I absolutely have picked my way into places and things to fuck with friends and family, but I always tell them. At some point.
One of my favorites was getting into my friend’s garden shed and turning everything upside down, then a few weeks later rearranging everything so it was a mirror image of how it was previously.
I’m always surprised how few people know about this. The banks are literally gaining interest on money they never had. It should be illegal.
Happy cake day and good luck getting enough sleep!
And board game players!
I appreciate the intent but this is just what happens when you put yourself out on the Internet. Hell, on an old account I made a post about how to use a waffle sandwich maker with cheddar biscuit mix and it was 10% downvoted. I think it’s some combination of valid (if unstated) criticism, accidental downvotes, and some people just being assholes.
I don’t care, I’m just trying to provide what I think is useful information. If people have a problem but don’t speak up about it, I can’t do anything so I’m not going to worry about it. As another poster mentioned below, they’re welcome to a full refund. I’ll even triple it. Triple refund!
I’m on blahaj so I don’t see downvotes. I’m guessing people who (incorrectly) think my statement of the details of the law is my support for it.
I just respond with a hearty “yeeearghhhh!” and continue the conversation. The coworkers that know get it, the rest think I’m a lunatic.
Agreed. The only time I was suspended was because I filed a charge back for an incomplete, buggy game that was sold as finished. It took so long to even get running that I was just over the refund time limit and they refused to make an exception. There was some verbiage about being banned if I continued to do charge backs. I just stopped using Steam.
It’s the second largest instance, plus it’s the original instance. I can see why one or both of those facts might draw someone. Maybe they thought it was hosted in Mali!
ADHD and CPTSD here (how we love our initialisms!), the latter of which shares a lot of behavioral overlap with autism. From my experience and that of friends and family, yes. A proper evaluation from a knowledgeable practitioner should get you moving on both fronts. I highly recommend finding a psychiatrist versed in both.
There’s a ton of misinformation on this post and some of those spreading it seem to be vigorously doing so.
That’s actually an urban legend. Most of it was shown again by the NFL back in 2016 after they used various incomplete sources to patch the majority of the material back together.
The bit about the tape has a grain of truth to it. A man found a copy of most of the show in his father’s attic, had it restored, and wanted to sell it to the NFL but the two parties couldn’t agree on a price. The man and the curator of the organization which restored it both had watched it. It was then kept in a vault due to its value.
It was recently shown to the public by the organization that restored it, so I’m assuming it was never purchased by the NFL. Bummer for the finder.
Edit: I haven’t watched all of this, but it appears to be on YouTube. Grab a copy before the NFL finds out!
You could have been helpful without being condescending. It’s actually allowed and even encouraged.
Many people, myself included, prefer to read. I can quickly skim an article to make sure it’s worth investing some time into before reading it for retention and understanding. I can also read far faster than a narrator can narrate the same. Overall, written word is just a significantly more effective medium for me. Others may have different reasons.
I read the study (not everyone has academic access, FYI, so here’s a link) and it’s not capitalism. Even your edit, where you explain how “it’s capitalism for real guys”, is just an example of voluntary exchange, a feature that is neither exclusive to capitalism nor its defining feature.
Maybe before criticizing others, first take a few minutes to even just read the Wikipedia article on capitalism and make sure you know what you’re talking about.
I just bought a copy at Thrift Books! I’ll have it framed.