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I couldn’t find this story on any mainstream news service. Not even one of them. Theintelhub appears to be a Mecca for conspiracy theorists and ill-informed bloggers.
However, according to Forbes, there is a story here, but we are going to have to wait until 18th October for more information. Until further details are available, there is really nothing to discuss.
This cannot be true, unless the banks literally just sat on this money. If you give money to banks, they will loan it out. If any part of this story were true, we’d be facing massive inflation and our economy would have recovered.
Wrong answer. You’re mistaken. As long as I don’t lend out the same £10 to multiple people at the same time, I create no money. The loans described are predominately 1 day loans that ensure liquidity, before being repaid with interest. They’re not some give away of trillions, as is being claimed. It’s simply not true.
> *Originally posted by **[OmegaDoom](/forums/9/topics/294727?page=1#posts-6304436):***
> yes you did. temporarily. but you repeat this process, so it’s permanent, just with different holders. so yes, you conjured up non-existing money.
Omega, £20 changed hands during that process. How much money is there at the end of the process?
In order to create permanant conjured money, the amount at the end has to exceed £20. Does it?
yes it does. the banks have a guarantee that you will pay them back the £10, and they can use this for investments or such, because this guarantee is worth £10. so then someone has £10, and someone else has £10.
and, in case you didn’t realise, the starting capital was £0. so you’ve conjured out of nothing £20, which each loan, until it’s repaid (assuming it will ever be repaid).
supposedly, most of it was not repaid, and lend out at 0% interest.
The USA Government Audit Office criticism of the Federal Reserve is not for making these loans, simply for the way it was handled. More details will be available next month, but it’s going to be pretty dull stuff.
Theintelhub is not a news service and should not be taken too seriously. Have you looked at the content there? Some of it is so ludicrous that it makes Fox News seem almost sensible. Try the Beeb, Al-Jazeera, Reuters, CNN, many national news agencies like Australian Associated Press or even Algemeen Nederlands Persbureau, the list is practically endless. If there was really a juicy financial scandal brewing here, one of them would have got hold of the story by now. Sites like Theintelhub are strictly for the nutters.