'Financial Times' Issues 103-Year-Old Correction (2017) • Hacker News Board

Re: 'Financial Times' Issues 103-Year-Old Correction (2017)

#121

Post by HervalFreire » Fri, Mar 17, 2023, 9:39 PM UTC

lukas099 wrote: post #108

HervalFreire wrote: post #104

Earlier quoted context omitted.

>There are a lot more bank deposits than green paper. That's what I am saying am I not? The bank makes a business claim that they can redeem ALL of the green paper back to everyone at the same time. But I said it's a lie. It's illusion. >Most bank deposits are created out of thin air by commercial banks when they make loans. There isn't enough paper money to cover all those deposits. woosh.

> The bank makes a business claim that they can redeem ALL of the green paper back to everyone at the same time. They never claimed this. Everyone has known about bank runs, fractional reserve banking, etc. for a long time.

People know about it.

But in principle the bank is suppose have cash redeemable.

Would you ever put money in a bank that you know for a fact will never be able to redeem your money ever??

Re: 'Financial Times' Issues 103-Year-Old Correction (2017)

#122

Post by dredmorbius » Fri, Mar 17, 2023, 11:49 PM UTC

HervalFreire wrote: post #120

dredmorbius wrote: post #116

Earlier quoted context omitted.

Depositors can be made whole without receiving little green pieces of paper. Checks, account transfers, wire transfers, etc. There is no fundamental limit on the Federal Reserve to create (or destroy) money as needed. The Fed, as other central banks, does however exercise that power very judiciously, and with specific targets (inflation, unemployment) as its foundational charter. Note that both inflation and unemploy…

> Depositors can be made whole without receiving little green pieces of paper. However, in principal The bank promises redeemable cash, that's why people stay in banks. But it's a lie. Again bank runs exist because of this lie. Everybody knows the Fed screws it all up. A wire transfer among competing banks would make the competing bank demand that the other bank redeem the transfer in green paper money. However, beca…

What is your evidence or basis for claiming that banks settle transactions in physical Federal Reserve Notes?

Because whatever it is, it's a figment of your, or someone else's, imagination. Bank settlements typically occur via SWIFT: https://en.wikipedia.org/wiki/SWIFT> https://www.investopedia.com/articles/personal-finance/05051...>

The preferred form of a large-denomination withdrawal from a bank will either be a chashier's check or a wire transfer in virtually all cases.

Re: 'Financial Times' Issues 103-Year-Old Correction (2017)

#123

Post by concordDance » Sat, Mar 18, 2023, 9:48 AM UTC

dragonwriter wrote: post #59

concordDance wrote: post #58

Earlier quoted context omitted.

Still worth it to get it passed through parliament. (Also, would be a bit odd for the British government to pay people who were not enslaved by it, but instead by private individuals)

Property rights are a creation of law; every person made property within the territory ruled by Britain was enslaved by the British government.

Did that ever happen? I thought people were normally enslaved outside British territory.

Hmm... I'm now wondering if North Africa should be paying reparations as the ones who did the actual enslaving.