12-Year-Old Explains How The Corrupt Banking System Works

[Gosso]

12-year-old Victoria Grant, a Canadian, explains how the banking system is defrauding the public:

http://www.huffingtonpost.ca/2012/05/15 ... a#s=981764

Here was an interesting section of the article:

Until the 1970s, the government borrowed directly from the Bank of Canada, which is a Crown corporation and issues Canada’s currency. But in recent decades, it has been borrowing from private banks instead. Critics say that the government is unnecessarily paying extra in interest rates to cover private banks’ profit margins.

[hoost]

Does Canada have the equivalent of a Federal Reserve?

[Gosso]

Does Canada have the equivalent of a Federal Reserve?

Yep, we call it the Bank of Canada.  As far as I know we operate exactly the same as the US, except we have slightly more regulations and zero reserve requirements for the local banks.  Other than that I believe we are the same.

I cannot say I agree with Victoria (assuming MMR/MMT is correct), but she sure is one smart kid.

[hoost]

Does Canada have the equivalent of a Federal Reserve?

Yep, we call it the Bank of Canada.  As far as I know we operate exactly the same as the US, except we have slightly more regulations and zero reserve requirements for the local banks.  Other than that I believe we are the same.

I cannot say I agree with Victoria (assuming MMR/MMT is correct), but she sure is one smart kid.

Well, I think she's missing a lot of the details and I'm not sure the solution would change things all that much.  The purpose of having the banks is to help obscure the process.

The topic of reserve requirements vs. capital requirements is interesting.  I'm still digging into that topic.

I'm not sure if you've been following, but we've been digging into this quite a bit on the 2012 performance thread.

[Gosso]

I'm not sure if you've been following, but we've been digging into this quite a bit on the 2012 performance thread.

I have been skimming that thread.  It is very interesting, but I am nowhere near educated enough to step to the plate in that thread. 

[hoost]

I'm not sure if you've been following, but we've been digging into this quite a bit on the 2012 performance thread.

I have been skimming that thread.  It is very interesting, but I am nowhere near educated enough to step to the plate in that thread. 

  Me neither.  I've been researching and learning as I go.  I think the hardest part is driving down to the basic assumptions and definitions of terms.  Until you get to that point, it's hard to have a constructive debate about anything.  That's more or less what I've been working toward so far.  I think we're almost there.