Their loans are not backed by any real wealth on their behalf. I need this Kentucky Wildcats Cat Go Wildcats shirt. Nor do they lend out depositors’ money When you give your house or business as a guarantee for their money, this money is not backed by gold, silver or tangible wealth. It is an empty promise except for the fact that the government, with the central bank as lender of the last resort, is ready to bail out the banks should a run on their money occur.
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So whether you personally borrow or not, you pay the interest on that fictitious money. I likeKentucky Wildcats Cat Go Wildcats shirt. Likewise, when you take a bank loan, you pay at least twice: you give a guarantee of real wealth in case of default, and you pay a penalty (as interest) for accepting money as a loan which costs the lender nothing and did not exist until it was created as a loan to you. Heads you lose, tails you lose again.
This crime wave is still ongoing, and the perpetrators are still at large. BBC, by not reporting what actually happened you are complicit in these crimes. Where on earth do you get your average wage from? The average you give cannot be for people up the north? 2 of us earn just slightly above your average on our basic wages. Often thought that it might have been better in the long term to have let the banks fold instead of bailing them out.