Posted: Sep 26, 2013 2:37 pm
OlivierK wrote:stevecook172001 wrote:Vague obfuscatory waffle.OlivierK wrote:In your example, you're taking a whole bunch of transactions that have a balancing credit and debit, throwing away all the debits, and then pointing out that it doesn't balance any more as if that's some giant gotcha. As far as I can see you're simply parading your ignorance of elementary bookkeeping and/or numeracy.
I have laid out the logic of the transactions in comprehensive and itemised form. Refute any specific point, or it is entirely reasonable to assume you either don't know what you are talking about or you are deliberately avoiding refuting the points because you can't.
I did make a specific point. All of the banks have both a credit transaction and a debit transaction. When you add though the total position of all banks, you get the same $1000 you started with. If you ignore all the debit transactions, which you have done, but which is meaningless to do, then you get a different number. This is not evidence of a conspiracy, it's evidence of ignorance of or incompetence in accountancy.stevecook172001 wrote:Address the points of argument in terms, if you can.
Construct meaningful sentences, if you can.
Add up the total deposits held on account at the banks and you will get £1000, which is the original base money pushed in at the beginning of the process. However, you must also add to that the other £3,00 that has been lent into existence and is circulating in the economy and is being used as if it is base money. This is not a difficult concept, The problem is, that so many people are so utterly conditioned from a very early age to see FRB money as being real and somehow as being base money, that their minds are so repulsed by the truth when they are presented with it, that they cannot bring themselves to see it even if it is staring them in the face.
Read the post again. This time more carefully and then do your sums again.