Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,207,749 members, 8,000,184 topics. Date: Tuesday, 12 November 2024 at 02:22 AM |
Nairaland Forum / Topchoiceventur's Profile / Topchoiceventur's Posts
(1) (of 1 pages)
Webmasters / Can You Convert Website To Mobile App Message Me Now On Whatsapp by Topchoiceventur: 10:32am On Jun 14 |
Can you convert website to Mobile app message me now on WhatsApp |
Business / What Is A Bank? Really by Topchoiceventur: 11:19am On May 31 |
Most people, like I always say, think banks are intermediaries, middlemen between savers and borrowers. Banks are not intermediaries; either individually or collectively, it's very hard to believe. Even if someone had told me, I wouldn't have believed it myself. I had to conduct an empirical test to believe it for myself. People, especially economists, consider banks as deposit-taking institutions that borrow out money that a saver saves. That's the standard definition of a bank; that's what they teach in academia, and we all have to accept it. But the truth is banks are not deposit-taking institutions, and they don't lend out money. They don't take deposits, and they don't give out loans. There is no bank that has ever lent out money (according to the law). It all becomes clear when you ask yourself, where does money come from? When you take out a loan from the bank, where does the money come from? They will tell you it's from someone else's savings, but it's not. People believe that when you make deposits, when you save, banks then give it out as a loan. But that is not the case. When a bank gives out a loan (remember there is nothing like a bank loan), I'm talking about ordinary banks, commercial banks, when they give out a bank loan, then money is being created, money is being created essentially out of nothing. Think about it. Banks don't give cash as a loan; you will have to have an account with them to get a loan. Okay, let's say you and I both have an account with First Bank. Here is mine if you want to send me money (3122668534). If the bank wants to give you a loan, they don't debit my account, taking my deposit to give you the loan. They will simply give you the loan. The money doesn't come from anywhere; it's not debited from my account and then given to you as a loan. It just appears out of nothing. It doesn't even come from their reserve with the central bank. It is newly created. I call it MAGIC INTERNET MONEY . If you also look at it, there is no such thing as a bank deposit. It doesn't exist (according to the law). So what is it when you deposit your money in the bank? You have the feeling and impression that when you put your money in the bank, it's your money. You believe the money belongs to you, that it is your money the bank is taking care of, and you can ask for it back. But according to the law, that's not true. According to the law, there is no such thing as a bank deposit; you are not the owner of the money in the bank. So, where does money come from, and how is money created? As of today, the total money supply, only 5% is cash which was created by the central bank; the remaining 95% is bank-created money that was created when they give out loans. So when you go to the bank and say you need a loan, they may say they can't give you a loan because it's too risky, as the money belongs to someone else. But that's not true. When a bank gives out a loan, it's not actually a loan but money creation. I don't have a problem with banks creating money—I mean, I do, but it doesn't bother me that much. But my issue here is this: imagine a young man who wants to go into business. He goes to the bank and requests a loan, and the bank tells him no. Yet, someone like Dangote goes to the bank, and they will gladly give him the money. Or more accurately, they will gladly create this money for him. That's not fair; that's actually wrong. That is what we call discrimination. written by - Joshua Best Premie |
Webmasters / Job Opportunity In Abuja: Mobile Application Developers by Topchoiceventur: 12:33pm On May 30 |
Are you passionate about revolutionizing the way people engage with financial services through cutting-edge mobile applications? We are currently seeking talented individuals to join our dynamic team as Application Developers. You don't have to be a seasoned developer, but expertise in HTML, CSS, and JavaScript is a must. Responsibilities: 1. Collaborate with our development team to design, develop, and implement mobile payment applications. 2. Create efficient, secure, and user-friendly interfaces for seamless financial transactions. 3. Ensure compatibility and functionality across various devices and platforms. 4. Stay updated with the latest trends and technologies in mobile application development. Requirements: 1. Proficiency in HTML, CSS, and JavaScript. 2. Strong problem-solving skills and attention to detail. 3. Ability to collaborate effectively within a team. 4. Understanding of mobile application development principles. If you are ready to make an impact in the fintech industry and be part of a forward-thinking team, we want to hear from you! Apply now by reaching out to us on WhatsApp, you can find our Number on the signature space. Join us at and be at the forefront of shaping the future of digital finance! Address: St James House - Plot 1109/No. 167 Cadastral Zone A08 Ademola Adetokunbo Crescent, Wuse 2, Abuja. #MobileAppDevelopment #HTML #CSS #JavaScript #Fintech #TechJobs #TheBank |
(1) (of 1 pages)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 14 |