Re: Quotation of the day

On Sun, 11 Mar 2007 16:14:33 -0800, John Larkin
<jjlarkin@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

On Sun, 11 Mar 2007 17:18:25 -0500, John Fields
<jfields@xxxxxxxxxxxxxxxxxxxxx> wrote:

On Sun, 11 Mar 2007 12:31:42 -0800, John Larkin
<jjlarkin@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

On Sun, 11 Mar 2007 18:28:04 +0000, Eeyore
<rabbitsfriendsandrelations@xxxxxxxxxxx> wrote:



John Larkin wrote:

The big picture is that you can't distribute more than there is.

---
Sure you can. Ever since we stopped backing up our paper money with
gold and silver, all those notes say is: "Trust me, I'm good for
it."
---


Conservation of mass. Money is just used to control distribution and
to trade off consumption versus investment. Money doesn't create
wealth, it just measures it.

---
Really?

How do you think banks get wealthy? By selling popcorn?
No, they get wealthy by charging me money to borrow your money.

Sure, they take wealth from you, and give it to their employees and
shareholders, but that's just redistribution. Banks don't *create*
wealth, unless the loan facilitates something truly efficient and
productive.

---
Nonsense. They create wealth by charging interest. Whether wealth
is created by the borrower or not is immaterial; their interest is
in the interest.
---

I never borrow money, except for mortgages, where the asset
appreciates faster than the interest.

---
That's conjecture, and a guess on your part as to what the asset
will be worth in the future. If real estate values fall and you
want to sell, you could be in for a come-uppance.
---

The bitch with borrowing is that you have to pay it back.

---
I don't mind paying it back, since it wasn't mine to begin with.
What I mind is legally sanctioned usury.
---

If the Governmant gives you a million
dollars, you would seem to be better off.

---
No, I _would_ be better off.

Maybe. But a lot of lottery winners wind up very unhappy as a result.

---
Oh, well...


--
JF
.

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