By keeping money in the bank the bank screws you twice
651 sats \ 2 comments \ @inverselarp 25 Dec 2023 econ
First, you are not getting money market yield (worst in case of 0% checking account and very suboptimal in case of saving account). Second, bank will lend out your money to people around you that buy scarce assets (eg real estate) that you might be saving for and make them more expensive for you (pumping price with your very own cash).
I find it fascinating that many people, even if they more or less understand fiat system don’t realise the extent to which it is unfair.
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0 sats \ 1 reply \ @RoundaboutStacker 29 Dec 2023
The vast majority of the money lent out was freshly printed money with no backing or customer assets whatsoever. Welcome to the debt based society that is our fiat world.
Thank God for Bitcoin
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0 sats \ 0 replies \ @inverselarp OP 29 Dec 2023
What never stops to blow my mind is how perverse it is. You are forced to have a bank account yet bank could close your account any time with no reason just because they dont like your business. If you have an account they have license to lend your money and they are not obliged to borrow you anything. They lend your money to your direct business competitor and not you without any obligation to disclose reason. You after all that have to participate and borrow to “invest” so that you beat the debasement and you somehow have to convince yourself you are lesser piece of shit because you just have to.
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