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Issue No. 127 | 08 March 2002 |
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Power Plays
Interview: Still Flying Women: Suffrage or Suffering Industrial: No Coco Pops For Brenda Unions: Back to the Heartland Activists: Getting to the Point International: Push Polling Economics: Debt Defaulters Poetry: Those Were the Days Review: Black Hawk Dud Satire: Fox-Lew Launch Rescue Bid for Beta Video
The Soapbox The Locker Room Week in Review Tool Shed
 How to Beat the BanksCollins Goes Cahill
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Letters to the Editor How to Beat the Banks
Llike many people are sick of banks and the way they treat people. I am taking a stand and others are doing the same. I want banks to understand who's money they are using, start respecting that and teach them a lesson in the process. This email has been sent to close friends who may send it to their friends and so on. I am, along with close friends taking my money out of the bank for a three day period. Hopefully millions of other Australians will do the same thing, on the same day. Maybe many other people will read and pass on the below message. I ask you to do the same only of your own free will. If you are not happy with the way your bank treats you please read on. ----------------------------------------------------------------- TEACH BANKS A LESSON What would happen if everyone took his or her money out of the bank at the same time? Would the Banks finally learn to stop screwing the customer? Remember, banks are nothing without our money. Australians are sick of the major banks screwing us daily. You can teach Australian banks a lesson by withdrawing or transferring your money for a three-day period. If everyone did this over the same weekend then tens of thousands of people would send the banks a powerful message; maybe millions could do this by the July date and change banks for the better. What will happen? Banks could loose tens of millions of dollars in interest charges/fees and importantly learn a big lesson; don't screw customers! When 100,000 customers take out all their money for a three-day period. Banks could lose interest on almost 1 Billion dollars! Imagine if one million people did the same thing. What to do Between July 17, 2002 (Wednesday) and July 19, 2002 (Friday) withdraw or take all your money out of the major Australian banks. It must be kept out over the weekend to make an impact on the banks. Take money out as much money as you can in cash or transfer it all to another bank. (Not one of the big four banks) Withdraw as much money as you can from EFTPOS and ATM machines. (Keep it in a safe place) Forward this email to everyone you know including Television and Radio Stations, Newspapers, everyone. The more people who do this, the bigger the lesson we can teach the Banks! Let's show the banks whose money it is, once and for all. ------------------------------------------------------------------------------------------ To understand how banks create money out of thin air, ponder this: 1. Suppose you have $1000 in your account. 2. The bank counts it as part of their reserve and lends Fred $1000. 3. Now you have $1000 in your account and Fred has $1000 that he is paying interest on. 4. That adds up to $2000 on paper, even though only your original $1000 ever really existed. 5. Using the 10% Statutory Reserve deposit requirement allowed by our government, and hoping that not too many of their customers will ask for their cash at any one time, the bank can lend ten times Freds $1000. 6. This is why they are so rich. Explanation: If I loaned you $1000, you would have $1000 more and I would have $1000 less. But the total money in circulation would not be changed. The banks claim to do the same. Now, banks make loans every business day, so borrowers accounts would be going up, hence - depositors accounts should be going down - but they aren't. The truth is, unlike the loan between you and I, when bank's make a loan, nobody's account goes down, but the account of the borrower goes up, so there is an increase in the money in circulation. Where did this money come from? How do they do this? Well, what do you get when you get a bank loan? Numbers added to your account. Banks literally create money at the stroke of a pen (punch of a computer key) when numbers are added to the borrower's account. This money costs literally nothing to create, and the banks do not have any responsibility to any depositor because they do not lend their depositors funds as we have seen. Where did banks get this huge power to create money? In a nutshell, from their knowledge and our ignorance of the nature of money.
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