Tuesday, October 15, 2013

99% +1

- "We are the 99%". I have a hat like you, but no button. I'll sit down, be the 1%, Ok?
- Sure.
- We're 100%. A complete society. What should we do with it?
- You tell me.
- How about this? You be my slave. Work for me 40, 50 hours a week. In exchange, I won't pay people to kill you, or put you in a cage. Deal?
- You're a comedian.
- Now if you don't live in a cage, where do you live?
- You own everything.
- That's right. But I'll loan you money to buy a house. Would you like that?
- Yes.
- Now where did I get the money I loaned you?
- You made it.
- Yes. I printed it. Me and my banking buddies put in one dollar each and called ourselves the national bank, The Federal Reserve. We allowed the congress to approve our head, but we bribe the congress to do what we tell them to. Our banking rules allow us to loan 10 dollars back to ourselves for every dollar we put in. We deposit a dollar, the bank loans us back ten, we deposit 10 dollars, the bank loans us back 100, we deposit one hundred dollars, the bank loans us back 1000...you get the idea.
- You create money.
- Yes. Now you don't want to live in a cage, so you come to us and say, I heard about your offer, please loan me a million dollars to buy a house. No problem. We loan everyone money, we make so many loans to so many people that some people, really some of us bankers, start to ask, will anyone ever be able to repay if we stop loaning more and more money? The answer is, of course not, not if we stop loaning ourselves money. Let's stop, and see what happens. And what happens?
- Economic collapse.
- A lot of you immediately lose your jobs. Or the company you work for can't sell as much because so many people have lost their jobs and can't buy anything, and you then you lose your job, or you keep your job and the company you work for says you should be happy you have a job, some of you will never work again, but from now on you get 20% less and work 20% more. You can't make the huge payments on your million dollar house so the bank takes it. From the one dollar the bank deposited with itself in its own company it created the million it loaned to you which you can't repay and now the one dollar has brought the bank a real house. A good deal, right?
- You know this too well. You're really the 1%.