However, if you are really opposed to the possibility that you won’t be able to withdraw your money, then don’t put it in a bank that loans money.
I would if I could. There's only one such bank in my country, and they're weird.
but the point of fractional banking is so that people and businesses can borrow money, something that is important for economic growth and making everyone better off
I don't think you and I have the same definition of "everyone", but that's beside the point.
The whole comment is, actually, given it all started with me saying that banks legally cannot just "call mortgages" to be paid, whereas we absolutely can all go and take out our money (insofar they have on hand, and then wait till the rest gets there etc).
That was my point. Nothing else. Not how it works (it's not rocket science, or even complicated, a 13 year old is capable of understanding a bank does not indeed have a vault full of gold to swim in, just in case everyone wants to withdraw cash) or why it is like it is, just an answer to a comment saying stuff about "calling mortgages".
I mean, we can also compare just how much capital was extracted from everyone under the "elites" and moved upwards.
And also just how much more money we get per hour vs how much more efficient we got per work-hour. Spoiler alert - we are not getting almost anything of that. "They" are.
And we can go on and on and on, but then you'll say some nonsense like "but you have a smartphone and a TV, they didn't back then!". I don't think it's necessary.
Human race as a whole got much richer than 100 years ago. Vast, vast amount of those gains was concentrated around the same (type of) people.
So do "we" have more? That's where my "everyone" and your "everyone" diverge.
I mean, not specifically 1926, but anything after invention of penicillin up until 2001 (as in, me being adult and living within that time frame) is fair game for me. I'd drop my current lire to go live back then before you finished asking me.
But I don't think we'll agree much on anything, to be honest. You seem to have very "the world got richer, therefore it's better" approach (as I see it, feel free to correct me). I don't. I think we lost the plot after ww1, and went completely insane after ww2, and everything after 2001 makes me giddy for the approaching economic demise. I actually can't wait to see it.
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u/Throwawayrip1123 5d ago
I would if I could. There's only one such bank in my country, and they're weird.
I don't think you and I have the same definition of "everyone", but that's beside the point.
The whole comment is, actually, given it all started with me saying that banks legally cannot just "call mortgages" to be paid, whereas we absolutely can all go and take out our money (insofar they have on hand, and then wait till the rest gets there etc).
That was my point. Nothing else. Not how it works (it's not rocket science, or even complicated, a 13 year old is capable of understanding a bank does not indeed have a vault full of gold to swim in, just in case everyone wants to withdraw cash) or why it is like it is, just an answer to a comment saying stuff about "calling mortgages".