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TOJ - updates on the debacle, complaints, news about other ventures, whatever. - Page 3628post #54406 of 5482212/17/15 at 9:23pmpost #54407 of 5482212/17/15 at 9:29pmCould we please rename this thread into the Modern Monetary theory discussion thread.
Through his innocent ignorance Nahneun has posed the question: why DO banks compete for deposits, when they know they can just go to the discount window for as much as they like?
I suspect the answer depends on which country you come from
In the US, the Federal reserve pays 0.25% interest on ALL reserves not just excess reserves so there is an incentive there
But in Australia the deposit rates (even for at-call, not just term) available to consumers are often higher than the overnight rate
I guess it is predominantly regulatory requirements, but maybe someone in banking can weigh in
Of course if you worked in banking, what the fuck would you be doing reading this thread
EDIT: Mosler to the rescue
http://www.huffingtonpost.com/warren-mosler/response-to-president-oba_b_413292.htmlpost #54408 of 5482212/17/15 at 9:45pmNot all banks are central banks capable of producing currency. The BoE example only works at an aggregate level. The BoE article only shifts the narrative of who the money creator is (which can be debatable, frankly). And yes, in an economy dependent on fiat money (as by definition, what is considered currency can only be defined by banks at that point, but doesn't it seem like there's an inherent issue here?), it makes sense when considering the aggregate, but to be honest, i think in reality, it really means little to the average consumer.
idk, i should probably sober up before trying to make an argument :B
Edited by nahneun - 12/17/15 at 9:58pmpost #54409 of 5482212/17/15 at 10:04pmPlease explain?
The aggregate is all that really matters, as long as there is a central bank which stands ready to provide liquidity
Your original comment was
"if you have enough money in your account that they'd want to keep you as a customer, most definitely yes. because it's basically your money they're lending/investing."
But it isn't.
"Your" money was in actual fact created (in aggregate) somewhere in the commercial banking system, via the creation of a loan
The reason why banks may wish to seek commercial deposits are more complex, and probably dependent on local regulatory factors
But it seems that in most developed countries, the reason commercial banks are not making loans is not for lack of reserves/deposits/loanable funds
They are NOT making loans because of a lack of credit-worthy borrowers, or a lack of desire on the part of credit-worthy borrowers to create loans
Therefore, that is NOT the reason they will refund MickeyPunch's $830post #54410 of 5482212/18/15 at 3:47ampost #54411 of 5482212/20/15 at 6:54amQuote:Originally Posted by chakmak
Really? You do? Personally, I hope he's out of business by then, selling knock-off gucci purses to tourists on the street, surviving on cans of Alpo that he shares with his dog. And I mean the generic Alpo shit, not even their premium cuts line. Forget about Eukanuba or Blue Buffalo.
Don't have any money invested in this, so I don't have anything against the guy. Just curious to see how he looks like irl, since I've read so much here.post #54412 of 5482212/20/15 at 8:28ampost #54413 of 5482212/22/15 at 7:06ampost #54414 of 5482212/23/15 at 8:11pmpost #54415 of 5482212/23/15 at 8:27pmQuote:Originally Posted by MickeyPunch
Do you guys think that if I threaten my bank with closing my accounts and taking my money somewhere else they'd be willing to action a chargeback?
Not that I have millions in that account (I wish) but the amount is several orders of magnitude bigger than the chargeback.
I was reading on Reddit the other day a thread which involved some kind of scam and there were people saying that banks generally won't risk losing a customer over a relatively small chargeback request.
If your bank is in the UK it might be easier to invoke section 75 of the consumer credit act (1974 I believe). I'll let you google it but it basically forces them to reimburse undelivered goods for payments between 100 & 2000 £ (again not 100% of the figures but i'm positive a toj jacjet is in the sweet spot).post #54416 of 5482212/27/15 at 1:48pmpost #54417 of 5482212/29/15 at 9:21ampost #54418 of 5482212/29/15 at 9:39ampost #54419 of 5482212/29/15 at 9:41ampost #54420 of 5482212/29/15 at 9:51am
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