Near-Zero Interest Rates

[TheWrathOfGrapes]

Simply amazing that in this day and age, there are still people pining for the days when there are no banks and banking facilities. Welcome to the pre-Templar world.

[Vulcanl]

Wrath,

I happen to be one of these people.  In this age of the internet there is absolutely NO need for banks.  They are useless, obsolete intermediaries that enjoy a monopoly in all facets of the creation, storage and maintenance of OUR money.

[TheWrathOfGrapes]

Wrath,

I happen to be one of these people.  In this age of the internet there is absolutely NO need for banks.  They are useless, obsolete intermediaries that enjoy a monopoly in all facets of the creation, storage and maintenance of OUR money.

Great - I know you are one of them.  Pray tell me how you buy your HDB flat with cash? You go to the internet, click on the HDB website, scanned your S$10,000 bills and emailed your scanned notes to them for your cash payment? Or bring a whole sack of cash to the HDB office?

[Vulcanl]

Wrath,

I understand it is difficult for you to conceive of this, but money is merely a commodity.   Its issue should be opened up to as many private parties as the market will bear, and its value should fluctuate according to market supply and demand forces, like any other commodity.

In a truly free market, the hdb (or any other large purchase) financing is a contract between private parties, who mutually agree as to the definition of 'money' in the contract itself.

The only reason banks have the monopoly they do is that Governments have granted it to them by fiat decree.

Do be open minded about this - it is a critical point.

[so what]

Wrath,

I happen to be one of these people.  In this age of the internet there is absolutely NO need for banks.  They are useless, obsolete intermediaries that enjoy a monopoly in all facets of the creation, storage and maintenance of OUR money.

Great - I know you are one of them.  Pray tell me how you buy your HDB flat with cash? You go to the internet, click on the HDB website, scanned your S$10,000 bills and emailed your scanned notes to them for your cash payment? Or bring a whole sack of cash to the HDB office?

Better yet, once you have emailed your money to HDB, they scan your new flat and email it back to you.
All you need to do is print it out and you can move in immediately.

[so what]

Wrath,

I understand it is difficult for you to conceive of this, but money is merely a commodity.   Its issue should be opened up to as many private parties as the market will bear, and its value should fluctuate according to market supply and demand forces, like any other commodity.

In a truly free market, the hdb (or any other large purchase) financing is a contract between private parties, who mutually agree as to the definition of 'money' in the contract itself.

The only reason banks have the monopoly they do is that Governments have granted it to them by fiat decree.

Do be open minded about this - it is a critical point.

Then you should have no problem if your boss pays you your salary this month in, lets say...pebbles?

[TheWrathOfGrapes]

Wrath,

I understand it is difficult for you to conceive of this, but money is merely a commodity. 

Do be open minded about this - it is a critical point.

You are not only closed-minded, but full of supercilious condescension and full of yourself. Remember your cockiness and ignorance about ppp - that you had to apologize to me?  And here you go again trying to read my mind and to tell me what my difficulty is?

[Farmer Giles]

So if bankers don't rob us, hackers will?
Mine's staying under my matress. 

[Vulcanl]

so what,

"...then you should have no problem if your boss pays you your salary this month in, lets say...pebbles?..."

Interestingly enough, at certain and various points in history small stones and seashells were indeed used as money.  Anything that will hold its value, is measurable and portable can perform the function of money.  All that is required is that the private parties to a contract accept it as such. 

At this time I would not accept pebbles as payment.  I earn my income in SGD and of all the fiat currencies in the World at this time this is one of the best - its issuer is one of the more honorable ones who attempts to maintain its value.

Where I to lose faith in the SGD, I would simply immediately exchange it for something else that I felt would hold its value better.

[Vulcanl]

Wrath,

"...You are not only closed-minded.."

I am more open-minded that you are.  This much is obvious

"...full of supercilious condescension and full of yourself..."

Guilty as charged

"...Remember your cockiness and ignorance about ppp - that you had to apologize to me?..."

Classy.  But I would expect no less in this graceless age where showing displaying honor and respect is seen as some kind of weakness

"... And here you go again trying to read my mind and to tell me what my difficulty is?..."

I don't need to read your mind...you have apparently decided beyond the shadow of a doubt that bankers are necessary in this day and age.  I have proposed that they are most definitely not, and your feelings have been hurt somehow to the point where you lash out as a child would, in frustration. 

If I am so way off base here, engage me in the debate about it.  Petty attacks mean nothing. 

If I am found to be wrong, I will acknowledge so (as you well know).

[TheWrathOfGrapes]

Wrath,
I understand it is difficult for you to conceive of this, but money is merely a commodity.

Thank you V - for such profundity of thought. Wow, I am impressed. I would not in a million years conceive this.  I am going to my backyard to dig up this precious commodity, and grow this commodity instead of wheat and corn.

[Kubes.SG]

V.  It is kind of weird that you are in Singapore, the most materialistic plot of land on earth, working in the banking industry that enables the filthy materialism to grow.  Just weird.

I reckon you were born in the wrong time and place.  I think you should have been born either:

1) Bedouin nomad in the 14th century   

2) Naga headhunter in the 12th century 

3) Tahitian warrior in the early 18th century 

Your beliefs, understanding of the world, and thought process are much better suited to these periods and peoples.

[Max Headroom]

I wouldn't know Kubes, because I always scroll down through the page whenever I see a post by Vulcan, which nowadays is about 50% of all the posts here. Gee whiz, how verbose can you be?

Why does every post here have to become a Vulcan One Man Show?

 

[so what]

I wouldn't know Kubes, because I always scroll down through the page whenever I see a post by Vulcan, which nowadays is about 50% of all the posts here. Gee whiz, how verbose can you be?

Why does every post here have to become a Vulcan One Man Show?

 

Why do you care?
This happens to be a forum where people can post messages.

Your post is dumb and only shows that you can't count properly.

[Vulcanl]

Kubes,

"...Bloody hell.  I have answered this multiple times..."

As matter of fact you have not.  I point-blank asked you on the other thread WHY it is exactly that SG HAS to raise interest rates, and specifically pointed out that just because that is what Australia is doing does not make it so for SG...its economy is fundamentally different and so different policies are called for

"... This is what a mature, rational and independent central bank should do when it sees in its economy growing inflation, asset bubbles forming, and high economic growth..."

Central Banks should not exist at all...the free market should dictate the price of money (interest rates) and not bureaucrats

"...The MAS retards are damaging the SG economy encouraging it to shoot up like a skyrocket.  You what you get after that happens?  A burnt stick..."

Relative to other central banks in the World the MAS has done a great job