Hi there, I hope my explanation helps. The problem isnt money or banks if its sound money & sound money practice by banks. What we have now is called fractional reserve lending, where banks can loan money they dont have. Again, "Loan money they dont have." You go to the bank, they have 0 in the vault, you ask for $5k, they tell you okay, pay me back interest - they print $5k for you out of thin air, you work your ass off & you pay them back $5k+ interest with money they didnt have to begin with.
I'm really confused... Don't banks put money into the economy by exchanging it for goods and services? What about the people who work there? Lets say I borrow $5000 from a bank, and then I work at that bank for a paycheck for 3 years and over time I pay back the principle + the interest totaling $7000. Now I'm the owner of the thing I used the $5000 to buy and I don't owe the bank anything.. So where did the money come from? I'm lost....
What if I owned a bank. I partner up with a friend of mine which will be a third party. We planned that I lended him a huge amount of money in personal so that he can pay the debt that he borrowed from my bank. And we kept doing it simultaneously , and I will kept earning those "debt created money" and I will give part of it to that friend of mine so that he could keeps on borrowing money from my bank and paying back to my bank. What will that case be?
As I understand it, "owning" a bank is extremely difficult to legally set up under our global system. Only the existing bankers and their friends can control our money.
If you owe you $100k and I owe you $100.1k, net debt is not too high. Similarly, if a bank owes their depositors millions, yet also their debtors owe the bank millions, I would not consider this to be a big deal.
Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a mountain of gold, over which people will fight. Ninety-nine out of every hundred will die but every man amongst them would say that perhaps he would be the one who will be saved (and thus possess the gold).” [Sahîh Muslim] Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a treasure of gold, so whoever finds it should take nothing from it.” [Sahîh Muslim] ^remember this prophecy and don't participate in attempting to aqquire the gold
Hi there, I hope my explanation helps. The problem isnt money or banks if its sound money & sound money practice by banks. What we have now is called fractional reserve lending, where banks can loan money they dont have. Again, "Loan money they dont have." You go to the bank, they have 0 in the vault, you ask for $5k, they tell you okay, pay me back interest - they print $5k for you out of thin air, you work your ass off & you pay them back $5k+ interest with money they didnt have to begin with.
Needed that info thx
I'm really confused... Don't banks put money into the economy by exchanging it for goods and services? What about the people who work there? Lets say I borrow $5000 from a bank, and then I work at that bank for a paycheck for 3 years and over time I pay back the principle + the interest totaling $7000. Now I'm the owner of the thing I used the $5000 to buy and I don't owe the bank anything.. So where did the money come from? I'm lost....
What if I owned a bank. I partner up with a friend of mine which will be a third party. We planned that I lended him a huge amount of money in personal so that he can pay the debt that he borrowed from my bank. And we kept doing it simultaneously , and I will kept earning those "debt created money" and I will give part of it to that friend of mine so that he could keeps on borrowing money from my bank and paying back to my bank. What will that case be?
As I understand it, "owning" a bank is extremely difficult to legally set up under our global system. Only the existing bankers and their friends can control our money.
how do they started in the first place? I mean the legacy bank
wow
So banking is basically a legalized pyramid scheme...
If you owe you $100k and I owe you $100.1k, net debt is not too high. Similarly, if a bank owes their depositors millions, yet also their debtors owe the bank millions, I would not consider this to be a big deal.
Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a mountain of gold, over which people will fight. Ninety-nine out of every hundred will die but every man amongst them would say that perhaps he would be the one who will be saved (and thus possess the gold).” [Sahîh Muslim]
Allah's Messenger (peace be upon him) said: “The Last Hour will not arrive until the Euphrates uncovers a treasure of gold, so whoever finds it should take nothing from it.” [Sahîh Muslim]
^remember this prophecy and don't participate in attempting to aqquire the gold