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Accounting Perversion in Bank Financial Statements - Root Cause of the Ongoing Global Financial Crisis (English Edition) Formato Kindle
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The Global Financial Crisis of 2007 to perhaps 2012 -- or whenever the system is finally fixed -- is blamed on the credit rating agencies Standard & Poor’s, Moody’s and Fitch who certified pools of sub-prime mortgages as investment grade, on corporate psychopaths who took over Wall Street (the BBC’s latest of 3 January 2012), the absence of banking supervision and capital inadequacy, all of which I believe is very much beside the point that turns the issue that our Global Financial System is kaput because of a misconception of what is money of the quality of legal tender, not bank-created points called dollars, euros, yen etc. classified as demand deposits that masquerade as liquid money, and are everything else but money. Thomas Jefferson, Irving Fisher, John Maynard Keynes, John Kenneth Galbraith are cited and would agree -- and I believe Mervyn Allister King, the present long-serving Governor of the Bank of England.
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Di marco saba il 16 ottobre 2014
Formato: Formato Kindle Acquisto verificatoCommento Invio feedback...
This book explain very well what can happens to bank balances if the money they created is to be considered NULL and VOID. My opinion is that that money is GOOD and LEGAL TENDER because the governments accept this virtual money as payment for taxes. But then the bank balance sheet must be MADE SOUND by ADDING the newly created script money as an ASSET in the balance BEFORE lending or spending it in the market. As the Italian economist Antonino GALLONI recently pointed out, real bank profit come from the difference between (money created + interests gained) - (money lent or spent + interest paid to customers). MONEY CREATED is the missing voice in the bank balance sheet today.
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