@(((Jason))):

Not a post Wally would like to comment on. Too many difficult questions for the lad. Workers striking is wet dream stuff for him but then these are evil bankers. If he does comment he will probably say something along the lines of these are the workers and not the capitalist elite.

Sure they could print money to pay them their rise

@Anto Curran:

Good point Anto. However, I have noticed recently that Wally isn’t spouting that BS too much. I think he may realise how foolish he was looking or the powers that be in the AAA have told him to reign it in a little. If that crap ever got into mainstream media that an AAA person said you can just press buttons to create new money it would seriously undermine the AAA.

Wally has been banned again Nick, he’s plying his trade under the name Banjo now.

@(((Jason))):

On a thread earlier his real identity was revealed, I think he will be keeping a very low profile

Was that a C Mc by any chance?

@Colin Moran:

Spot on Colin

Really, do you have the link @nick?

No, he’s Benjy Rooney now.

He could call himself Jesus Christ and his baloney would shine through.

@(((Jason))):

Check out the thread from a bit earlier on ‘Rent pressure zones’ to be introduced with immediate effect in Dublin and Cork

Solidarity with the bank workers and contempt for the drooling neoliberal mouthpieces :)

@Benjy Rooney:

You just couldn’t help yourself joining in :) For a wannabe politician you certainly say a lot of naive things. I would actually vote for you just to see you become a TD and then sit back and have fun watching you try to defend your extremist and utterly stupid comments in the mainstream media. I suspect you would quickly see your mates in the AAA quickly distance themselves. Roll on the next election, I may even canvas for you

Nick,
You had better get on to the Bank of England immediately and let them know that you can’t just press buttons to create new money as they’re under the illusion that the commercial banks do precisely that:

“By far the largest role in creating broad money is played by the banking sector…when banks make loans they create additional deposits for those that have borrowed.”

http://positivemoney.org/where-does-money-come-from/

Hiya Wally!!

Hurray!! You came!

You’re right Nick. I can’t help teaching the drooling hounds who trot around after me some manners.

@Benjy Rooney:

Wow the backtracking is quick. I suspect Paul and Ruth have advised (warned) you to stop talking BS. You do realise that you have posted many many times on this public forum that all banks needed to create new money is for the banks to press a few buttons. You even go on to say the only reason they don’t do it is because the capitalist elite won’t let them. I think it is time to accept that a career in politics is not for you. If you ever got elected you would be forced to resign when all the crap you posted here got associated with you.

@Nick Allen:

“We find that the most accurate description is that banks create new money whenever they extend credit”

Which part do you not understand Nick?

@Benjy Rooney:

“You’re right Nick. I can’t help teaching the drooling hounds who trot around after me some manners.”

Another wonderful quote. Do you realise that nearly ever post you make is resignation material from the Daily? just like your fiscal strategies you don’t appear to have the ability to think to far ahead in time.

“The basic analysis of this book is neither radical nor new. In fact, central banks around the world support the same description of where new money comes from. And yet many naturally resist the notion that private banks can really create money by simply making an entry in a ledger. Economist J. K. Galbraith suggested why this might be:

The process by which banks create money is so simple that the mind is repelled. When something so important is involved, a deeper mystery seems only decent.”

It seems the smaller the mind, the easier it is to repel, eh Nick?

Poor Wally Mac,

Finds one or two quotes to establish his argument and then hangs on for dear life.

But look on the bright side Wal,
You probably get more than 3.3% green thumbs here so onwards and upwards eh?

“Most of the money in our economy is created by banks, in the form of bank deposits – the numbers that appear in your account. Banks create new money whenever they make loans. 97% of the money in the economy today is created by banks, whilst just 3% is created by the government.”

http://positivemoney.org/how-money-works/how-banks-create-money/

@Benjy Rooney:

I think Wally got a little slap on the wrist from Paul & Ruth. Serious backtracking. The funny thing is you are not able to back and delete your comments. Its all there for everyone to see.

I’d be interested to see any supporting evidence from the drooling hounds that the commercial banks don’t create new money each time they issue a loan………….

“Every new loan that a bank makes creates new money. While this is often hard to believe at first, it’s common knowledge to the people that manage the banking system. In March 2014, the Bank of England release a report called “Money Creation in the Modern Economy”, where they stated that:

“Commercial [i.e. high-street] banks create money, in the form of bank deposits, by making new loans. When a bank makes a loan, for example to someone taking out a mortgage to buy a house, it does not typically do so by giving them thousands of pounds worth of banknotes. Instead, it credits their bank account with a bank deposit of the size of the mortgage. At that moment, new money is created.”

Now goodnight little doggies. I’ll check back tomorrow to confirm your failure yet again to provide any counter argument to the simple reality that commercial banks create new money every time they issue a loan.

@Benjy Rooney:

The bit you continually ignore is that a loan is based upon the ability to repay. Furthermore, the loan is not simply a number on a bank account. When a person draws down the loan they can then withdraw the cash. If someone get a mortgage the person that sold the house to them gets paid the full amount of money immediately. Then over the 20 odd years the borrow pays it back in instalments. So although your analogy may help you to understand the concept, it is only an analogy to try and simplify the concept for people like you that do not understand the economics of banking and finance.

Night night Conor. I mean Wally. I mean Billy. I mean Benjy. I mean Bu//sh!tter

@Benjy Rooney:

Night night from me too Conor. Sleep tight and don’t let those capitalist elitist bed bugs bite.

Benjy is correct in that one of the primary functions of a Central Bank is to authorise and license client banks to create money, within limits, through the issuance of loans. Usually, and true in Ireland and the UK, this limit is defined in relation to the total amount on deposit at a given bank.

Why Benjy, or anyone else, would find this notion to be radical is purely a matter of ideology. And the problem with ideologues is that the truth, or reality, don’t matter as much as faith in what they believe, no matter the inevitable contradictions. In fact this is what happens to anyone who reduces their rationale to that which some long-dead man wrote down once.

John do you have a link to those details on the limits? Interested in the topic.

@Nick, You know he loves a good copy and paste scrap but as soon as I call him by his real name he goes very quiet. It appears our dear Wally ( Conor Mc ) has stood for election for AAA several times with no success. Wonder does he tell people who much time he spends talking down his nose to people on the journal?

Roibeard

I think you are right. Very naive to post some of the stuff he posts. Could u imagine him as a newly elected TD I. prime time, it would be amusing. I like people having differences of opinion but he is far to extreme. I wouldn’t like him teaching my kids in school.

By the way Wally,

That’s no way to speak about your pupils.

@Nick, Next time there is an election its worth remembering how easy the Journal can be mined for Conor’s pearls of wisdom. And god bless the inventor of cut, paste and tweet. What ever about disagreeing with people and getting into a lively debate. His tone is repetitive, personal and always condescending. Not exactly the kind of person we want in public office. Wonder does Paul know what his minions get up to?

@Nick/Colin, Couldnt help myself but had to tweet Paul Murphy a sample of our dear Wally’s handy work. Think you can expect a new alter ego any time new of course the tone and rhetoric will always give the game away. If AAA have any ambition of making a mark on Irish politics they would do well so keep an eye on the conduct of party members on social media.

Then the staff who were tending the tills come out from behind the tills and ask you can they help? Only in Ireland

@Micheal OLainn:

“How many interest rate mistakes will continue?”…

Does a mistake not imply that it was accidental? :)

Don’t get me wrong. It’s not the staffs fault. They couldn’t be nicer. It’s management decisions. That’s it in a nutshell.

Around 1995 so 20odd years ago Rabobank modernized in Holland. Late opening Friday evening and Saturday morning opening.

I agree Joe, I have a savings account with them so I can’t use the machines.. The queues for the teller are always long and slow moving, or just closed early. Considering closing the account soon..

Good on you peter. If more people did that they might just realise who pays their wages.