this post was submitted on 24 Jun 2024
422 points (98.0% liked)
Asklemmy
42434 readers
1263 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- [email protected]: a community for finding communities
~Icon~ ~by~ ~@Double_[email protected]~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Fractional-reserve banking. Most people have no idea what it is, probably a good thing. You could argue that it's not a "secret", but most people aren't aware of it regardless. I don't think most people would be fond of grinding for $15 an hour if they knew banks could just lend money they don't actually have. https://en.wikipedia.org/wiki/Fractional-reserve_banking
I'm always surprised how few people know about this. The banks are literally gaining interest on money they never had. It should be illegal.
Wait till you hear about how your bank account gains interest, hooo boy
I'm horrified to ask, but what do you mean?
Probably something about how your bank account only earns interest because banks can lend out a fraction of that to make money. Otherwise they would just be like a vault service who you have to pay to keep your money safe (basically negative interest).