decoration decoration
Stories

GROKLAW
When you want to know more...
decoration
For layout only
Home
Archives
Site Map
Search
About Groklaw
Awards
Legal Research
Timelines
ApplevSamsung
ApplevSamsung p.2
ArchiveExplorer
Autozone
Bilski
Cases
Cast: Lawyers
Comes v. MS
Contracts/Documents
Courts
DRM
Gordon v MS
GPL
Grokdoc
HTML How To
IPI v RH
IV v. Google
Legal Docs
Lodsys
MS Litigations
MSvB&N
News Picks
Novell v. MS
Novell-MS Deal
ODF/OOXML
OOXML Appeals
OraclevGoogle
Patents
ProjectMonterey
Psystar
Quote Database
Red Hat v SCO
Salus Book
SCEA v Hotz
SCO Appeals
SCO Bankruptcy
SCO Financials
SCO Overview
SCO v IBM
SCO v Novell
SCO:Soup2Nuts
SCOsource
Sean Daly
Software Patents
Switch to Linux
Transcripts
Unix Books

Gear

Groklaw Gear

Click here to send an email to the editor of this weblog.


You won't find me on Facebook


Donate

Donate Paypal


No Legal Advice

The information on Groklaw is not intended to constitute legal advice. While Mark is a lawyer and he has asked other lawyers and law students to contribute articles, all of these articles are offered to help educate, not to provide specific legal advice. They are not your lawyers.

Here's Groklaw's comments policy.


What's New

STORIES
No new stories

COMMENTS last 48 hrs
No new comments


Sponsors

Hosting:
hosted by ibiblio

On servers donated to ibiblio by AMD.

Webmaster
Define what a bank DOES | 397 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Define what a bank DOES
Authored by: Anonymous on Saturday, November 17 2012 @ 10:18 PM EST
A bank makes money. Literally. From salt (the hash kind, not mined or sea)
and magic numbers. Any country that still believes its government
should have some say in the value of its currency has a simple solution:
wind back the deposit ratio to a sensible number so that the banks'
paper is supported on bricks and mortar, not salt and magic smoke.

In spite of the Islamic denunciation of usury lending and borrowing
through banking intermediaries seems tolerably profitable in the Arab world.

[ Reply to This | Parent | # ]

Define what a bank DOES
Authored by: Anonymous on Sunday, November 18 2012 @ 03:44 PM EST
Don't have his book handy, but John Bogle, in "Enough" laid
out three categories of people (and i think he was quoting).
From most important to least important:

- Those who make a living from the sweat of their brow and
the work of their hands, they are called "workers".
- Those who make a living from those who make a living from
the sweat of their brow and the work of their hands. They
are called "traders" (as in merchants, not stock traders).
- Those who make a living from those who make a living from
those who make a living from the sweat of their brow and the
work of their hands. They are called "financiers."

Financiers move money around. They don't actually produce
goods of value. This isn't to say moving money around isn't
important - it is. It keeps the funds going to those who
best produce goods of value. However, it, in and of itself,
produces no value.

[ Reply to This | Parent | # ]

Groklaw © Copyright 2003-2013 Pamela Jones.
All trademarks and copyrights on this page are owned by their respective owners.
Comments are owned by the individual posters.

PJ's articles are licensed under a Creative Commons License. ( Details )