The banks are making a fortune with the ongoing scam called "reserve fractional banking", which from years ago, I was told they could loan out up to 32 times the actual amount of cash they actually had on hand. On Radio 3AW this morning it was stated the banks could loan out 8 times what they've got in cash.
They are being paid for money that didn't exist!
They are definitely making easy money , ..... without charging various fees and high interest rates.
Throughout history, the banks have done exactly as they please, ... but hopefully as more people become aware of what is happening, there will be a revolt of some sort to correct the scam called banking.
On the other hand, the system would be an excellent scheme if our Australian Govt.(one that was careful with how it used it's/our money), owned and controlled the bank and could use profits generated this way for Australia's needs. ( and being not in the hands of a greedy few.)
Pie in the sky as far as that one goes though, .....
Ravi
CBA Price at posting:
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