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The Wall Street Journal
The Wall Street Journal
The Wall Street Journal
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The Wall Street JournalVerified account

@WSJ

Breaking news and features from the WSJ.

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    The Wall Street Journal‏Verified account @WSJ Jun 3

    A country synonymous with finance is holding a referendum that has voters wondering: What is money, anyway?https://on.wsj.com/2J7cSUA 

    1:30 AM - 3 Jun 2018
    • 28 Retweets
    • 42 Likes
    • Meghan Elward-Buffy The Vampire Slayer ojogiwa olayinka Abel Daniel Toloko Krishna Oli Nikhil_NC Mirrrrryhammm👙 Sarah Abdullah Walid Muhammad
    5 replies 28 retweets 42 likes
      1. Hiroshi Hoshina‏ @lordhiro28 Jun 3
        Replying to @WSJ

        Money represents the merit of: Credits, Honor, Bonus, and Salary, for a Service rendered.Or an indemnification in cash of a Process, for Moral, or Patrimonial damage.

        0 replies 1 retweet 1 like
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      2. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @WSJ

        0/ The problem is that the Vollgeld proponents only tell half the story. Yes, a bank can give a loan and pay out the money simply by adding numbers to the customer's checking account. What the author calls 'Creating money'. HOWEVER, the story does not end here.

        1 reply 0 retweets 0 likes
      3. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @fabian_flatz @WSJ

        1/ Deposits in a checking account are a bad thing for a bank, they are a liability. So, all the bank has done is created a liability for itself. One day the customer will want to withdraw the money to buy whatever the loan is for, e.g. a house. At this point the bank looses money

        2 replies 0 retweets 0 likes
      4. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @fabian_flatz @WSJ

        2/ Money being 'created' is simply the bank saying Yes, I will pay out the money & you can see your right to that money in your account. There is nothing special about it, everyone can do it. I can give a friend a loan & until he asks to withdraw the money I don't need to have it

        3 replies 0 retweets 0 likes
      5. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @fabian_flatz @WSJ

        3/ So what happens when a borrower asks to withdraw the money? Two things, either he withdraws cash then bank repays the central bank bc that's where the bank bought it. Or it's a wire transfer then bank looses money with the central bank to send the wire transfer. Its never free

        1 reply 0 retweets 0 likes
      6. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @fabian_flatz @WSJ

        4/ finally what would happen if the Central Bank would lend out all money directly. This would mean all lending decisions are centralized in one institution. If the Central Bank made bad lending decisions then the integrity of the country's currency would weaken and/or collapse

        2 replies 0 retweets 0 likes
      7. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @fabian_flatz @WSJ

        5/ So under the Vollgeld scenario the risk of lending would be centralized and in turn magnified. For this to work you need to believe central institutions are superior in making all decisions. This is not only undemocratic but essentially communism. Which didn't work, we tried.

        1 reply 0 retweets 1 like
      8. Thomas Mäder‏ @tsmaeder Jun 3
        Replying to @fabian_flatz @WSJ

        I don't know of you're a troll or simply don't get it. There ARE arguments against #vollgeld, but none of your's are correct.

        1 reply 0 retweets 0 likes
      9. Fabian Flatz‏ @fabian_flatz Jun 3
        Replying to @tsmaeder @WSJ

        Yeah, a little less insults and a little more arguments would be better. I work in the finance space, habe a law degree and a business degree. So feel free to disagree with me but let's respect each other and argue on a rational level.

        0 replies 0 retweets 0 likes
      10. End of conversation
      1. margot morshuis‏ @mmcville Jun 3
        Replying to @WSJ

        Equal distribution of basic services like child care, healthcare, housing are fundamental rights. Not just for rich people.

        0 replies 0 retweets 0 likes
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