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The business of a bank is to lend money; which amounts, nowadays, to lending credit.
-John Buchanan Robinson
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The Business Of A Bank Is To

John Buchanan Robinson
The business of a bank is to lend money; which amounts, nowadays, to lending credit.
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Credit Lending Amount

More From John Buchanan Robinson

To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
Money Night Crowds
Then came the second amsterdam discovery, although the principle was known elsewhere. bank deposits...did not need to be left idly in the bank. they could be lent. the bank then got interest. the borrower then had a deposit that he could spend. but the original deposit still stood to the credit of the original depositor. that too could be spent. money, spendable money, had been created. let no one rub his or her eyes. it's still being done-every day. the creation of money by a bank is as simple as this, so simple, i've often said, that the mind is slightly repelled.
Eye Simple Discovery
If your bank took bailout money, take your money out of that bank and put it in a credit union. credit unions are owned by the people who have their money in the credit union.
People Credit Unions
There are two issues that people sometimes confuse, but they're very closely related. there is the strength and the stability of the american financial system. and it's very important that that system remain stable and remain strong and lending is very important to consumers. secondly, the economy. and what has gone on in financial system is impacting the economy. and as the economy is turning down, it is very important that lending continue to be available and be available to consumers. so what we're doing with this facility is to support - is to support consumer lending.
Strong People Support
As a matter of fact 25% of our u.s. investment banking business comes out of our commercial bank. so it's a competitive advantage for both the investment bank - which gets a huge volume of business - and the commercial bank because the commercial bank can walk into a company and say, "oh, if you need x, y and z in japan or china, we can do that for you."
Commercial Banks Japan Needs
The lesson for asia is; if you have a central bank, have a floating exchange rate; if you want to have a fixed exchange rate, abolish your central bank and adopt a currency board instead. either extreme; a fixed exchange rate through a currency board, but no central bank, or a central bank plus truly floating exchange rates; either of those is a tenable arrangement. but a pegged exchange rate with a central bank is a recipe for trouble.
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