Wellington Cuba Mall - Fractional Reserve Banking Protest

[Madness]

What a fucking nutter.

https://www.facebook.com/photo.php?v=316128448416774

[Str8 Jacket]

"a Bay of Plenty man".....

[mashman]

that's no Kiwi... not a beer or snagger in sight. Interesting way to make a protest.

[mashman]

heh, made yahoo too... (http://nz.news.yahoo.com/a/-/top-stories/12060076/car-torched-in-wellington-mall/)

"He had written on the pavement in front of the car "What is fractional reserve banking? Google it!"."

Yahoo's article says "Fractional reserve banking is where banks keep only a fraction of deposits and lend out the rest and is common across in most banking systems around the world."

That description doesn't do it justice

Let's use a 10% reserve rate

A Man deposits $100 into the bank 1. So the bank needs to keep $10 in resereve, but it can loan out the other 90%.
That $90 is deposited in bank 2. So they have to hold $9 and can loan out $81.
$81.00 deposit - keep $8.10 - can lend out $72.90
$72.90 deposit - keep $7.29 - can lend out $65.62
$65.62 deposit - keep $6.56 - can lend out $59.05
$59.05 deposit - keep $5.90 - can lend out $53.15

and so on...

So far the bank has loaned out $421+ from that original $100. So they've plucked $321+ out of thin air (using 5 loans). Try the same thing with billions or trillions (and a few more than 5 loans)... hardly surprising they pay themselves millions for being such clever hard working people. Kinda hardly surprising that the guy set his car on fire in protest too. Good job we have poverty and a lack of jobs to offset the millions the bankers are earning for plucking money out of thin air.

[Paul in NZ]

Setting fire to a car in Cuba Mall on saturday has doomed his cause. Kids and all sorts enjoying the sunny weather - idiot

Hes as big a cunt as the bankers - probably just jealous he didnt get in first

[Virago]

Setting fire to a car in Cuba Mall on saturday has doomed his cause. Kids and all sorts enjoying the sunny weather - idiot

Hes as big a cunt as the bankers - probably just jealous he didnt get in first

Yup. TV1 just aired footage showing that a woman passer-by only just escaped the initial blast, which was quite violent.

[Brian d marge]

Sandals every one........... Sandals . come and get your Jesus boots .....

No loans required ,

Stephen

[Pedrostt500]

Well think about it if more car owners burnt their cars then there would be more road for motor cycles, and more petrol. And they supply their own matches.

[scissorhands]

Good on him, needs some fire safety instruction though

I would have done it on parliament lawn, far more symbolic

[oneofsix]

Good on him, needs some fire safety instruction though

I would have done it on parliament lawn, far more symbolic

Or just up the road at the reserve bank. Actually there is a nice patch of grass between the two that could do with the odd burnt out car as decoration.

[Paul in NZ]

Hey I have zero issues with the guy protesting but burning a car in Cuba Mall is insanely dangerous. The prick could have burnt down the whole street if it exploded. Spray painting his shit all over publicly owned infrastructure and damaging the whole area? Fuck off you wanker - like he was ever going to remove his crap after his protest.

Nah - he's off my 'give a shit' radar - what a wanker.

[nodrog]

"a Bay of Plenty man".....

He should have burnt his whippy truck

[Crasherfromwayback]

Nah - he's off my 'give a shit' radar - what a wanker.

Exactly. And if he'd injured a loved one if his car had exploded you'd want to throw him on the burning piece of shit.

[Scuba_Steve]

Exactly. And if he'd injured a loved one if his car had exploded you'd want to throw him on the burning piece of shit.

you boys have been watching to many American movie's, cars don't often explode. Of course maybee he did fill it with avgas & fully seal da tank... but I doubt it

[Crasherfromwayback]

you boys have been watching to many American movie's, cars don't often explode.

That's why I said 'if' not 'when'.

[Paul in NZ]

you boys have been watching to many American movie's, cars don't often explode. Of course maybee he did fill it with avgas & fully seal da tank... but I doubt it

They don't 'explode' often but I have seen them go 'whumpf' spectacularly. Plenty of old wooden buildings and people down there - bloody dangerous....