I'm against Basic Income funded by taxation. It's got to be funded by a wealth fund, or else by printing money

submitted by Gracehoper from self.BasicIncome

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[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

Really???

Care to provide some examples of these public sector banks?

[–]Gracehoper[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Here: https://en.wikipedia.org/wiki/List_of_central_banks

Care to provide an example of a private-sector central bank?

[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

The US Federal Reserve.

The Bank of England.

Every Western Central Bank is privately owned.

[–]Gracehoper[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

https://en.wikipedia.org/wiki/Federal_Reserve#Structure

The Federal Reserve System has a "unique structure that is both public and private"[49] and is described as "independent within the government" rather than "independent of government".

The U.S.'s Fed derives its authority from Congress and its Governors are appointed by the U.S. President. Calling it private is misleading.

[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The debt is owed by the citizens.

Private banks issue the money.
The government pays interest on the money that is loaned to it by the Fed.

The profits are private.

The Fed is the greatest scam in history. It charges interest for all money for all of the US wars.