This is perfectly fine. The idea they implied that they borrowed 20 the other way around is the joke. But that’s not the case. We used to solve debt among friends this exact way when kids.
In this sketch they are using Partita Doppia (double entry) to verify those IOU to resolve to 10. There’s not even any fractional reserve, they did not apply interest while lending.
It’s so good of a collection of banking transactions it could fit in Islam too.
This is not only how banking system works, it’s how any dept between multiple parties can be solved, banks or no banks. It’s perfectly normal and it would work exactly same in BTC only system.
How banking system works: I owe you $20, I have $1, but here is your $20 and another $80 loan. You owe me $80, pay it whenever you want as long as we are in good terms. Don’t dare to ask about where I pulled the $99 from. You are in my debt. Worry about paying it back.
Isnt the actual Legitimation for banks to be the central entity informing all three that nothing has to be payed? (except for the service fee they would charge for providing that info)
To be fair these guys were all even to begin with.
They can’t even give us Shemp-level Stooges!!!
ITT: we don’t know what jokes are
This is perfectly fine. The idea they implied that they borrowed 20 the other way around is the joke. But that’s not the case. We used to solve debt among friends this exact way when kids.
In this sketch they are using Partita Doppia (double entry) to verify those IOU to resolve to 10. There’s not even any fractional reserve, they did not apply interest while lending.
It’s so good of a collection of banking transactions it could fit in Islam too.
Reminds me of this classic, also: https://youtu.be/uxviBxaSjyc
Love this but I miss the original curly
Janet Yellen is Larry. She is so totally Larry.
This is not only how banking system works, it’s how any dept between multiple parties can be solved, banks or no banks. It’s perfectly normal and it would work exactly same in BTC only system.
Nobody likes Joe. Fake Stooge.
Hahaha, tjis is the best thing i habe seen in a long time! Thanks for sharing mate!
This is shitpost and have nothing common with the banking system. Those guys were even from the beginning.
Take my upvote! 😅
THIS ^
Yes! This is exactly what happened to the banking system this week. The 🇺🇸 banks are failing big time and they can’t hide it anymore!
…or Lightning
This is accurate for real, nice post lol
How banking system works: I owe you $20, I have $1, but here is your $20 and another $80 loan. You owe me $80, pay it whenever you want as long as we are in good terms. Don’t dare to ask about where I pulled the $99 from. You are in my debt. Worry about paying it back.
😵💫😵💫😵💫😵💫 😴😴
Fractional reserve banking at it’s finest
Not enough interest involved.
Isnt the actual Legitimation for banks to be the central entity informing all three that nothing has to be payed? (except for the service fee they would charge for providing that info)
More like American government
If only it was “I borrowed 20” so I only owe 20 back.
Nah, banks would give up, blame someone else, and retire rich for being incompetent.
Only Works…. Without compounding interest
This is so accurate
Beat one of rhe day
I love the 3 stooges