I'm taking my $2.76 out of my bank account right now!
@Evangelionism
5 жыл бұрын
@AesthDev _You can't fucking win, man. Smh. So sad._
@moejoe987654321
4 жыл бұрын
@AesthDev That louis C.K. bit it amazing
@Cheers_Motherfucker
2 жыл бұрын
Quit bragging ya bastard
@applejacks8160
3 жыл бұрын
Nothing will make you look over you shoulder like a “Bill Burr Bedtime Banking Session “
@Mckids1000
8 жыл бұрын
They can create 9 times the deposit amount out of thin air through fractional reserve banking. They are only required to hold 10% in reserve by law.
@mitragyninethespeciosa6891
4 жыл бұрын
and boom prices go up
@CarlosPerez-wt8ff
8 жыл бұрын
When I use to work for the bank, we used to have brain storm sessions on how to charge more fees. Charging someone to take thier own $ out.
@TCt83067695
5 жыл бұрын
That is unreal
@jayinthebx
5 жыл бұрын
Thats why i agree with bill. Banks are a big scam. But now espcially in New York. Alot of places stopped accepting cash all together. U have to pay with a card or one of the apps....
@annother3350
4 жыл бұрын
That's why we can't go cashless people. We need To be able to run on banks if they threaten to raid our accounts or if interest rates go into minus...
@american_warrior724
4 жыл бұрын
Ur full of shit, Carlos, but ur overall point is understood. And ur right
@aaronsmith4775
4 жыл бұрын
Fuck you carlos
@nickdipaolofan5948
6 жыл бұрын
That hit home when Bill was talking about the people in the financial sector talking about investing in precious metals and growing gardens and stuff. I know lots of super successful people who are bankers and in finance. Many of them are very into purchasing gold, silver, and other things with tangible value. They are also very into staying out of debt and maintaining emergency supplies and food storage. They are not who you would consider "preppers" they just know how flimsy our monetary system is and they know that your money could be devalued in a heartbeat. So if you have $500,000 in your savings account, it could be worth almost nothing in no time. But if you have gold, silver, and usable items like guns, tools, ammo, etc. you are in good shape because those items will ALWAYS be in demand. In fact, many well off people I know actually look forward to recessions because they have made themselves recession proof and they look at a recession as a good time to buy properties and collectible things that usually go for a ton of money, sit on them for a few years until the recession is over, then sell them for a small fortune. Think about it, if you are hit by the recession and you have a babe ruth baseball card worth $100,000 and now you need the money and nobody is in the market to buy expensive collectibles during a recession, it is a buyers market. So if you have the money, you can buy shit like that for pennies on the dollar because you though ahead and can sell it when the economy gets better. There is a reason why the rich get richer, and it has nothing to do with privilege or someone holding you down, it is because they have to foresight to take advantage of every situation.
@nickdipaolofan5948
3 жыл бұрын
@Kkkk Bbbb as long as you can afford it that is a great idea. Don't put all your eggs in one basket though.
@Andrew-ly6yf
3 жыл бұрын
Great fucken comment dude. You got me thinking about what i invest in now
@jessemedina4482
3 жыл бұрын
Rich people are great at exploiting recessions and that's one big reason why wealth accumulates at the top over time in an unchecked capitalist economy. I openly hate on them for doing it but heartless as it may be.. I am secretly jealous of that strategy.
@nickdipaolofan5948
3 жыл бұрын
@@jessemedina4482 Hey, if you can't beat them, join them . I do this on a much smaller scale. I buy and sell collectible guns. When COVID hit us hard last year, I was in a position to buy many collectible guns. Some people needed money fast because they did not put aside a savings account for a rainy day like this. I bought quite a few guns for around $500 each give or take and have now started selling them for over $1,000 each give or take. I have already doubled my money easily AND decided to keep about five of the best ones.
@jct3439
2 жыл бұрын
this
@MrJoshcc600
5 жыл бұрын
Bank of America does that too. Went in to get cash to buy a car (10k) and they told me no strait up. I have to make a appointment three to four weeks in advance. I closed all my accounts the next week and took my money to a local bank.
@youloutha
9 жыл бұрын
fractional reserve banking is such a joke even a comedian will explain it ;)
@swaggkingg4536
7 жыл бұрын
Jon Smith niiice
@decentralizedplanet482
7 жыл бұрын
Have you checked out Cryptocurrency yet? Bitcoin and such? :)
@brianfundytus6228
9 жыл бұрын
That's fractional reserve banking you are talking about...and on that million, they can actually lend out 9 more million....
@lukepowers9472
5 жыл бұрын
so....?
@chrischapman7026
4 жыл бұрын
Luke Powers so they are inventing 8 million dollars that they don’t have. Basically if everyone went to get their money the bank would be 8 million short
@seanmatthewking
3 жыл бұрын
Chris Chapman That’s not how I understand it. How I understand is the customers put in 9 million, and they only keep 1 million at the bank. They aren’t inventing money, they’re just lending out the vast majority.
@cocktailbarbelltender8067
3 жыл бұрын
@@seanmatthewking Nope. They create it out of nowhere it with double entry accounting. Their only limit is the required % of reserves they are told to keep by the Central Bank (The Federal Reserve).
@mmakkann
9 жыл бұрын
He's one of the rare smart people who can see reality in this society
@thomasminot9799
7 жыл бұрын
"What do you think about silver coins? What do you think about growing zucchini?" Hahahaha
@silversasquatch79
9 жыл бұрын
I kept hearing George Baily giving that speech in the savings and loan. " You got it all wrong, your money's not here, it's in joe's house, and bill's house!"
@chuckHart70
5 жыл бұрын
Yeah when you grow up when you see that part you throw up.
@danielcropp8553
3 жыл бұрын
Great movie! :)
@TheNothing40
5 жыл бұрын
"It's my money, and I want it now!"
@greenfusecreations4325
5 жыл бұрын
it's not actually
@bignasty402
4 жыл бұрын
Call JG Wentworth, 877-cashnow, CALL NOW!!
@redroversk
4 жыл бұрын
Said the bank, seeking "maintenance fees". 5/3 steals $5 from me every month because I don't make enough money to meet the threshold, and one time I let it sit overdrafted -$5.00(their maintenance fee) for a few days and I got a letter from them in the mail from them basically saying"we have collection agencies, we have many ways of getting that FIVE FUCKING DOLLARS from you if you don't comply.".
@MilkT0ast
4 жыл бұрын
It’s my money! And I want it now!!!!! ITS mY mOnEy & I wANT iT nOw!!!!! SHUT ..THE FUCK ....UP!!!!
@Zimmsters
2 жыл бұрын
Bill is right and you can withdraw all your money if you announce your intention one day in advance so they make sure to have enough cash for you and daily operations.
@philorgneopolotin8762
4 жыл бұрын
Fractional reserve banking just sounds like a Ponzi Scheme but with extra steps
@mzebari
3 жыл бұрын
It is a Ponzi scheme. By definition
@MrLawalker
5 жыл бұрын
It's how they prevent a run-on-the-bank and yes, Billistic Badass, you nailed it man.
@drewmurdaugh424
6 жыл бұрын
bill is exactly right I went to my credit union years back because I was going on vacation and I asked I want $5,000 and I had over $15,000 in the bank and they said no we can't do that right now it took him 24 hours to get my cash together I have to come back the next day to pick it up unbelievable bill you are exactly right and so is your Banker friend banks are ripoff
@caesar349
5 жыл бұрын
I love how much Billy Boy hates the banks
@felix4790
10 жыл бұрын
This happened to one of my friends at HSBC when he tried to withdraw £400 from the branch for a holiday. They told him no, we can only give you £50. After a LOT of arguing / debating he finally got £300. Seemed like a hollow victory at the time.
@zakthompson6312
5 жыл бұрын
I appreciate Bill for this one.
@JayKay9112000
9 жыл бұрын
Land, rental property, skills, tools, firearms, art, and hard commodities. Those are real investments you can see and touch and use.
@mksmith713
9 жыл бұрын
Land and rental property?......not so much. The other stuff?.......absolutely. My reasoning is this. In the U.S., it's well known that the government is run by the bankers. So.....you rush to pay off your home, rental property, etc. It's yours, free and clear, right? That's what most folks would assume. Guess what? You still have to pay property taxes. Who's the government in bed with?....The banks. What's to prevent the government from raising your annual property taxes to Ohhhhh, say $1 mil a year. Do you have that kind of cash laying around? I sure don't. Just some food for thought.
@mksmith713
9 жыл бұрын
Maurice Johnson So now the government takes your home in a tax foreclosure. They sell it at auction, it gets a mortgage and the banks make money again on the same house they made money on before.
@TheMoni700
7 жыл бұрын
Agree and guns in case the banks start knocking.
@justinreilly1
8 жыл бұрын
Thanks Bill, for educating ppl on this and all the rest. Im a lawyer and I can't believe the "fractional" reserve system they get away with where, as you say, banks are allowed to essentially counterfeit money. I do want to quibble with you though- I think it's a good idea to get a mortgage, bc YOU will have the house and the money (at a low interest rate- dont do it if the interest rates go way up).
@airjawcruz
6 жыл бұрын
This is wild. Bill just gave an intro lesson to fractional reserve banking.
@MrJoshcc600
5 жыл бұрын
Bank of America does the same. December 2018 i tried to withdraw 10k to buy a car and they told me no, i have to make a appointment at least 3 weeks in advance. Eventually i got 5k from my own account with a balance around 40k and completely closed my account after making a appointment for 2 weeks ahead and just moved banks. I couldn't believe it.
@alikamel9545
5 жыл бұрын
This is the first time I've heard bill talk about banks and be almost 100% correct and this is coming from an aspiring investment banker big shot
@filldrummin42
7 жыл бұрын
Some of the best Monday Morning Podcast evah right heeyah dood! I imagine being a stand up comedian on the road makes you a most deep thinker. I know traveling as a musician did for me. At least I had band mates to bounce things off of once in a while. This poor bastard was all alone with himself. Most people can't handle that. Ooooohhhh Jeeeeeezuuusss. All that time to spend with yourself. You end up exploring more avenues and come to some pretty big realizations. Bigger than most ever get the time to even consider unless it's brought up to them by someone like a Bill Burr. Mad respect to all you solo flyers out there... going deep for all us, unwashed and still slugging it out in the trenches.
@snarkwaupaca
10 жыл бұрын
A friend of mine did this at an Indian bank, he withdrew $25K. They started with the Rupee equivalent of 50s, then 20s, the 10s, then 5s, 1s, finally some in 50 cents, and 25 cents. It filled 2 large duffel bags
@ItsAllAboutGuitar
9 жыл бұрын
Here's how fractional reserve banking works. When $1 is deposited, $0.90 is loaned out. So $0.10 is in the bank, and $0.90 is outstanding. The $0.90 gets deposited and then $0.81 is loaned out. At this point there is $0.19 in the bank and $1.71 outstanding. When the $0.81 is deposited, $0.729 is loaned out. At this point $0.271 in the bank, and $2.431 outstanding. It ends up being the Maclaurin Series and I'll post the math in a different post. It calculates to 10 to 1 in the money supply.
@arnesarnautovic3679
9 жыл бұрын
ItsAllAboutGuitar I think it's more like this: when you deposit 1$ in the bank the bank creates 1$ in "credit" in your account. Now the state is 1$ in assets of the bank (paper money) and 1$ in credit(electronic money) on your account. So far so good. The bank is then allowed to "extend credit" by way of private debt. The bank can extend 100% - RESERVE RATIO of the assets. If the reserve ratio is 10% that would be 0.90$ in new credit for a borrower. However, the borrowers debt is now an asset of the bank as well so the game continues. New asset(debt) is 0.90$, so bank is allowed to extend 90% of it = 0.81$ of new credit for yet another borrower. This goes on and on until it reaches possible end. At the end maximum credit from 1$ would be = (1/(1/10))* INITIAL DEPOSIT = (1/(1/10)) * 1$ = 10$. So, 10$ in credit, 1$ in paper money and 9$ in private debt. Obviously, banks can't give you "your" money if more and more people are demanding their physical money because thre isn't enough. Most of the electronic money is backed by private debt. The difference between your example and mine is that in your example phisical money disappears but it deosn't really. The bank creates more electronic money and there isn't enough to meet demands in times of bank runs etc.
@magicaltomatoes
9 жыл бұрын
+Arnes Arnautović I heard there is no more required minimum percentage for banks and they have much less than 1% of their total assets in liquidity. That's just hearsay though I might be wrong.
@kalphitekil
8 жыл бұрын
Try and get back to us on that formula
@Timberhawk
8 жыл бұрын
+kalphitekil Here's the convergent series: ∑[n = 0:∞]{0.9^n} = 1.0 + 0.9 + 0.81 + 0.72 + ... = 10 Thus, in this case, the money supply added approaches 10 × from the original deposit.
@ItsAllAboutGuitar
8 жыл бұрын
Timberhawk Thanks for saying exactly what I said.
@coomcake
5 жыл бұрын
The reason your local branch bank doesn’t have several hundred thousand just sitting around is because they tend to be robbery targets and keeping minimum cash on hand keeps losses down.
@CrFouquet
5 жыл бұрын
You know and say what needs to be said on more levels than most if listening with an open mind
@thedude8254
6 жыл бұрын
Congrats to bill for finally figuring out how banks work.
@darkblood626
9 жыл бұрын
It's call 'fractional reserve banking'.
@guyincognito2512
8 жыл бұрын
+darkblood626 It is called BS and corrupt imaginations.
@pappppie
9 жыл бұрын
Dude is so right.
@stig
10 жыл бұрын
Bill, they can redistribute up to 90% of your money!
@sullimd
7 жыл бұрын
Good for you Bill. At least someone else knows how it works. Ask 100 people about this and 99 will have no clue. Looks like most people here get it too. I didn't learn about fractional banking and the Fed until I was probably 27-28 years old.
@jabba0975
5 жыл бұрын
Same thing happening in the US of A with over $10K withdrawals. Just tell 'em you're going to vegas to spend it on strippers and whiskey. You can always change your mind once the cash is in your hand.
@kylemothafuckinjoy
8 жыл бұрын
its insane how spot on you are.. lol
@e3IZrZ
5 жыл бұрын
This channel has a good taste of humor, been laughing my ass off to the selection of clips. My subscription and likes have definitely been earned, 10/10.
@classytv7038
4 жыл бұрын
"10 grand or 10 pounds"
@jams4041
8 жыл бұрын
You got it right, Bill.
@tiebeetroottk8501
5 жыл бұрын
A small smile creeped across my face. Hehehe. The times we live in.
@anonenormous2376
5 жыл бұрын
You're spot on
@1CrazyWeedSmoker
10 жыл бұрын
Hell yeah Bill. I like truth. Its the only way.
@un-coloredtruthpodcast6964
5 жыл бұрын
Pure Truth..
@tractorkid223
4 жыл бұрын
put 25% in a national bank, 25% in a local bank, 25% cash/gold-silver in home safe, and the other 25% cash/precious metals in a storage unit. and don't use bank saftey deposit boxes.
@GWOSAPAT
10 жыл бұрын
Nice one, Bill
@Hunter2847
4 жыл бұрын
The war against cash!
@sfincione2000
8 жыл бұрын
The percentages are actually even more staggering than what you say Bill. Have a read of "Modern money mechanics" which was released by the Federal Reserve quite a while ago and it explains the mechanism. Scary shit.
@expertmarketingsystems9868
3 жыл бұрын
Hes 100% correct. Store your cash a specialized whole life insurance policy
@razdower
5 жыл бұрын
HSBC was getting into trouble for being complicit in money laundering. Those restrictions were implemented because large withdrawals are commonly associated with criminal activity.
@tylercooper1551
Жыл бұрын
Bill is quickly turning into Carlin 2.0
@publius5128
5 жыл бұрын
Say what you want about Bill's rants, but his banker tirades are spot on. Avaricious mingers, the lot of them.
@mraglanpedersen9749
5 жыл бұрын
Money Masters.. is a good 1
@Brandon-vy6uw
8 жыл бұрын
I have a safe. A big fucking safe might i add lol. Haven't put money in a bank account in years
@elbitsz4961
8 жыл бұрын
+Įncognîto S Cool, where do you live?
@kimbonice
8 жыл бұрын
+Įncognîto S And when the banks take your house, they'll take the safe with it lol
@jarhead3571
8 жыл бұрын
A safe full of pennies.
@jarhead3571
8 жыл бұрын
A safe full of pennies.
@Mckids1000
8 жыл бұрын
It doesn't matter. Because the new gets its value from the money already in existence, they can steal the value of your "vault money" without ever being near your home...
@peterrichter9605
5 жыл бұрын
My bank has computer ATMs that connect to a teller via the internet. So it's the same as the ATM outside...and I've always had a daily withdrawal limit to.
@BeeBumper
6 жыл бұрын
They can't prevent you from changing banks. It's your fucking money, who do they think they are? "Y-Y-Y-You're moneys in Bill's House, and Bob's house....."
@SniperZaku
5 жыл бұрын
They can lend like 10 times the deposit amount.
@kotacash6024
7 жыл бұрын
The mouth breathers hehehehe
@dah5096
8 жыл бұрын
dude you're spot on. i believe it all but w/ the govt owning me via my student loans i just assume im basically already screwed.
@BevisFriend2010
5 жыл бұрын
This happened to me in England about 20 years ago. I tried to draw £2000 out and had to wait 3 days for it.
@imcomingwithyou95
6 жыл бұрын
12:27 Alternative Relax Living = Luxury Apartments? Holy fuck!
@LVL60Beltran
7 жыл бұрын
Holy shit! he's actually right about this. I'm impressed
@kliphy10
4 жыл бұрын
Love bill , spot on ... don't tell joe R
@cocktailbarbelltender8067
3 жыл бұрын
@7:33 replaying this part DYING LOL
@nathancotter4639
8 жыл бұрын
yeh that did make sense
@bryantppierce
9 жыл бұрын
I invest a lot in Art and first-edition books, they are ALWAYS worth a fuck-ton and people will always pay it.
@dominichowell779
8 жыл бұрын
I love the Cougar reference. otherwise correct and somehow funny as well. thank again Bill. but yea Cougar sux and the bank and...
@matthewcentner3831
4 жыл бұрын
I took $3,500 out of my bank in cash and they yelled at me. I said if you don't give me my money you can close all my accounts here right now. I hate fucking banks.
@DaniboyBR2
10 жыл бұрын
Bill Burr paints a grim picture of our future...
@SKBottom
5 жыл бұрын
Bank of America forecloses on houses they don't even own!
@FlowKio
Жыл бұрын
They’re just loansharking with extra steps
@magnatron7734
4 жыл бұрын
Billy coin bags lol great bit
@johncockinhand8770
9 жыл бұрын
Fuck he is a funny funny man, even when he is saying some serious shit.
@a1be31s8x9
10 жыл бұрын
Burr sounds like a Ron Paul guy. Good on him.
@CullTheLivingFlower
9 жыл бұрын
Except Ron Paul wants less regulation of banks, not more.
@sephirothsdemise
9 жыл бұрын
CullTheLivingFlower Yeah, regulation that the banks lobby for and benefit from. Not all regulation is good.
@CullTheLivingFlower
9 жыл бұрын
sephirothsdemise It is not my position that all regulation is good. Far from it. It is, however, Ron Paul's position that all regulation is bad, or very close to it. He doesn't want to stop banks from being able to lobby the government, I don't know where you got that impression from.
10 жыл бұрын
I for one welcome our new robot overlords.
@BanishmensProduction
3 жыл бұрын
The scary thing about this podcast tid bit hes completely right
@younggun5915
4 жыл бұрын
12:40 that’s where are firearms come in handy bill! 😃
@amanda825
3 жыл бұрын
the certain amount or percentage that the bank has to hold is called "reserves"
@kyleprice5459
5 жыл бұрын
Is it called fractional reserve banking or something?
@sikajaperkele
5 жыл бұрын
They dont need your money to give out loans. They just type it in and get the reserves later... But they do need your signature on the paper...
@SKa-tt9nm
4 жыл бұрын
They absolutely need your money to give out loans. And type “it” in? Type what in? And where?
@imhatchmantoo
4 жыл бұрын
Burr is on it bro. He knows. He knows how it works. I hope they don't off Bill like they did Bill Hicks. They don't like comedians making the truth funny and popular.
@JamesGormleyMusic
9 жыл бұрын
Like-minded people over here, cheers Bill.
@jedibones5241
5 жыл бұрын
I'm a contractor. I got fucked by my bank last year. So I have no bank accounts anymore. Straight fucken cash. Totally off the corperate grid
@lydellb
10 жыл бұрын
They don't let people withdraw the money because they don't have it. That guy who just took out a loan to purchase a house or a car just left with it lmao
@dustencross357
Жыл бұрын
How are banks aloud to change policy but not inform the people whose money they are in possession of???
@fredguy2
10 жыл бұрын
fractional reserve banking.
@skeptikult
8 жыл бұрын
Totally agree about the house thing. How is paying interest better for tax purposes than not paying it at all. Makes no fricken sense.
@jamesphillips3135
4 жыл бұрын
If it’s your money, it’s your money. That’s why I don’t use a bank and only use cash
@SuperSpreeGaming
5 жыл бұрын
I’m walking into the bank tomorrow to try and withdraw 100k.. All because this vid... Wish me luck.
@user-zf3mb2rh9n
4 жыл бұрын
It work at all?
@patrickmassey418
7 жыл бұрын
I was asked. I said I wanted to gamble.
@BanishmensProduction
3 жыл бұрын
My money is never in the bank. As soon as a check or payment goes in its bacl out again. I have cash and put the rest in gold/silver until i can buy a house.
@CavemanBearPig
5 жыл бұрын
Lot of it makes sense. It’s unsettling.
@frythespeakers
8 жыл бұрын
Mouth breathers lol
@RashtaEinthisB
5 жыл бұрын
1:50 LMAO
@Roust7
2 жыл бұрын
If you hold the money in your hand in the US police can talk it without any proof under asset forfeiture.
@AlastorDarkAngel
7 жыл бұрын
I remember this was on the news i think. ran once and disappeared
@damo010
9 жыл бұрын
Own your house and buy silver & gold to fuck the banks!!
@farhanj123
7 жыл бұрын
They're gonna build a back door HIYOOOOOOOOO
@mulehop17
4 жыл бұрын
Bank - a stock of something available for use when required. it is my opinion that if I deposit money in a bank, which they then make more money off of, they should at least have the money I gave them for safekeeping on hand and I should be able to take it out whenever I want to. To defend that practice in any way is absolutely insane and it's why we are getting robbed blind
@cindyjune6490
4 жыл бұрын
I worked in a Credit Union for 10 years there is a rule if you deposited $10,000 cash we has to fill out a certain piece of paper. So they would just divide up deposits. Same way if you want $10, 000 cash we want to know what for. Was in Burbank😉😃🤣😂😅by the studios😎😎😎
@leevaughan8368
3 жыл бұрын
Yah I had the problem one time. I told them ok I'm closing my account and wood like it in cash. Well needless to say I got my money
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