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What industry secret are you aware of that most people aren't?
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this post was submitted on 24 Jun 2024
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Asklemmy
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Fractional-reserve banking. Most people have no idea what it is, probably a good thing. You could argue that it's not a "secret", but most people aren't aware of it regardless. I don't think most people would be fond of grinding for $15 an hour if they knew banks could just lend money they don't actually have. https://en.wikipedia.org/wiki/Fractional-reserve_banking
I'm always surprised how few people know about this. The banks are literally gaining interest on money they never had. It should be illegal.
Wait till you hear about how your bank account gains interest, hooo boy
I'm horrified to ask, but what do you mean?
Probably something about how your bank account only earns interest because banks can lend out a fraction of that to make money. Otherwise they would just be like a vault service who you have to pay to keep your money safe (basically negative interest).