Primary school opens its own bank
Started by Scrotnig, 14th January 2018 12:30 in Talk & Chat

  1. #1 | 2064745
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    Default Primary school opens its own bank

    I think this is a great idea:

    http://www.bbc.co.uk/news/av/uk-engl...ng-how-to-save

    This school opened its own bank, with its own currency. The bank is managed by two pupils, and the currency is 'earned' through work in the school. There is also a small shop where the currency can be spent.

    What a fabulous idea, it apparently came about because most of the children thought money comes from a cashpoint rather than being earned.

    In my primary school days, they did something similar but smaller scale....they had a school bank but it was done with real money. The school had invited the local NatWest in, and they ran the accounts. Once a week the 'bank' was open....it was a NatWest employee sitting at a desk and they recorded all the transactions. There were real passbooks as well, that would also work in any real NatWest branch. This was accompanied by lessons about saving, cheque books, debit cards, etc. (Actually having an account and paying in any money was entirely voluntary of course). To this day I put my understanding of the consumer banking system down to this. If schools DON'T teach this stuff...how are you supposed to find out? The banking system assumes everyone knows how it works which is quite astonishing really.
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    Default Re: Primary school opens its own bank

    Scrotnig
    I think this is a great idea:
    I don't. The so-called currency is based on nothing tangible. It is not created out of anything valuable. It is toy money. Real money is used, at someone else's expense, to pay for the things the fake currency "buys". This does not teach the kids how a commercial economy actually works. On the contrary, it reinforces the leftist delusion that wealth is not created by adding value to anything real but simply appears as if by magic and is available on demand out of nothing more than thin air and a sense of entitlement. And I will bet my life a teacher put them up to it.
    YOU LOST. AGAIN.

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    Default Re: Primary school opens its own bank

    Memnoch
    I don't. The so-called currency is based on nothing tangible. It is toy money. Real money is used, at someone else's expense, to pay for the things the fake currency "buys". This does not teach the kids how a commercial economy actually works. On the contrary, it reinforces the leftie idea that an unlimited supply of wealth is available on demand out of nothing more than thin air and a sense of entitlement.
    I disagree. It's a primary school...they aren't trying to link it to the worldwide economy, it's just a basic operation within itself to demonstrate the very basics of money.

    The teacher in the video expressly states it was done to get rid of the idea that money grows on trees (comes out of a cashpoint in this case). It's the opposite of the leftie ideology, it is actually teaching children about the capitalist system.

    You go out to work...you get paid...that IS how money works for the vast majority of people. That is what is happening here...the children 'work' and get paid. The wider machinations of the economy are not really relevant to seven and eight year olds. That can come later.
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    Default Re: Primary school opens its own bank

    Scrotnig
    I disagree.
    I knew you would because you don't understand what money is, which the rest of your post proves.
    YOU LOST. AGAIN.

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    Default Re: Primary school opens its own bank

    Memnoch
    I knew you would because you don't understand what money is, which the rest of your post proves.
    No, I understand it perfectly well, but I'm not sure we need to be bamboozling eight year olds with this. It will confuse them and render the whole exercise pointless.

    The simple reality for most working people is - you go to work, you get paid. It's as simple as that. That is not me saying "that's how money works", that is me saying "that is all that matters to the majority of working people". I'm not even saying it's right that that is the case, but trying to teach eight year olds high level economics isn't the solution to the problem.

    This particular scheme was devised because the children thought money came from a cashpoint. What this scheme does is introduce them to the very basics of the banking system and earning a wage, which doesn't pretend to be the be all and end all but it is the very beginnings of a better financial education.

    You don't start a child's first maths lesson with advanced algebra. You start by adding 2 + 2 (or whatever). The deeper stuff comes later.
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    Default Re: Primary school opens its own bank

    Memnoch
    I don't. The so-called currency is based on nothing tangible. It is not created out of anything valuable. It is toy money.
    Sounds a bit like Bitcoin, then.
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    Default Re: Primary school opens its own bank

    Memnoch
    I don't. The so-called currency is based on nothing tangible. It is not created out of anything valuable. It is toy money.
    Plutonium
    Sounds a bit like Bitcoin, then.
    Actually it sounds like the Euro.
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    Default Re: Primary school opens its own bank

    Once again Memnoch has completely missed the point. Obviously the money used isn't "real" money. It is an educational exercise designed to explain to children how money and the financial system works.

    Memnoch's thinking comes from working on the Underground - everything goes through a long round tunnel, or it doesn't work at all. He is incapable of innovative thinking. He couldn't think into a box, let alone out of it.
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    Default Re: Primary school opens its own bank

    Scrotnig
    Actually it sounds like the Euro.
    The Euro is based on tangible wealth, as are the currencies that preceded it, and the pound, dollar etc.

    What are Bitcoins based on? I still haven't figured it out. Why don't I invent my own imaginary online currency and see how much real money I can relieve people of?
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  10. #10 | 2064768
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    Default Re: Primary school opens its own bank

    Plutonium
    The Euro is based on tangible wealth
    Again, tell that to the Greeks. They were doing well enough until the Euro came along and funnelled all their 'wealth' into EU coffers.
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