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Paypal Reverses Payments Made To Indians
bhagwad writes "Beginning January 28, Paypal has been reversing the payments made to any Indian provider of services. In addition, Indian users have been unable to withdraw their money to their bank accounts. As a result, a large number of Indian Paypal accounts have negative balances running into the thousands of dollars. The worst part is that users weren't informed beforehand — the funds were just whisked away. Indian providers have gone ballistic, with over 2,000 posts on a thread on the reversal of payments and over 700 posts on this thread about the delay in transfers. Paypal hasn't given any explanation to this behavior other than they're looking into it. Although Paypal claims in the above blog post that payments made for 'Services' are not being reversed, this is not true. All payments not made for 'Goods' with a shipping address have been reversed — in fact, the Paypal e-mail tells the Indian sellers to encourage their clients to lie and claim that they're paying for goods with a shipping address instead."
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When you're afraid to download music illegally in your own home, then the terrorists have won!
Not quite. You deposit $100 into your bank. They lend out $90 which the borrower spends, and it ends up getting deposited back in the bank. The bank lends out $81 dollars, which gets spent, banked and so on. Eventually, you end up with $1000 being deposited and $900 lent out from that original $100 of federal reserve money.
If the depositors request their $1000 back, the bank has $100 in the safe, and $900 in loans. But if those loans are 30 year mortgages, they won't be able to call them in to pay the depositors, and even if they are overdrafts, the borrowers may not have the money to pay the loan back.
I've always thought it was ironic that this slur was directed at Native Americans, given that it was the U.S. government that repeatedly took advantage of Native Americans early in our history, cheating them out of lots of land, and of course often killing them for it.
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