Big banks mint money again: $18.7 billion

Big banks mint money again: $18.7 billion

money.cnn.com...

The biggest banks are minting money. Can they keep it up?
Do we even want them to?

The six biggest bank holding companies - Bank of America
(BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500),
Citigroup (C, Fortune 500), Wells Fargo (WFC, Fortune 500),
Goldman Sachs (GS, Fortune 500) and Morgan Stanley
(MS, Fortune 500) - raked in $18.7 billion in profits in the
first quarter.

That's more than six times as much as they earned in the fourth
quarter of 2009, and their biggest haul since the financial crisis of
2008.

OMG, minting money again??
r u kidding???
Like we don't have enough money troubles
already,

I think somebody has a death wish for the economy.
This could be the last nail in the coffin.


[edit on 21-4-2010 by boondock-saint]

reply to post by boondock-saint


Notice how these types of stories just seem to disappear....... Hmmmmm

Oh boy, just what we need, another 18.7 billion in funny money. Monopoly money has about the same value, and is as legal as the garbage the Fed prints. I wonder how many are cheering this on.

this happened before. The romans did the same thing, not knowing the consequences of inflation, the consistenly debased and devalued thier currency, creating more and putting into circulation. It is considered one of the economic reasons for the Roman empire's decline. At least thier money was an actual hard currency, being a coin and metallic. we have paper money backed by the word of capitalist pigs. we might as well have monopoly money in our hands.

I may have misread this, but do they not mean ''minting money'' as a phrase to imply making a profit, rather than actually minting physical cash ?

reply to post by theillestomen


well actually what they started to do since they had to use real metals for value, they instead SHRUNK (made them smaller) the coins to save on metals and make more worth less... same idea different media (paper / metals).... didn't work then and I have a feeling it aint gonna work now.

[edit on 23-4-2010 by svpwizard]