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Originally posted by EarthCitizen07
UNITED STATES OF AMERICA, INC. Non-profit Delaware Corporation Date 4/19/89 File No. 2193946
Originally posted by CookieMonster09
The bank also earns profits - interest if you will. With these profits, the banks has its own checking account, so to speak, where it can invest as it chooses. In general, next to oil companies, banks have been historically very profitable businesses.
Originally posted by seataka
The head of China told citizens to acquire gold and silver. Chinese Expats in the US have been making 5 digit physical purchases..
Originally posted by teapot
Originally posted by seataka
The head of China told citizens to acquire gold and silver. Chinese Expats in the US have been making 5 digit physical purchases..
The recent proliferation of cash4gold type companies to facilitate the transfer of gold, create scarcity of gold amongst the general population so that when currency is abolished, the majority will be more amenable to accepting fully automated exchange system?
WOW! Enlightening! So the banks and the oil companies are very profitable hey? Well I never!
Originally posted by CookieMonster09
WOW! Enlightening! So the banks and the oil companies are very profitable hey? Well I never!
Enlightening comment. You're missing the point.
Why would a profitable bank need to "create money out of thin air"?
It doesn't need to. It already has sufficient assets - liquid assets - to invest and lend,
Originally posted by FortAnthem
Originally posted by EarthCitizen07
UNITED STATES OF AMERICA, INC. Non-profit Delaware Corporation Date 4/19/89 File No. 2193946
There have been plenty of threads on this subject:
Is the United States of America even a country?
Who Owns The 'United States®'
Act of 1871 - Inventing the Illegal U.S. Corporation
April 19 1775 transitioning to April 19 2010
The more you learn about the country today, the scarier it gets.
Edit to add:
Hey, cool, I made the 200th post!
[edit on 5/18/10 by FortAnthem]
Originally posted by finemanm
Similarly, the federal government is a legal entity that has bank accounts and owns property; therefore, it is a corporation. It must be able to enter in legal contracts, to sue and be sued in court, etc... Thus, its a corporation.
The Red Cross is a not for profit corp, but still a corp. Private schools are incorporated. Small towns are incorporated, New York City is a corporation, I'm sure the town or city you live in is incorporated.
I've no idea! I'll take a guess! Because the entire monetary system is a completely imagined construct that allows banks to do pretty much what they like?
As you said, profitable business is banking!
Originally posted by CookieMonster09
I've no idea! I'll take a guess! Because the entire monetary system is a completely imagined construct that allows banks to do pretty much what they like?
Hmmmm....If the entire monetary system is a complete imaginary construct, why don't you stop paying your mortgage, auto, insurance, property taxes, utilities, etc. and then come back to this forum and tell us how imaginary the monetary system is, fair enough?
With all due respect, perhaps you live in a land of fairy tales and make believe, but some of us actually live in the real world where the monetary system is very much a reality.
TITLE 28 > PART VI > CHAPTER 176 > SUBCHAPTER A > § 3002
(15) “United States” means—
(A) a Federal corporation;
Originally posted by dalan.
reply to post by EarthCitizen07
Its actually in the United States code:
TITLE 28 > PART VI > CHAPTER 176 > SUBCHAPTER A > § 3002
(15) “United States” means—
(A) a Federal corporation;
Interesting no?
According to the board of governors of the Federal Reserve, "It is not 'owned' by anyone and is 'not a private, profit-making institution'. Instead, it is an independent entity within the government, having both public purposes and private aspects."[15] In particular, the US Government does not own shares in the Federal Reserve System nor its component banks, but does take all of its profits after salaries are paid to employees, a dividend is paid to member banks that is 6% of their capital investment, and surplus is put in a capital account.
The government also exercises some control by appointing its highest-level employees and setting their salaries. The Federal Reserve made a record profit of 45 billion in 2009, nearly all of which was transferred to the US Treasury.16. The structure of the central banking system in the U.S. is unique in the world. It is also unusual in that an entity outside the central bank (the U.S. Department of the Treasury) creates the currency used.
But I am in the camp of not thinking the FED is inherently evil. We need a central banking system, and no, we can not use gold or barter for chickens.
So, if you would like to debate the finer issues that deal with fact and the reality of here and now I will be waiting.
Originally posted by GreenBicMan
reply to post by My_Reality
Sweet, I'm glad they used it at the time.
During the last few centuries though we also use electricity as well. We could probably do without that because the Romans did right?
Originally posted by CookieMonster09
...
Kooky. I can assure you that banks have deposits, and they also have significant assets. They don't need to create money "out of thin air".
Look, if 50 people each deposit $100,000 in 6 month Certificate of Deposits at the bank, and you stroll into my bank looking for a $20,000 loan, I can assure you that the bank doesn't need to "create money out of thin air" to give you the $20,000 in certified funds at the time of closing. Assuming you're creditworthy, the loan could close within 24 hours or less in most cases. No goofy accounting gimmickry, no silly Mickey Mouse games, no funny "money out of thin air" tricks. The bank has the money - It's on deposit.
How can the bank do this? Well, for starters the bank has figured out, much like an actuary, that the likelihood of all 50 depositors withdrawing $100,000 over the next 6 months is relatively unlikely. Sure, you might have a handful that decide to cash in early due to better rates somewhere else, a family emergency, etc. But, by and large, statistically speaking, assuming that there isn't some major run on the banks or national emergency, the bank will retain these funds on deposit for the next 6 months, rain or shine.
The bank also earns profits - interest if you will. With these profits, the banks has its own checking account, so to speak, where it can invest as it chooses. In general, next to oil companies, banks have been historically very profitable businesses.
Then are you saying that fractionalized banking is just some phony conspiracy theory and doesn't take place at all? That loans are made solely and directly from the bank's customers' deposits?
Another aspect of bank complicity in their own undoing vis a vis the housing crisis that you seem to ignore is the fact that banks were reselling the promissory notes to the brokerage houses and other debt-dealers almost before the ink was dry on the signature lines. Don't you think that this is because they had their doubts about the surety for these debts and the borrowers' ability to pay them off? And didn't this also contribute to the ballooning crisis in a real and irresponsible way?
If they got stuck holding the bag, it was because they failed to apply common sense to their lending practices. They failed to be "good citizens."
I know of plenty of people here in California that expressed concern over pie-in-the-sky housing prices, no down payment lending practices, and the loose regulation and predatory mortgage practices that blew that bubble until it burst.
I would hardly consider him an economist or a statistician, or an expert on the ins and outs of the staged global financial meltdown.