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The banks are writing their own rules again - best keep an eye on them

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posted on Jan, 6 2013 @ 06:40 PM
Boom bang a bust
Boom bang a bust
Boom bang a bust – when will they ever learn that’s how it goes.

Following the collapse of Lehmans, Northern Rock, RBS et al, and the ensuing chaos for we mere mortals who happen to inhabit the real world, with real jobs, with real bills requiring to be paid with real money – the banks – at an international level have been allowed to write their own rule book once again.

‘The new "liquidity coverage ratio" will be phased in from 2015 and take full effect four years later.’ In English; new rules have been put in place to limit their leverage ratios to sensible levels. (We must all be (unwillingly) familiar with the term 'leverage' by now.)

However, it would seem that the chastened good intentions of the banks to do the right thing, and permit a sensible ratio, have quickly fallen by the wayside. Albeit the new rules aren’t even in place yet – they have been relaxed already to allow the banks to include ‘corporate bonds, some shares and high-quality residential mortgage backed securities in their permitted stocks of liquid assets.’ In English: precisely the same nonsense they were playing at before.

We really have to wise up to banking practices – at the end of the day it’s us who end up paying for all those golden handshakes, super duper bonuses and inevitable crashes.

BBC Business

posted on Jan, 6 2013 @ 10:03 PM
reply to post by christina-66

As long as we put up with their tricks the longer they will use them.

Don't use this as a tax evasion but start endourcing your checks with the phrase
Redeemed in Lawful Money Pursuant to 12 USC 411 This will forbid the bank from using your deposits as a base for their fractional reserve lending.
The banks won't like this and they may send you nasty notes and try to get 'you' to close your account but they won't/can't close it. (Don't bounce a check or anything like that though)

And on every FRN that passes through your hands write the same thing on the BACK of the note (Defacing them is' illegal') Redeemed in Lawful Money Pursuant to 12 USC 411 might as well get a rubber stamp at thise point. For every FRN with this written on the back that FRN note along with its serial number must be cancelled forever and replaced with an equal value United States Treasury note which is debt free, the Federal reserve cannot charge interest on this.

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