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And you think Uncle Sam will run it any better? The government SUBSIDIZES and have constituents who are "grubbing idiots spending taxpayers money." Don't kid yourself bud. Go buy a book and educate yourself.
I am educated. I know that at least if the goverment was running it there would be ability to ELECT different people into office and make a change. What that bank did is TREASON.
I don't think the gov't should have bailed ANY of the money grubbing losers who ran their business (whether that business be banks, car's, whatever) into the ground.
But since they took the money? I think we should have just BOUGHT Them and restructured the correct way, instead of giving them free reign and lots of taxpayers money.
They can play with the EU central bank and its 12 branches in Europe. I think they realize they have sucked us dry and there is nothing left anyore. Maybe they'll leave us alone for a while.
In American law, real money is defined as gold or silver coin. Money is defined as either real money or certificates of deposit for real money. Notes are not money, but promises to pay money - in the future. Pursuant to Title 12 USC Sec. 411, Federal Reserve Notes are obligations to pay lawful money (gold coin) on demand. Since 1933, they have been repudiated, and worthless (no par value). They were never "backed" by gold, since they were not certificates (receipts) for real money.
There is not enough gold to operate a hard money system - in the USA nor in the world.
Fort Knox Depository has 147.3 million ounces (worth 2.9 billion in lawful dollars)
147.3 million / 305 million Americans
less than 1/2 ounce per capita.
(Pursuant to the Coinage Act of 1792, that amounts to $9.66 per capita)
World supply of gold (est.) is 5.5 billion ounces.
5.5 billion / 6 billion people
Less than one ounce per capita.
No matter what statutory dollar value you peg gold at, it's just too scarce to function as a medium of exchange.
In American law, real money is defined as gold or silver coin. Money is defined as either real money or certificates of deposit for real money. Notes are not money, but promises to pay money - in the future. Pursuant to Title 12 USC Sec. 411, Federal Reserve Notes are obligations to pay lawful money (gold coin) on demand. Since 1933, they have been repudiated, and worthless (no par value). They were never "backed" by gold, since they were not certificates (receipts) for real money.
There is not enough gold to operate a hard money system - in the USA nor in the world.
Fort Knox Depository has 147.3 million ounces (worth 2.9 billion in lawful dollars)
147.3 million / 305 million Americans
less than 1/2 ounce per capita.
(Pursuant to the Coinage Act of 1792, that amounts to $9.66 per capita)
World supply of gold (est.) is 5.5 billion ounces.
5.5 billion / 6 billion people
Less than one ounce per capita.
No matter what statutory dollar value you peg gold at, it's just too scarce to function as a medium of exchange.
Do the MATH first!
Then gold would simply have to increase in value enough to compensate for the abundance of fiat currency.
Nah, I saw him on Maher's show and I just don't agree with everything he says. The whole reason Banks got into trouble was because the pigs at the top were spending recklessly because they thought they were invincible. They made poor decision with OTHER people's money.
SAN FRANCISCO (KCBS) -- While no longer based here, Bank of America was started in San Francisco in 1904 by AP Gianini, who catered to immigrants and the working class. After the great quake, he set up shop on a North Beach sidewalk offering up loans with a simple handshake.
Now, as Bank of America faces a government stress test to see if it can hold up, Virginia Hammerness, heiress and Gianini's granddaughter, says both her father and grandfather are rolling over in their graves over how the business is being run.
"I think that what's happened is just nauseating, really," said Hammerness. "I feel so sorry for my children, and my grandchildren, for my great grandchildren, and everybody elses."
She has no involvement in the bank, but says Bank of America should never have bought Merrill Lynch after it found out about the pay out of exorbitant bonuses. She says that she keeps her money in Bank of America, but has no loyalty in it, she says she's simply too lazy to put it somewhere else.
Bank of America tells CBS 5 it had no comment.
Nah, I saw him on Maher's show and I just don't agree with everything he says. The whole reason Banks got into trouble was because the pigs at the top were spending recklessly because they thought they were invincible. They made poor decision with OTHER people's money.
All money is a fiction. It doesn't matter what actual medium is chosen. Salt. Wampum. Gold. Little pieces of paper. All any of it has to do is...
1. Provide a convenient way to evidence the exchange of one good or service for another.
2. Provide an efficient means for storing value over reasonable periods of time.
3. Provide a common way of describing the current worth of one thing versus another.
As long as something can accomplish those things and everybody agrees that we're actually going to use whatever that something happens to be for those purposes, then it really doesn't matter what that something happens to be...
-----
By the way, neither the Fed nor the Federal Reserve Banks are privately owned, despite all those stories about "stock" that you might sometimes hear. Nationalization of the banks is in the air only because it is the last alternative, and people love to ask Well, what if that doesn't work? until they get to the last alternative. The vast majority of banks is in perfectly good health, but several of those that are not were allowed to become so large that tinkering with them has signifcant potential implications for the economy as a whole. What regulators are working on are means to unwind or unravel those failed giant webs of financial activity so as to be able to sell off those parts that are functional and close up shop on those that are not, something that they want to be able to do without rewarding either the management or the stockholders who were responsible for creating all this mess to begin with. It will take time.
Last edited by saganista; 02-26-2009 at 09:16 AM..
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