Full Money Market

Archive for the ‘US banking system’ Category

The Federalist U.S. Leaders just want there oil.
Is that to much to ask.
and install? a new controllable Government w/greedy leaders, and central Banking system with new currency, with lots of debt.
and a couple new US Army/Navy/Air Force Bases
AND ANY THING ELSE THEY TELL THEM.
Lets get UM guys before they get us!

Because he hates both Israel and United States. Instead of focusing to the future of his country, he spends time hating both the States and Israel. He is not any different from any other right wing extremists.

Unemployment levels are rising in the UK and the banking system is facing major difficulties. Do you know what this will mean for lawyers who specialise in employment or banking law? Will their workload increase? What kind of challenges will they face? Also, if you know how this will affect US lawyers I would also like to hear from you.

Job losses in a recession are not likely to be the type of job losses that will involve employment lawyers. If you lose your job during a recession there is not a lot of point taking your employer to court if the company has gone under… I don’t think that a recession sends an more business to employment lawyers, though it may be a good time to be a bailiff.
I wouldn’t know what work banking lawyers get up to, I’ve never come across any. In my opinion, if you have been a lawyer working closely with banks for the last year or so – you should be seeing an employment lawyer soon

The Federal Reserve System creates money with no gold or asset backing. It loans money to the government (on a perpetual basis) out of thin air and charges interest. Then for example the government uses that loan to pay a postal worker $1,000 in wages. The postal worker proceeds to deposit that money into a bank and guess what? Banks only have to keep 10% of cash reserves on hand and the other 90% can be loaned out on paper. That means the bank can loan out $9,000 at interest and that interest does NOT go back to the US Treasury because it is paid by average workers. The big banks are the ones who created the Federal Reserve System because they knew they could pump money (on paper) into the monetary system and charge interest on money that never existed in the first place. This pumping of money creates inflation because dollars are diluted with more dollars so that the dollars we earn through hard work loses purchasing power. Is anyone else appalled by this? What can be done?

- Re: Did you know that the profits of the Federal Reserve System DO NOT go back to the US Treasury?

Based on …? The Federal Reserve income statement says it sent its profits to the Treasury. the Treasury revenue statement says it received it. The U.S. law says the Federal Reserve has to. What evidence do you have that it doesn’t?

- Re: The Federal Reserve System creates money with no gold or asset backing.

By law, all Federal Reserve currency HAS TO be backed by some asset of value. This is called ‘collateralization’.

The vast majority of currency is collateralized with T-Notes. However believe it or not $11B is backed by gold. Need proof? Take a look at the Federal Reserve balance sheet http://www.federalreserve.gov/Releases/h41/Current/

- Re: Is anyone else appalled (that banks can make loans from deposits)?

Not really. I like my bank accounts to draw interest.

However, if you’re appalled, just put your money into a safety deposit box. You get no interest but it will address your concern that the bank could make a loan from your deposit.

US Ref : -
Wall Street’s top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year – despite plunging the global financial system into its worst crisis since the 1929 stock market crash

http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

UK Ref : -
Bankers’ £16bn bonus bonanza
City bankers have not lost a penny of their multimillion-pound bonus packages so far, despite the credit crunch which has caused the worst financial crisis in 80 years, new figures show.

http://www.independent.co.uk/news/uk/home-news/bankers-16316bn-bonus-bonanza-965445.html

The UK figures are astounding. £37bn bail out – yet city bonuses amounted to £17bn last year alone. Go figure.

Would that it were a bond film plot – unfortunately it is all too real. We couldn’t ignore the plight of the banks without generating global meltdown. So they had to be bailed out come what may. However I think we all feel ripped off.

Corruption corruption everywhere and not a drop of integrity. I think the unacceptable face of capitalism must have a day of reckoning soon – surely?

The whole thing — Card, Card reader, Card PIN — on top of the existing pin numbers and login details now makes the online banking system with NatWest a painful experience. I have accounts in 3 countries, including a small business account at NATWEST and a personal account at another UK bank that has decided NOT to use the card reader & pin system. None of the other banks whether in the UK, US or France require anywhere NEAR the hassle that this new system requires in order to pay bills. Just to amend a payee (for example to include the new invoice number rather than the one from last time), you have to use the card reader system. Since I travel abroad quite frequently, and do all our banking via the online system, carrying around an easy to lose card reader and yet another (easy to lose) card makes banking with NatWest a lot less attractive. We’ve spoken with our banker who says they’ve had a fair number of complaints, and we are now looking at switching our account. Anyone else?

simple change bank so yes

regards x kitti x

Yes, I see on the CBS evening news, the US gov’t is considering the idea of a "National" banking system in the USA. So now, how are you going to like that? Is that what socialism is all about?

pretty much the US is screwed because the people who run the banks have all the money and the people of this country aren’t doing anything about it. they’re too busy watching American Idol. People are fine with the fact that their country is going to s*** as long as it doesn’t effect them which it wont right away. Now all this stuff is starting to effect people but they’re too afraid to do anything about it. "oh those people in the government will figure something out". WELL THEY WONT you gotta stand up for what you believe in and let your opinion be heard or else people with power will step on you because no ones complaining about it. kinda off topic but i felt like ranting

Well, since THIS is going through Congress they might actually appropriate it and borrow or use our taxes. The trillions (potentially) in bailouts they’ve already approved without Congressional involvement behind closed doors they will fund by printing more money, devaluing the dollar through dilution.

Either way, you and I pay for the bad investment decisions of those who made a LOT of money off of the system before the house of cards began to collapse.

Email your reps TODAY against the bailouts. I feel sure it will contain some language ratifying the unconstitutional takings of the last few days as well. This is being negotiated NOW and we have to protest it NOW.

In the UK all I need to transfer funds between two UK accounts I own in two different banks is the Payee name, Account Number and Bank Sort Code ( Like a Routing number); I am then able to transfer the funds using my Online Bank Web site.

But in the US, someone said that I can’t transfer money
between two accounts I own in two different banks using a online system. Because the only way to transfer funds is by doing a Wire Transfer in the bank by filling out forms, or just writing a cheque to myself….

Is this TRUE?!?!?

This is completely true. There are other alternatives to the wire transfer and check writing. You could have an automated debit set up on your Internet bill pay with one bank to transfer the funds to another depending on which bank or banks you are using.

I read recently that US banks had changed their internal systems and now it only takes hours for a check drawn on a US bank to clear any other US bank even if it is in another state. Is this true?

I’m sure a check can be cleared within hours or at least in the same day with today’s technology. The whole 3-5 business days to clear a check is just a way for the bank to hold onto your money for those extra days and use it to invest in other products that will earn them $$$. So they’re using your money to make themselves money.

Mortgage banking meltdown: There’s no valid reason but that America’s corporate politicians are subservient to Wall street and the super rich.

The Bush administration on Friday announced plans for a massive and unprecedented federal bailout of the US banking system. In separate appearances Friday morning, Treasury Secretary Henry Paulson and President Bush announced a series of measures to shore up collapsing financial markets and called on Congress to pass legislation next week to use, in Paulson’s words, “hundreds of billions” of taxpayer dollars to buy virtually worthless mortgage-backed assets that cannot be sold on the market from banks and other financial institutions.
Paulson said he would meet over the weekend with congressional leaders to lay out the details of the government plan.
With this plan, the full cost of the immense debts piled up by the banks will be imposed on the American people. It will shift the banks’ liabilities onto the federal government, sharply increasing government budget deficits and the US debt, a process that can only further erode the creditworthiness of the United States and place a bigger question mark on the value of the US dollar.
The immediate line-up of both parties and the media behind the bailout plan for Wall Street stands in the starkest contrast to their indifference and inaction in regard to the plight of millions of American working people, who face a rising tide of home foreclosures, layoffs and sinking living standards. When it comes to the social needs of the people, the universal cry from corporate America and the two parties is, “There is no money,” but when the fortunes of the financial elite are threatened, the full power of the government and unlimited resources are marshaled virtually at a moment’s notice.
There was no suggestion in the statements of Bush and Paulson of any relief for the working class—nothing to stop home foreclosures or help those who have already lost their homes. Rather, hundreds of billions—and more likely trillions—of dollars in public funds will be used to prop up the banks.
The resulting bankrupting of the government will be used to justify a brutal assault on what remains of social programs, including Medicaid, Medicare and Social Security, and demand even greater financial “sacrifices” from workers, whether the next administration is headed by Obama or McCain. Nothing could more clearly demonstrate that behind the façade of American democracy there stands a dictatorship of big business.
In his statement, Paulson said “comprehensive” action was needed “to address the root cause of our financial system stresses. The underlying weakness in our financial system today is illiquid mortgage assets that have lost value as the housing correction has proceeded.”
This is a lie. The root cause of the crisis is the unbridled parasitism of American capitalism, which over a period of decades has dismantled huge sections of industry in order to reap super profits for the rich by means of financial speculation and fraud, based on a colossal buildup of debt. Now the bill is being passed to the American people.
Bush, flanked by Paulson, Bernanke and Cox, called for a government bailout of Wall Street in the name of “our system of free enterprise.”
“There will be ample opportunity to debate the origins of this problem,” he said. “Now is the time to solve it.”
There will, in fact, be no debate or discussion. Nobody will be held accountable for the greatest financial scandal in world history. There will be no penalties. No one who made tens and hundreds of millions from the plundering of America will be forced to give back a dime.
All of the financial resources of the United States are being placed at the disposal of Wall Street and every American citizen, without being asked, is being given the responsibility for covering the debts of the richest people in the country.

Yes, I obviously do, that was part of several of my answers concerning the financial debacle and an excellent analysis by Barry Grey of the World Socialist Web Site, my preferred site for straight talk