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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Pay No Taxes legally -End the FED -synopsis page 8-Why are waiting for someone to do it for us like Ron paul
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Poster Handle
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Anonymous Coward |
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Post Content
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EXACTLY! Make sure you keep proof of that/those transaction(s)!
Quoting: Jknoph Thanks for the responses!! Does anyone know when the bank is doing their accounting for the amount of actual money that they can lend out for loans and for their fractional reserve lending, do they not include the coins they have in their possession? For example, they have a million dollars in deposits and cash on hand, they also have a million dollars in quarters, nickels and dimes. Which makes a total of 2 million dollars. Do they know and record the fact they can only lend against the 1 million in FRN's and not the coins? Look up "fractional reserve lending" and fractional reserve banking. With 1 million (in actual notes or just deposits) they can loan 9 million out in "new currency). All debt, of course. I know all about fractional reserve lending, but what I'm wanting to know is if they actually purposely leave out their coinage on hand because THEY understand the fact that coins cannot be added to the portion of the books that can be loaned out. I have a good friend that is the bank manager at Chase and he knows nothing of fractional reserve lending. I wonder if the accountant at his bank does to? There must be some sort of book keeping that separates coin from all other forms of debt (paper or electronic). Current code for Federal reserve agents have special rules for the handling and accounting for "lawful money" so at some level the difference is known. I know for a fact that banks will switch an interest bearing checking or savings account to non-interest bearing account status after lawful money demand is made. When setting up new accounts, I have my trustee request the accounts be for deposits and withdrawals of lawful money and tell the bank employee the accounts not be interest bearing, to date, there has been no issues with opening new accounts this way, nor demanding lawful money on the signature card.
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