The Counterfeiter's Tale

#51
#51
Vol8188 said:
And this is the only real thing I have an issue with. The large amount of unchecked power held by the fed.
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Shouldn't the check be in the nomination process? The President appoints the Fed board and then nominates from those on the board to be Chair.

That's hardly unchecked power, but in the hands of an incompetent President...
 
#52
#52
MG1968 said:
Shouldn't the check be in the nomination process? The President appoints the Fed board and then nominates from those on the board to be Chair.

That's hardly unchecked power, but in the hands of an incompetent President...
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And after the nomination process?
 
#54
#54
I knew a guy that got a visit from the FBI just for talking about what the OP posted
 
#55
#55
lawgator1 said:
Well, for one thing the government is authorized to mint, and to fluctuate money supply in the process.

Pretty huge difference right there. And obvious.
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Ex-A.I.G. Chief Wins Bailout Suit, but Gets No Damages

On Monday, Judge Wheeler handed down his decision — a split judgment that in many ways agreed with both sides’ main points of contention. Yes, he ruled, the Fed had indeed crossed the legal line by demanding a 79.9 percent equity stake in A.I.G. as a condition of the bailout in 2008. But at the same time, the government was also correct that A.I.G. shareholders had not been damaged; in fact, they had been saved from bankruptcy and certain doom. He declined to award any damages.
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Now LG... even you would have to admit that this is a very interesting paragraph if you read it carefully and think about what is being implied here...

...the Fed had indeed crossed the legal line by demanding a 79.9 percent equity stake in A.I.G. as a condition of the bailout in 2008.
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OK lets think about this... is the Fed private entity or a pseudo-branch of the government? If they are a private entity, then how (or why) are they able to control the money supply when The Constitution clear states that this responsibility rests in the hands of Congress? If the Fed is an arm of the government, then the government can play favorites with a particular company and bail them out... and take an 80% stake in a private company and provide them a loan at a rate that is below the commercial lending rate for other private entities?

...the government was also correct that A.I.G. shareholders had not been damaged; in fact, they had been saved from bankruptcy and certain doom.
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If the Fed is a public entity, why are they making special arrangements with this particular group of shareholders?

In his 75-page opinion, Judge Wheeler found that the Fed’s action indeed “constituted an illegal exaction under the Fifth Amendment” and that it “did not have the legal right to become the owner of A.I.G.”
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Or, if it is a private institution, why was no one held accountable (meaning jail) for this clear violation of The Constitution?

Or at the very least, a slap on the wrist fine...

He declined to award any damages.
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#57
#57
Why is she in jail?

Woman Tells Police Obama Legalized Counterfeiting

“I don’t give a ****, all these other b****** get to print money, so I can too,” she allegedly told police, according to CBS Washington.
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Officers who searched Downs' home said they found counterfeit bills totaling between $30,000 to $50,000.
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$50,000 is diddly-squat compared to the billions that the Fed has been printing...
 
#64
#64
Rasputin_Vol said:
Suppose I am a counterfeiter. I have the latest and greatest technology available that allows me to print up as much real US dollars as I would want. They are literally in "mint" condition... perfect duplicates and can't be distinguished from any other bills in circulation.

Someone comes to me and asks me for a loan... a loan to buy a car. We sit down together, write up the terms of the loan and shake hands. I then go into the backroom and print out $25,000 for the guy and he goes off to make his purchase. (For the sake of this example, it doesn't really matter if the borrower is aware I have a counterfeit printing machine or not.)

Anyways, a year or a year and a half goes along and the borrower runs into some trouble. He's lost his job or been cut back on hours at work or run into some unforeseen medical expenses... whatever. Either way, he's behind on his loan payment. I go to the borrower and ask him to get caught back up or else. The borrower explains that he's doing the best he can. I give the borrower 3 more months to get his act together.

After three months, his condition has only gotten worse. At this point, I call up my buddy and we drive over to haul off and repossess the borrower's car.

Is this a just and noble business that I have created for myself?
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I see what you did there.
Now I’ll read the results
 
#66
#66
red butler said:
Our financial system is much worse. Ras's printing press would not pose the risk to the general population that the financial system does because he couldn't possibly print enough 100s to be dangerous.

A better analogy would be a bank borrows money from a depositor. They put that money in a copy machine and make the number of copies that are within the legal limit (the capital reserve requirement). They loan the copies out and charge interest. Then they risk the depositors real money in the stock/bond market. It wouldn't be so bad if they paid the depositor interest... Sadly they haven't done that in years.
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As of March of this year, there are no reserve requirements...

Federal Reserve Board - Reserve Requirements

As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.
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#67
#67
Rasputin_Vol said:
As of March of this year, there are no reserve requirements...

Federal Reserve Board - Reserve Requirements
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??? Do what?

Ras , enlighten me . Are you saying that the already criminal practice of "fractional reserve lending" where banks can write money out of thin air while only having 10% of it in deposits....then repossess 100% of your physical home if you ever get 3 months behind on repaying that fictional money they made up...THAT 10% is now no longer necessary???

So now we have banks and credit unions just making up fictional money all day every day while having zero real deposits to back those loans up? Seriously?

Do yall realize how batsheit crazy that is if true? Remember the worst recession in history just 12 years ago was caused by banks lending money to folks they KNEW couldnt repay it...THEN bundling all those bad loans together...and selling them as a package deal to investors like you and I who in many cases had their 401ks WRECKED when those worthless loans turned out to be...wait for it.... worthless. Then, of course, the entire stock market tanked and pretty much everyone (except the bank execs) lost their butts to the tune of 25 to 50% of the total value of their retirement portfolios...my Pappaw and my dad both lost over $100k...and neither were rich men.

Tell me this isn't true man. How overly willing to loan money are these same banks and bankers gonna be...when they literally have ZERO skin in the game? They can't lose money...that never existed in the 1st place! I have read articles that say that lenders are doing the EXACT same thing that they did prior to 08, unrelated to this ordeal. Back then, they called them "subprime loans" meaning they knew the loans were risky because the borrowers didn't have good credit etc...now they call them a slightly different name "off prime?" Maybe? I can't remember ...but they are doing the EXACT same thing now that they did leading up to the disaster of 08. Just calling it something different this time.

If these same clowns are allowed to wreck our economy again and destroy the livelihoods and retirements of millions of people...I will personally be ready to riot in the streets. I work construction. 27 years now. Many companies didn't make it thru that recession. Companies and guys who had been in business and worked hard and honest for their entire lives lost everything. Their businesses, equipment, homes, vehicles, even marriages. People lost everything. Not because of anything THEY had done wrong. They worked their butts off for decades. They lost everything because new construction absolutely did not exist in that recession. There was no work. The bankers and Wallstreet execs destroyed the lives of millions of people. Yet none of them ever did a single day in jail or prison. That makes me so angry.

If I walk in my neighbors house and steal $1000 ...i will be hit with a half dozen felonies and spend a decade in prison. At least . However, these bankers and brokers stole BILLIONS of dollars and wrecked millions of peoples lives, finances, and retirements...and nobody was even charged with a crime. Much less spent a day on jail.

How is this possible? Will we let this happen again? With zero repercussions? This country will riot in the streets because a stranger got killed by a cop...but let bankers destroy your wealth, peace of mind, livelihood, and retirements and do nothing? I won't. Not again. I will straight up go postal, whether anyone else does or not. I nearly lost everything in 08. Had just bought a house, had a baby on the way, and got laid off along with everyone else at the company because we had no work to do. Never been so scared in my life. Ever. If those same bankers and brokers run this country in the ditch again, I for one will not sit back quietly while they go unpunished. Not again. I saw too many good men destroyed last time...came an inch away from losing everything myself. Wont do it again.
 
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#68
#68
marcusluvsvols said:
??? Do what?

Ras , enlighten me . Are you saying that the already criminal practice of "fractional reserve lending" where banks can write money out of thin air while only having 10% of it in deposits....then repossess 100% of your physical home if you ever get 3 months behind on repaying that fictional money they made up...THAT 10% is now no longer necessary???

So now we have banks and credit unions just making up fictional money all day every day while having zero real deposits to back those loans up? Seriously?

Do yall realize how batsheit crazy that is if true? Remember the worst recession in history just 12 years ago was caused by banks lending money to folks they KNEW couldnt repay it...THEN bundling all those bad loans together...and selling them as a package deal to investors like you and I who in many cases had their 401ks WRECKED when those worthless loans turned out to be...wait for it.... worthless. Then, of course, the entire stock market tanked and pretty much everyone (except the bank execs) lost their butts to the tune of 25 to 50% of the total value of their retirement portfolios...my Pappaw and my dad both lost over $100k...and neither were rich men.

Tell me this isn't true man. How overly willing to loan money are these same banks and bankers gonna be...when they literally have ZERO skin in the game? They can't lose money...that never existed in the 1st place! I have read articles that say that lenders are doing the EXACT same thing that they did prior to 08, unrelated to this ordeal. Back then, they called them "subprime loans" meaning they knew the loans were risky because the borrowers didn't have good credit etc...now they call them a slightly different name "off prime?" Maybe? I can't remember ...but they are doing the EXACT same thing now that they did leading up to the disaster of 08. Just calling it something different this time.

If these same clowns are allowed to wreck our economy again and destroy the livelihoods and retirements of millions of people...I will personally be ready to riot in the streets. I work construction. 27 years now. Many companies didn't make it thru that recession. Companies and guys who had been in business and worked hard and honest for their entire lives lost everything. Their businesses, equipment, homes, vehicles, even marriages. People lost everything. Not because of anything THEY had done wrong. They worked their butts off for decades. They lost everything because new construction absolutely did not exist in that recession. There was no work. The bankers and Wallstreet execs destroyed the lives of millions of people. Yet none of them ever did a single day in jail or prison. That makes me so angry.

If I walk in my neighbors house and steal $1000 ...i will be hit with a half dozen felonies and spend a decade in prison. At least . However, these bankers and brokers stole BILLIONS of dollars and wrecked millions of peoples lives, finances, and retirements...and nobody was even charged with a crime. Much less spent a day on jail.

How is this possible? Will we let this happen again? With zero repercussions? This country will riot in the streets because a stranger got killed by a cop...but let bankers destroy your wealth, peace of mind, livelihood, and retirements and do nothing? I won't. Not again. I will straight up go postal, whether anyone else does or not. I nearly lost everything in 08. Had just bought a house, had a baby on the way, and got laid off along with everyone else at the company because we had no work to do. Never been so scared in my life. Ever. If those same bankers and brokers run this country in the ditch again, I for one will not sit back quietly while they go unpunished. Not again. I saw too many good men destroyed last time...came an inch away from losing everything myself. Wont do it again.
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I wish more people were just as outraged, but most either don't understand whats going on or you have some that have cognitive dissonance.
 
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#69
#69
I can't believe that is real. You have never lied to me..i believe you...but I cannot believe that is legal. How can banks let people borrow money that 100% does not exist? Seriously...

10% was crazy. It put banks in a position where they can't lose. 0%???

That is fraud. That's what it is. It is literally inventing fictional money...entering a contract for repayment of that fictional money...and if a person violates that contract...defaults...that bank will 100% seize your real physical property of any kind...that they loaned you fake money to buy.

Unbelievable.
 
#73
#73
Rasputin_Vol said:
How is what I did illegal? If the borrower would have lived up to his agreement, then there would have been no harm, no foul. I would have been repaid my loan plus interest, the borrower would have full possession of the car with the title free and clear, and GM/Nissan/Toyota would have been paid.

This entire operation would have worked like a charm if it wasn't for this consumer defaulting on his agreement. Much of the burden should rest on the borrower, correct?
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This is seriously retarded.

If you measure whether something is illegal based upon whether you're caught or not, you lack both basic ethics and logic.

Also, you'd be a great fit on Trump's cabinet. Or family.
 
#75
#75
MontyPython said:
This is seriously retarded.

If you measure whether something is illegal based upon whether you're caught or not, you lack both basic ethics and logic.

Also, you'd be a great fit on Trump's cabinet. Or family.
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That isn't my measure for legality. That is precisely what is legally happening right now.

All day, every day.
 
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