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Jim Myrtle

Jim Myrtle
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  • Gold And Gibson's Paradox [View article]
    "You must not forget that gold does not experience the inflation that fiat fractional reserve banking imposes on those that hold such currencies"

    An ounce of gold bought $1900 worth of stuff about 4 years ago.
    Today it bought less than $1100 worth of stuff.
    Is that better than "the inflation that fiat fractional reserve banking imposes"?
    Jul 28, 2015. 07:13 PM | 3 Likes Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    "And the bank isn't limited to lending its deposits. It makes the loan first, then scrambles around to find the liquidity to back it, either from its own deposits or by borrowing the money back from the bank where the new money it just created as a deposit has wandered into"

    Yes, banks can lend their own deposits or borrow excess reserves (deposits) from other banks to fund their loans.

    "banks don't lend their deposits"

    Then why are bank runs ever an issue?
    Jul 26, 2015. 11:08 AM | 1 Like Like |Link to Comment
  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    "Nope, so you better buy it now before you miss out again like you did a dozen years ago!!

    Gold already bounced off it's $1230 bottom and is UP $20 bucks today"

    Below $1100. Did I miss out yet?
    Jul 26, 2015. 11:01 AM | Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    Did the trillions in oil derivative losses hit the banks earnings yet?
    Or was Ellen mistaken, again?
    Jul 26, 2015. 01:03 AM | Likes Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    "The Australians did it, the Canadians did it, the New Zealanders did it, the Germans did it in the first half of the 20th century"

    They all printed money for a national dividend?
    They guaranteed employment for all?
    Jul 25, 2015. 10:49 AM | Likes Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    "That silly claim was made by Murray Rothbard of libertarian fame"

    He said banks loan money they don't have?

    "We had bank runs all through the 19th century, before we had a central bank for a backstop, because banks were lending the same money that they were supposedly holding for their depositors"

    Yes, banks loan the money of depositors. If they didn't, when all the depositors came to get their money, it would all be there.

    "lending it over and over in "fractional reserve lending." "

    Banks don't len deposits over and over. If you deposit $100, the bank can lend, at most, $100. Not multiples of $100.

    "All banks need a central bank for a backstop"

    Yes, central banks are very useful.

    "pulling their money out at once, which will necessarily bankrupt the bank because the bank doesn't have enough in reserve to cover all its liabilities"

    They would have enough, if they "didn't lend deposits".
    Even you must realize how silly that claim was.
    Jul 25, 2015. 10:46 AM | Likes Like |Link to Comment
  • Grexit Or Jubilee? How Greek Debt Can Be Annulled [View article]
    "All banks are technically insolvent, lending money they don't have"

    What a silly claim, all loans are fully funded.

    "They don't lend their deposits but create deposits when they make loans"

    And when the borrower withdraws that deposit, the money comes from the earlier customer deposit.

    "If Greece switches to drachmas, the funding possibilities are even greater. It could generate the money for a national dividend, guaranteed employment for all, expanded social services, and widespread investment in infrastructure, clean energy, and local business"

    And Ellen reminds us again why she can't be taken seriously.
    Jul 24, 2015. 10:43 AM | Likes Like |Link to Comment
  • China's Gold Reserves: A Strong Dose Of Reality [View article]
    "a gold standard to a central banker is equivalent to showing the cross to Dracula"

    Banks will still only hold a fraction of deposits in reserve.
    So what would change?
    Jul 21, 2015. 10:50 PM | 1 Like Like |Link to Comment
  • China's Gold Reserves: A Strong Dose Of Reality [View article]
    "The Chinese are just as much in love with the Fractional Reserve Banking System as the U.S. is"

    Are you under the impression that a gold standard would change the "Fractional Reserve Banking System" in any way?
    Jul 21, 2015. 01:45 PM | Likes Like |Link to Comment
  • China's Gold Reserves: A Strong Dose Of Reality [View article]
    Human Nature, she's a fickle guarantor.
    Jul 20, 2015. 07:28 PM | Likes Like |Link to Comment
  • China's Gold Reserves: A Strong Dose Of Reality [View article]
    "The Guarantor is thousands and thousands of years of Human Nature"

    Human Nature allowed a 42% dump in the last 46 months?
    Jul 20, 2015. 04:15 PM | 2 Likes Like |Link to Comment
  • Greek bailout proposal involves higher taxes, lower spending, pension cuts [View news story]
    "in my opinion the social security tax should not stop when a person gross income surpasses $117000 as it is now. it's ridiculous that people earning above the threshold stop paying into social security since they will be receiving social security and Medicare in retirement"

    If they pay twice as much into social security, won't they get twice their current benefit?
    Jul 10, 2015. 03:11 PM | 1 Like Like |Link to Comment
  • Greek bailout proposal involves higher taxes, lower spending, pension cuts [View news story]
    " The USA is engaging in same pension discussions and fighting same problems with charging higher taxes for those who typically pay the lowest taxes compared with the general population; wealthier Americans and corporations"

    But that's silly.
    Wealthier Americans pay more taxes at higher rates than the general population.
    Jul 10, 2015. 01:34 PM | 1 Like Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "Troika austerity has created a massive contraction of GDP and economic activity (more severe than the US' Great Depression) and resulted in over 25% unemployment"

    If they default, they'll miss this old "austerity".
    Jun 30, 2015. 01:13 PM | 1 Like Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "The Greeks only owe 10% of the loan that was real money. The other 90% of the loan were just digits in a bank account or toilet paper with a Euro sign"

    You borrowed the "digits", you spent the "digits" you can repay the "digits".
    Or else when your public employees and pensioners go to cash their checks, there will be no "digits" in the bank to pay them.
    Jun 30, 2015. 01:12 PM | Likes Like |Link to Comment
COMMENTS STATS
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