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Jim Myrtle

Jim Myrtle
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  • Something Is Still Ridiculously Wrong [View article]
    "It's been proven that the ocean is acting as a heat sink and is warming below the surface, causing acidification"

    Warming causes acidification? I always thought it reduced the amount of carbon dioxide dissolved in the water and reduced acid levels.
    Aug 15, 2015. 08:14 PM | Likes Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    "And I might note that a 5 to 10 year doubling of the current acceleration rate for sea level rise puts that 10' projection under water as well, and leads us to a 70' rise this century"

    Sea levels will rise 70 feet this century? LOL! That's funny.
    Aug 15, 2015. 12:29 PM | 1 Like Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    "The government (FED) stepped into the breach and created the money to lend to the $ consuming government"

    Yes, the Fed bought Treasuries.

    "The question still stands. Where's the money going to come from? The private sector?"

    Yes.

    "At what interest rate?"

    Currently, 2.2% on the 10 year, 2.85% on the 30 year.

    "If it comes out of the (woodwork?) to purchase treasuries - what gets sold to generate the cash?"

    Ummmmmm....how does selling something "generate" cash?

    "Does it come out of "idle" cash? Don't think so"

    Why can't it come out of idle cash?
    Aug 14, 2015. 11:42 AM | 1 Like Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    "But if the Fed and US government had not stepped in purchasing toxic bonds, bailing out GM, etc, it would have surely been worse"

    I agree with your post, except the toxic bond portion.
    The Fed only bought guaranteed bonds. Treasuries and MBS, nothing toxic.
    Aug 14, 2015. 11:19 AM | Likes Like |Link to Comment
  • Something Is Still Ridiculously Wrong [View article]
    "Where's the government get the money to refund the debt when those "assets run off"?"

    Same place they get the money when any bond matures, they sell another one.
    Aug 13, 2015. 07:48 PM | 2 Likes Like |Link to Comment
  • Return Of The Gold Standard [View article]
    "In a communist country, it is not possible to buy stocks"

    But they allowed him to save $100,000?

    They probably would have frowned upon him owning
    $100,000 worth of gold.
    Aug 4, 2015. 08:05 PM | Likes Like |Link to Comment
  • Return Of The Gold Standard [View article]
    "As a result the 100,000 he had saved over his lifetime was now 100 which at the exchange rate of 1 to 1 with the USD dollar was $100. My grandfather, just like you, thought that gold was a religion and he wouldn't believe in it. But the fact is had he stored his money in gold form, I would have those $100,000 untouched like he intended"

    How many millions would you have if he'd bought Philip Morris?
    Aug 4, 2015. 06:14 PM | 1 Like Like |Link to Comment
  • 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
COMMENTS STATS
1,178 Comments
818 Likes