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Jim Myrtle

Jim Myrtle
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  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "I took a look at the "Conclusions" and I saw a lot about derivatives and banks failing"

    And nothing about any bank failing because of derivatives.

    "The crisis was not caused by mortgages, but by CDOs and synthetic collateralized debt obligations"

    Well that's just silly. Of course the crisis was caused by mortgages.
    CDOs are simply pools of mortgages, or other debt securities.
    Synthetic CDOs were tiny compared to the mortgage market.

    "Finally, when the housing bubble popped and crisis followed, derivatives were in the center of the storm." p11

    What does that even mean? If they had caused a bank to fail, it'd be on page 1, in bold letters.

    "These were not straight mortgages"

    I agree, most derivatives were unrelated to mortgages.
    Dec 24, 2014. 12:53 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "While the interest is added to the "people's debt"."

    Yes. The government borrows money and the people are on the hook.
    So glad I can help you learn something new.
    Dec 23, 2014. 11:31 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "if there were no loans in our monetary system,there would be NO MONEY.....Debts just disappear. No tangible wealth is gained.... "

    Yes, borrowing increases the money supply.
    Yes, paying off your loans reduces the money supply.

    Still no luck finding proof that my debt payments over the years have really been "discharges"?
    Dec 23, 2014. 11:30 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "borrows the money from whom"

    The Treasury borrows Social Security funds from the Social Security Administration. The Treasury pays interest to the Social Security Trust Fund.
    Dec 23, 2014. 10:55 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "How can they bear interest as they are non-marketable bonds..."

    The Treasury borrows the money and pays interest. Pretty simple concept.

    "What the Social Security website fails to explain is where the Treasury gets the money to redeem those bonds. The answer: It borrows the money on the global bond market by selling freshly issued real Treasury bonds"

    Where does the Treasury get the money to redeem Treasury bonds.
    The same way. So what?

    "Another way of understanding the hollowness of Social Security's nonmarketable securities is to ask: What difference would it make if we erased the Trust Fund from the ledger?"

    No difference. Doesn't change your error about Social Security bonds.

    "What's your definition of a bank note ?"

    We're talking about FRNs.
    So no luck finding proof that my debt payments over the years have really been "discharges"?
    Dec 23, 2014. 10:29 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "That's commonly know as a bond"

    A bond, note or bill.

    "The " special bonds " held by Social Security" bear no interest..."

    The Social Security Administration disagrees.

    http://1.usa.gov/13uPeav

    "Well I would bring up common sense......"

    Post your proof, instead.
    What is your definition of discharge? Why is payment with FRNs considered discharge instead of payment of debt?

    In my research, discharge of debt is a taxable event. I have yet to receive a 1099 showing my repayment was somehow a forgiveness of debt, instead of a totally legal and accepted payment.
    Dec 23, 2014. 09:35 PM | Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    I do remember Lehman.
    They had a huge bond portfolio.
    Lots of subprime mortgages.
    Much of their funding was overnight repos.

    They didn't fail because of derivatives.
    Dec 23, 2014. 06:21 PM | 1 Like Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "I'm still looking for proof that a FRN isn't a debt instrument?"

    Or you could prove it is?

    When the Treasury, or a corporation, issues debt, it pays interest and has a maturity date.
    Does an FRN?
    If there is no interest, is it debt? If it is debt, with no interest, who cares?

    "If not, you have your explanation of why it's a discharge of debt from the debtor to the government"

    If I'm paying down a car or home loan, why do you say the government is involved?

    So no luck proving your claim of discharge? Figures.
    Dec 23, 2014. 06:11 PM | Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    Thanks for the link WMARKW.

    I didn't see anything in there about banks failing because of derivatives, did you?
    Dec 23, 2014. 06:01 PM | 1 Like Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "You mean that if I produce one"

    If you produce one, I'll be shocked as hell.

    That last link was pretty goofy.
    Lots of silly claims.
    Still looking for a real definition of discharge?
    Or why paying with an FRN instead of silver or gold, is discharge and not payment?
    Dec 23, 2014. 05:45 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "There is a fundamental difference between "paying" and "discharging" a debt"

    What is the difference?

    "To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity)"

    Says who? Why are FRNs excluded from your list of "value or substance"?

    "With FRN's, you can only discharge a debt"

    Says who?

    "No contract in common law is valid unless it involves an exchange of "good and valuable consideration." "

    Where in the law is an FRN excluded?
    "You cannot pay a debt with a debt currency system"

    Why not? Why do you feel an FRN is a debt currency?

    "The Federal Reserve is a maritime lender, and/or maritime insurance underwriter to the federal United States operating exclusively under Admiralty/Maritime law"

    Can you prove it?

    "The Federal Reserve Act stipulated that the interest on the debt was to be paid in gold"

    Link?

    "Prior to 1913, most Americans owned clear, allodial title to property, free and clear of any liens or mortgages until Federal Reserve Act (1913)"

    Link?

    ""Hypothecated" all property within the federal United States to the Board of Governors of the Federal Reserve, - in which the Trustees (stockholders) held legal title, the U.S. citizen (tenant, franchisee) was registered as a "beneficiary" of the trust via his/her birth certificate. In 1933, the federal United States hypothecated all of the present and future properties, assets and labor of their "subjects," the 14th. Amendment U.S. citizens, to the Federal Reserve System"

    Wow! The crazy is strong in this one.
    Dec 23, 2014. 02:54 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    That's for the link.
    Do you have a useful one?
    One with a real definition of discharge?

    "UCC law says it is illegal to pay a debt with a debt"

    This would be more helpful with a link to the actual law.
    Maybe one which actually says it's illegal to pay a debt with an FRN?
    You know what I mean, a non-nutter link.
    Dec 23, 2014. 02:37 PM | Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "I guess that means, "another" derivative disaster (yes, there was the first one in 2008)"

    There was a derivative disaster in 2008?
    Which derivatives?
    Which banks failed because of derivatives?
    Dec 23, 2014. 12:46 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    Really, so when you get a pay check for services rendered, there is no expectations that payment should be anything other than another " promise to pay"

    When I get a paycheck, the government doesn't owe me anything for my FRNs.
    And I can buy stuff from other people, and the government doesn't owe them either.

    Any luck coming up with your definition of discharge?
    Dec 23, 2014. 12:44 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "yeah, it's no more than using IOU's from the government "discharging" your debt to the Federal government"

    The government doesn't owe me anything for my FRNs.
    And I use them to pay down debt to many parties that aren't the Federal government.

    Why don't you share you unique defintion of discharge with everyone?
    Thanks!
    Dec 23, 2014. 12:23 AM | Likes Like |Link to Comment
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