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Jim Myrtle

Jim Myrtle
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  • 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
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "More correctly, the Fed dropped the prime rate to near zero"

    The Fed doesn't control the Prime Rate. The Prime Rate is the rate banks charge their very best customers. Currently it's 3.25%. The Fed controls the Discount Rate, the rate banks pay to borrow from the Fed, currently 0.75%.

    They also "target" the Fed Funds Rate. The rate they want banks to lend to each other for overnight loans. Currently 0%-0.25%.

    "and banks borrow from each other at that rate"

    No, banks do not borrow from each other at the Prime Rate (3.25%).

    "Also, the QE money has gone into reserve bank accounts as excess reserves, which are used to buy treasuries which become collateral in the repo market against which the banks borrow to speculate for their own accounts"

    Ummmm....if a bank buys Treasuries, that reduces their excess reserves.
    Why would a bank buy Treasuries with cash, in order to borrow cash, to speculate? Wouldn't it be simpler to use the original cash?
    Dec 22, 2014. 12:04 PM | 5 Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    Thanks.
    Let me know when you google the rest of your claims.
    Dec 22, 2014. 11:38 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "It's not a bond. It's a bank note, by definition, an "instrument of debt" and "evidence of debt""

    OMG! An instrument of debt that pays no interest and never matures.
    That's the worst kind of debt. LOL!

    "Now you can discontinue your obtuseness"

    Right back at ya, sparky.

    I'm off to pay a debt with my FRNs.
    Dec 22, 2014. 11:36 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "To pay a debt, you must pay with value or substance (i.e. gold, silver, barter or a commodity)"

    I pay my debts all the time with FRNs.
    Never had a complaint yet.

    "With FRNs, you can only discharge a debt"

    Interesting claim. You must have a unique definition of discharge.
    Dec 22, 2014. 11:32 AM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "The argument for money printing is nonsense"

    Can you be more specific?
    Which argument for money printing is nonsense?
    Are all arguments for money printing nonsense?

    "as is the argument for de facto money printing which is claimed to be beneficial rather than thieving"

    How is money printing thieving?

    "Because in the purest sense, inflation is theft"

    Theft from who? Who is the thief?

    "Via a tax"

    Inflation is not a tax.
    Dec 21, 2014. 11:24 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "The country's not growing unless the banks are lending and people are borrowing....."

    You feel our problem is we save too much? Really?
    Dec 21, 2014. 11:19 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "it says so on the face of it ....... Federal Reserve NOTE....."

    Does it also say the maturity date or the coupon?
    How much am I collecting on this note?
    Who should send me the check?
    Dec 21, 2014. 11:18 PM | Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "Although 95% of TBTF derivative holdings are exempt as legitimate lending hedges, leveraging cheap money from the U.S. Federal Reserve into $10 trillion of derivative speculation is one of the TBTF banks' most profitable business activities"

    Cheap money from the Fed?
    Does Ellen think big banks are borrowing from the Fed?
    As usual, Ellen is confused.
    Dec 21, 2014. 08:29 PM | 2 Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "If everything nets out"

    If everything nets out where?

    "why not just issue an unlimited amount of T-Bills and Notes?"

    Why would you do that? Who would buy an unlimited amount of T-Bills or T-Notes?

    "Then "after they've been paid" the notes can be spent forever, right?"

    After T-Notes mature, they're gone. Right?

    "Why, we could enrich the net worth of every member of the world by one million dollars each"

    How do you figure that?
    Dec 21, 2014. 08:10 PM | Likes Like |Link to Comment
  • Can A Central Bank Always Create Inflation? [View article]
    "You cannot pay a debt with another debt"

    Why not? And what makes you think my FRNs are debt?
    Dec 21, 2014. 08:04 PM | Likes Like |Link to Comment
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