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Jim Myrtle

Jim Myrtle
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  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "It's already irresponsible enough that deposited assets can be lent out once by banks"

    Right, because banks should hold 100% reserves. LOL!
    Dec 4, 2014. 08:00 PM | 2 Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "You describe it as if it were obvious, hence your "of course"."

    Anything less than a 50% reserve requirement will allow loans that are larger than reserves. So what?

    "Some banks are levered 70 - 80 times their reserves"

    Which ones?

    I always thought that the most a bank could lend the same money was once?

    "Isn't that rather using a truism ?"

    If you read John Wilson's post that I replied to, you'd already be up to speed.

    Now buzz off, idjit.
    Dec 4, 2014. 07:59 PM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "I did say from the very beginning that credits are multiples of reserves"

    Where did anyone dispute that before or after your post?

    "and that in your answer to John you were splitting HAIRS"

    John originally said a deposit can be lent more than once.
    He now sees it cannot. No hairs involved.
    Dec 4, 2014. 11:56 AM | 1 Like Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "AND credits are multiples of reserves"

    Yes, filipo, if reserves are 10%, of course loans are multiples of that.

    I always thought that the most a bank could lend the same money was once?

    "Fractional reserve system ?? "

    You didn't mean that the fractional reserve system allows a bank to lend the same money more than once? So why did you respond like that to my comment?
    Dec 4, 2014. 11:53 AM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    filipo
    "Each bank is legally authorized to issue CREDIT up to a specified MULTIPLE of its reserves, so reserves available to satisfy payment of deposit liabilities are LESS than the total amount which the bank is obligated to pay in satisfaction of demand deposits"

    Yes, reserves are less than deposits, not loans are multiples of deposits.
    Glad you finally understand your error.
    Dec 4, 2014. 05:11 AM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    Glad to help John. Many people make that same mistake.
    Dec 4, 2014. 05:05 AM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "I think what John meant was that a banking institution is entitled to hold reserves (to satisfy demands for withdrawals) that are less than the amount of its customers' deposits"

    Of course, filipo, anything less than a 100% reserve requirement would mean they hold less than the deposits.

    "Opening a bank with a single $1000 deposit is utter nonsense. I even don't take the trouble to answer that"

    Of course you didn't, because then you'd see the bank can't lend the $1000 more than once.
    Dec 3, 2014. 07:07 PM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    John Wilson, maybe you should read that textbook again?

    A bank with only my $1000 deposit is lending less than my deposit, not multiples of my deposit.
    Dec 3, 2014. 07:03 PM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    Thanks for the link, Jimvickery.

    "You have $100,000 deposited in a bank. Using your money, the bank will then loan out $90,000 to somebody else"

    I'm glad you agree, your bank is lending out part of your deposit, not lending out your deposit more than once.
    As your link showed, under deposit multiplication, $457.05 in deposits gave $357.05 in loans and $100 in reserves.
    Dec 3, 2014. 07:01 PM | Likes Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "Fractional reserve system ??"

    filipo, where does fractional reserve say you can lend the same money as many times as possible?

    Try this, open a bank with a single $1000 deposit.
    Show me how much you can lend.
    Dec 3, 2014. 12:43 AM | 1 Like Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    "Just look up the term "fractional reserve banking." "

    Thanks John. Fractional reserve means a bank loans 90%, for example, and holds 10% in reserve. Nothing about lending the same money more than once.
    Maybe you need to recheck your macro 101, you sound confused.
    Dec 3, 2014. 12:40 AM | 1 Like Like |Link to Comment
  • Precious Metals - The Day Of Reckoning Is Coming Soon [View article]
    John Wilson
    "Reserve requirements are imposed upon them because bankers have a tendency to maximize their revenue by lending the same money as many times as possible"

    I always thought that the most a bank could lend the same money was once? If you have some way to lend it more than once, please share.
    Dec 2, 2014. 09:39 AM | Likes Like |Link to Comment
  • Surprise: Speculators Are Long Oil [View article]
    shaxmatist1

    "There is a website that still calculates the CPI the way it used to be calculated in 1980. You can find it here, they have a handy chart of real CPI vs the baloney CPI"

    You are mistaken, Shadowstats does no calculation of CPI.
    Nov 20, 2014. 09:58 PM | Likes Like |Link to Comment
  • Why Do Banks Want Our Deposits? Hint: It's Not To Make Loans [View article]
    "It limits the government’s ability to spend beyond its means"

    Did it limit the government's ability to spend during the Civil War?
    What about during WWI? WWII?

    "Why not a gold standard again?"

    How much gold do we need for a gold standard?

    "Why not a debt-free system"

    What is a debt free system?
    The $20s in my wallet are not debt. I don't pay interest on them.
    They seem to work just fine.
    Nov 3, 2014. 11:09 PM | 1 Like Like |Link to Comment
  • Why Do Banks Want Our Deposits? Hint: It's Not To Make Loans [View article]
    "A debt based monetary system does not work"

    Why not? What is a workable alternative?
    A metal based system doesn't seem to work.
    Nov 2, 2014. 08:50 PM | 1 Like Like |Link to Comment
COMMENTS STATS
1,105 Comments
741 Likes