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Some really good articles. Must reading.Plus comments by justaluckyfool

March 2, 2012
 

Who wants Jamie Dimon’s job?

May 14, 2012 at 6:39 pm | #3
 
Now we will try this reply in English.
Place all the market Gurus and Economist in a room and ask, “Who is willing to pay a percentage of their salary to cover losses or only accept a equal percentage of the winnings ?”
Who among those would also admit that they would have to be “Justaluckyfool”.That is,
“Anyone that attemps to predict a future event (price) is a fool, if by chance correctly
then they are just a lucky fool, yet still a fool.”
And please ask if they would be willing to give back to the “people” the sole right to issue their own currency and also give up the right to charge compound interest on that newly created money.
Read: Where we went wrong and How we can fix it.Read ..”Great News !!Zero Income Taxes Solves Worldwide Ecnomic Crises” by justaluckyfool
THEN:
For the solution:”We cannot solve our problems with the same thinking we used when we created them”.Albert Einstein
Perhaps the answer lies in how you redistribute the wealth of a nation; not in how you acquire it.
***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism
*************************
 
Saturday, May 12 2012   At long last, are we ready to end private banking?
 
Why not cure the disease instead of killing the patient?
End Fractional Reserve Banking,enforce 100% reserve.(This may also be the solution to “bubbles and inflation” ??)
End FDIC,enforce self insurance (Fed may use this opportunity to gain revenue instead of taxes by leanding the banks $2 trillion @ 2% for 36 years
to fund their insurance pool Giving taxpayers an tncome of $110 billion per annum.)What a great way to fund “the general welfare..
All part of the “Great News !! Zero Income Taxes…” program.
JPM had a 2% loss on its position, should make you wonder,
“What are the other positions?”
But then again ask,”Who made the $2 billion profit ?”
Banks should be allowed to invest for themselves as a function of private banking BUT they must also pay their own losses since they also keep their gains.
******************
A new group: Brake the Banks
  1. BRAVO,well said.
    NOTE:” In the Obama America, banks and their officers are immune from the law.”
    (read In America Banks are the law and believe the law makers are not subject to their own laws.)
    But they are allowed to do this and more because they are allowed to “ELECTRONICALLY PRINT OUR CURRENCY”
    This allows them to make loans for 9,or ten times the amount of currency on hand.This is based on the principle of RESERVE BANKING, this allows banks to profit on their interest TEN FOLD without any of their own “skin” in the game.They have made the most powerful force in the universe even more powerful.And POWER CORRUPTS.
    BRAKE THE BANKS PARTY should have as two candidates for office,SHEILA BLAIR (former FDIC) and BROOKSLEY BORN (former CFTC).(read AMAZON PARTY,they surely were giants working for the people.)
    *****PLEASE CHANGE<CHALLENGE< OR ENDORSE!****
    Posted on November 24, 2011 by justaluckyfool
    “Bank Of America Warned By U.S. Regulators It Must Get Stronger ““That could be especially true now that the Federal Reserve said late Tuesday that BofA, along with five other large U.S. banks, will need to give the Fed loss estimates early next year that accounts for a “hypothetical global market shock.”
    huffingtonpost
    A DREAM COME TRUE ? read justalucky­fool.wordp­ress.com “The All Inclusive Solution.T­he Federal Bank of America”Please allow me one more dream…Sh­eila Blair(former FDIC) and Brooksly Born (former CFTC),our next President and Sect of Treas ! !
    …Adam Smith,plea­se show how “the invisible hand” could get this done.
    justaluckyfool@aol
    As Thomas Jefferson said,“I believe that banking institutions are more dangerous to our liberties than standing armies the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around (these banks) will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power (of currency) should be taken from the banks and restored to the people,to whom it properly belongs,”
    “THE ALL INCLUSIVE SOLUTION.THE FEDERAL BANK OF AMERICA” justaluckyfool.wordpress.com
    ********THREE STEPS TO A SOLUTION*************
    Bernanke and Geithner:
    Meet with JPMChase,CITICORP,Deutsche Bank
    THROW Bank of America” under the bus” !
    SAVE AMERICA
    ^Allow JP,Citi,Deutsche to purchase all assets EXCLUDING LOANS AND OFFICES at fair market value,even lend them the money to do it,(2% for 6 years).
    ^Notify all financial institution that fractional reserve lending will
    no longer be allowed,that all loans must be 100% asset backed,changing the 10% present system with a 10% increase every 30 days untill 100% is reached.
    Financial institutions could sell any loan to the FBA at fair market value
    if needed.
    ^Make a FEDERAL BANK !
    Challenge,Change,and then Endorse “The All Inclusive Solution.The Federal Bank of America”
    http://www.justaluckyfool.wordpress.com
     
  1. “hypothetical global market shock.”
    What is so hypothetical about $800,000,000,000,000,(read EIGHT HUNDRED TRILLION,OR 80% of a QUADRILLION) in a world that only has ,what around $80,$85 trillion.
    That’s what is out there in derivatives.
    You want to talk LEVERAGE?
    What if they are at a 20% loss on these bets?
    How do you pay off a $16 trillion loss?
    Depends on whose loss it is. The U.S. government, being Monetarily Sovereign, could pay such a bill by pressing a few computer keys, and marking up the checking accounts of the creditors.
    In fact current U.S. “debt” (i.e. outstanding T-securities) is about $15 trillion, and I suggest the U.S. liquidate them by debiting all T-security accounts and crediting the checking accounts of T-security holders. This would eliminate all worries about our so-called “debt.”
    This would not create any new money (T-bills are a form of money); it would be a simple asset transfer from one bank account to another.
    As for the euro government . . . being monetarily non-sovereign, they can’t even pay their current debts.
    Rodger Malcolm Mitchell
     
    • Rodger,
      It is time to start “street level education”. Our current set of leaders are useless at this point:
      Educate, Educate, Educate….your wife, your kids, your neighbors, your co-workers, your friends, your fellow church attenders, etc(street level education is needed).
      And once they get it ask THEM to do the same.
      Mansoor H. Khan
       
      • Yes.
        How can we start with with Khan Academy?
        “I teach the way that I wish I was taught. The lectures are coming from me, an actual human being who is fascinated by the world around him.”
        —Sal
        RMM start with the defininsion of Monetary Sovereign.
         
         
      • justluckfool,
        We need to start with a model of how the real economy works and teach that first. Specially how currency relates to the production process.
        MMT and MS only make sense in context of a Keynesian like mental model of the economy.
        Please see the first comment on this thread.
         
         
    • *Depends on whose loss it is. The U.S. government, being Monetarily Sovereign, could pay such a bill by pressing a few computer keys, and marking up the checking accounts of the creditors.”
      Absolutely correct,but they need only pay out that part of the debt that is FDIC insured ( because the banks would go into receivership) and since most of the crap was deliberately “off the books” they would simply default,or better yet,if this concept is understood;LEND THEM THE CURRENCY NEEDED AT COMPOUND INTEREST.
      This would be one hellafa “hat trick”.-The 1% paying the taxes of the 99%.
       
  2.  

  3. How The Fed can Stop Spending, Raise Revenue, Lower Taxes, Increase Employment, and lead US to prosperity !!
    Have you ever read the Federal Reserve Act? The authorizing legislation projected a body “to provide for…
  4.  the establishment of the Federal Reserve banks…
    Where they went wrong-they established Federal Reserve Banks owned by private banks, domestic and foreign.
    How we can fix it-establish Federal Reserve Banks owned “by the people,of the people,for the people
  5.  
    … to furnish an elastic currency…
    Where we went wrong-the elastic currency’s quality and quantity can be controlled by private banks using a legalize counterfeit system called Fractional -Reserve Banking.
    How we can fix it- end Fractional Reserve Banking making the correctly established Federal Reserve Bank the ONLY supplier of new currency.
  6.  
    … to afford means of rediscounting commercial paper and to establish a more effective supervision of banking in the United States..
    .
    Where we went wrong-allowing private banks to charge compound interest on the paper they create “out of thin air”.
    How we can fix it-private banks will only be allowed to invest, or purchase assets with 100% margin.They will be responsible for all
    losses and entitled to all gains.
  7.  
    … and for other purposes…”
    Where we went wrong- By now can we identify the operative phrase? Of course: “for other purposes.”
    How we can fix it-For the purpose of funding, ““We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity,…””
    *******The Bill Of Rights******MUST AMEND THE FED*****
    *******
    READ……”Great News !! Zero Income Taxes Solves Worldwide Economic Crises” by justaluckyfool
    Challenge It or,
    ***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism
     

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