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'Merkel stole our life savings': Furious savers blame Germany for 10% tax to fund bank bailout....
Daily Mail ^ | 3/18/13 | HUGO GYE and MARIO LEDWITH

Posted on 03/18/2013 6:46:57 AM PDT by Kartographer

Stock markets across Europe and Asia tumbled today as investors reacted to an unprecedented raid on bank accounts in Cyprus prompted by a £8.6billion bailout by the European Union. As the Cypriot parliament delayed a crucial vote on the measure for the second time, angry scenes erupted on the streets of the capital Nicosia. Protesters who stand to lose ten per cent of their savings stood outside the Parliament building holding anti-German banners which left doubt where they believe the blame lies for the latest crisis to envelope the eurozone.

Meanwhile, many Britons who have moved to the Mediterranean island face losing thousands in savings as they are unlikely to be compensated. The British government has said it will pay back troops stationed on Cyprus who have cash seized.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Foreign Affairs; United Kingdom
KEYWORDS: crisischart; cyprusconfiscation; eucrisis; globalcrisis; globalcrisischart; merkel
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Risk map: Most of the nations at 'extreme' risk from a eurozone collapse are in Europe but some are in Africa
1 posted on 03/18/2013 6:46:57 AM PDT by Kartographer
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To: Kartographer
the Obama communist keeps printing trillions of $ in funny money

The U.S.A is running on debt

The debt keeps building but the socialists/democrats say there is no crisis there only fake global warming (co2) hoax that's their made up crisis

put your money in land ,houses, gold , anything , don't keep savings as Obama is making money worthless

banks only need to have 10% of the money they actually lend. so If I make a $100,000 loan then the bank only needs to have $10 k actually , they create the 90,000 $ out of thin air to give me the 100k loan. i then take that loan and deposit it in 10 banks and each of those 10 banks can also create 90K out of thin air , and so on. it's not real money backed by anything. but there is no crisis the libs say

The government needs tax us and to borrow trillions to fund fake global warming research and to give grants like the one for 1.5 million $ to fund a study to see why lesbian couples are fatter than gay male couples

2 posted on 03/18/2013 6:57:08 AM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Democrat_media

Running on Empty
Songwriter: BROWNE, JACKSON
From Jackson Browne’s Running on Empty album

Looking out at the road rushing under my wheels
Looking back at the years gone by like so many summer fields
In sixty-five I was seventeen and running up one-on-one
I don’t know where I’m running now, I’m just running on
Running on-running on empty
Running on-running blind
Running on-running into the sun
But I’m running behind

Gotta do what you can just to keep your love alive
Trying not to confuse it with what you do to survive
In sixty-nine I was twenty-one and I called the road my own
I don’t know when that road turned into the road I’m on
Running on-running on empty
Running on-running blind
Running on-running into the sun
But I’m running behind

Everyone I know, everywhere I go
People need some reason to believe
I don’t know about anyone but me
If it takes all night, that’ll be all right
If I can get you to smile before I leave
Looking out at the road rushing under my wheels
I don’t know how to tell you all just how crazy this life feels
I look around for the friends that I used to turn to to pull me through
Looking into their eyes I see them running too
Running on-running on empty
Running on-running blind
Running on-running into the sun
But I’m running behind

Honey you really tempt me
You know the way you look so kind
I’d love to stick around but I’m running behind
You know I don’t even know what I’m hoping to find
Running into the sun but I’m running behind


3 posted on 03/18/2013 7:03:08 AM PDT by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: Kartographer

Reference for later events.


4 posted on 03/18/2013 7:12:00 AM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Kartographer

On another post someone said you should take your money OUT of banks. OK, then what do you do with it? Stuff your mattress because they will probably take over your 401Ks also.


5 posted on 03/18/2013 7:14:35 AM PDT by heylady (“Sometimes I wish I could be a Democrat and then I remember I have a soul.”( Deb))
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To: heylady

buy land, houses, real estate


6 posted on 03/18/2013 7:17:03 AM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Kartographer

Comment from a neighbor this am at breakfast ref the Cyprus bank mugging : “I need to get a bigger matress...”


7 posted on 03/18/2013 7:17:55 AM PDT by TADSLOS (The Event Horizon has come and gone. Buckle up and hang on.)
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To: Red Badger

Not a matter of if but when Obama/democrats come to steal our savings, retirement, etc. from us


8 posted on 03/18/2013 7:18:25 AM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Kartographer

Are they sure it wasn’t the joos?


9 posted on 03/18/2013 7:23:31 AM PDT by BO Stinkss ( I'd rather die on my feet than live on my knees)
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To: heylady

With banks paying <1% for passbook savings, you may as well stuff it in your mattress. For the first time, I’m thinking seriously of draining everything from my 401K, even willing to pay tax and penalty on it, just to keep Obastard from getting his grubby mitts on it.


10 posted on 03/18/2013 7:27:24 AM PDT by Cyber Liberty (I am a dissident. Will you join me? My name is John....)
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To: heylady
On another post someone said you should take your money OUT of banks. OK, then what do you do with it? Stuff your mattress because they will probably take over your 401Ks also.

Since we have our own currency, the Fed and the Treasury can print money effectively stealing yours from under your mattress without even opening your door.

11 posted on 03/18/2013 7:30:13 AM PDT by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: Red Badger

Says it all. What a great post to this thread...Or any other, the more I think about it.


12 posted on 03/18/2013 7:31:00 AM PDT by GBA (Here in the Matrix, life is but a dream.)
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To: Democrat_media

Hmmm.
I think gold hidden in Mason jars are a better plan.
Govt can sieze your houses and land and give it to their constituents.


13 posted on 03/18/2013 7:33:50 AM PDT by a real Sheila (R.I.P AMERICA 1776 - 2012)
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To: heylady

If you can’t roll around naked on your assets, the government can take it from you.

Pay off your house. Pay off your car. Sell them and buy a farm. Grow your own food.

Governments in the past have made their currency illegal, forcing citizens to turn in the old currency for newer, cheaper currency. Germany did that in the 1920s.

Today they could just tell you all currency will be swept away and all monetary exchanges will be done electronically.

At that point, bartering will have to do, I suppose. I’ll be damned if I get a barcode on my forehead or wrist. (Barcodes, by the way, are divided by paralel lines “ll” symbolizing “6”. There are three of them: one at the begining, one in the middle, and one at the end. How satanic!)

Last year we paid off the house and the car. We emptied out the bank accounts two weeks ago. We no longer have jobs but buy at estate sales and garage sales then sell on craigslist - always using cash.

Keeping money for retirement doesn’t make any sense because that will probably be where Obama strikes first - there is literally trillions of $$ in 401Ks.


14 posted on 03/18/2013 7:34:20 AM PDT by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
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To: Democrat_media

“banks only need to have 10% of the money they actually lend. so If I make a $100,000 loan then the bank only needs to have $10 k actually , they create the 90,000 $ out of thin air to give me the 100k loan. i then take that loan and deposit it in 10 banks and each of those 10 banks can also create 90K out of thin air , and so on. it’s not real money backed by anything. but there is no crisis the libs say”

To most people this is as hard to understand as Quantum Physics. Worse even, because they think your crazy. But you’ve just described fractional reserve banking, which has been around for 100s of years.

They create money out of “Thin” Air, but when the person they lent the money too can’t repay the loan. The money is then destroyed. Get enough of that going and the economy goes into recession/depression. (i.e.housing crisis).


15 posted on 03/18/2013 7:37:08 AM PDT by desertfreedom765
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To: Kartographer
'Merkel stole our life savings': Furious savers blame Germany for 10% tax to fund bank bailout....

Translation: The bitch set me up.

16 posted on 03/18/2013 7:37:46 AM PDT by Pan_Yan (I love it when spell check selects every single word in my post.)
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To: Pan_Yan

Merkel stole {10% of the money we stashed offshore so that we would never have to let the taxing authorities in our own country know it existed}


17 posted on 03/18/2013 7:46:30 AM PDT by babble-on
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To: Democrat_media; GBA

We KNOW they are thinking of it, since the Klintoon’s toyed with the idea back in the early days of their administration.

Back during Reagan’s administration and before, a person could have up to $600 in interest on passbook savings accounts before any taxes were withheld. Then The Dems in Congress, led by Tip O’Neill, changed the tax law so that every penny of interest was taxable. Adjusted for inflation, that $600 today would be about $1200 today. They killed any incentive for people to save any money at all, which is the bedrock of the economy...........


18 posted on 03/18/2013 7:50:10 AM PDT by Red Badger (Lincoln freed the slaves. Obama just got them ALL back......................)
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To: desertfreedom765
...banks only need to have 10% of the money they actually lend....

That's why they're only taking 10 percent in Cypress. That's all that is there.

19 posted on 03/18/2013 7:52:08 AM PDT by chopperman
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To: Kartographer

Our own Central Bank is doing the same thing.

Zero interest rates, Gov’t bond monetization and $ Trillions in QE to bail-out the Fed’s money-center banks is having the same effect on US wages and savings.

Shut down the FED, and you kill all progressive/leftist plans for Gov’t at the source. The nanny-state could not exist without the Federal Reserve.

I’m surprised conservatives don’t see it.


20 posted on 03/18/2013 7:53:33 AM PDT by PGR88
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To: heylady

Take your money OUT of banks. OK, then what do you do with it?
At least you can keep it,a mason jar is safer than a bank.


21 posted on 03/18/2013 8:01:32 AM PDT by Vaduz
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To: SatinDoll
My house and car are paid off. I still have bills: electric, cell phone, car and house ins, water bill, and a credit card bill. I have to have a checking account to pay those. Unfortunately keeping a minimum balance gets you a hefty monthly service fee at Wells Fargo.

Putting my savings into land and real estate sound like a risky investment. If the SHTF will land and real estate have any value?

22 posted on 03/18/2013 8:02:08 AM PDT by heylady (“Sometimes I wish I could be a Democrat and then I remember I have a soul.”( Deb))
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To: heylady

Yeah, good luck holding on to any land or real estate you don’t personally occupy if things go south. You will need a small army or it will simply slip through your hands like dry sand. Good luck with that.


23 posted on 03/18/2013 8:09:46 AM PDT by Obadiah (High speed, low drag.)
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To: Democrat_media
buy land, houses, real estate

problem being - land has taxes assessed on it - Im not convinced its a good idea -suddenly your woodland camp is costing you several thousand dollars a year and your net investment impacts existing family budgets. Raw land is another issue altogether IMO.

That said, where does one stick the family fortune short of burying it in the ground

24 posted on 03/18/2013 8:10:10 AM PDT by Revelation 911 (hump scratching n'er do well.....all strung out on chicken wings and venison jerky)
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To: Kartographer

Wow - they elected a bunch of Socialists and they’re mad that the Socialists are Socializing?


25 posted on 03/18/2013 8:16:09 AM PDT by Tzimisce (The American Revolution began when the British attempted to disarm the Colonists.)
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To: heylady
Unfortunately keeping a minimum balance gets you a hefty monthly service fee at Wells Fargo.

Get an account at a credit union.

26 posted on 03/18/2013 8:17:38 AM PDT by Harmless Teddy Bear (Promotional Fee Paid for by "Ouchies" The Sharp, Prickly Toy You Bathe With!)
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To: Democrat_media
banks only need to have 10% of the money they actually lend. so If I make a $100,000 loan then the bank only needs to have $10 k actually , they create the 90,000 $ out of thin air to give me the 100k loan.

No, that's not how it works at all. The bank can't create money out of thin air. They loan based on the amount of deposits they have. They can only loan 90% of that money, and must hold 10% as reserves. Banks are highly leveraged, but they absolutely cannot make their own money.

27 posted on 03/18/2013 8:35:15 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: TADSLOS

You're going to need a bigger mattress.

28 posted on 03/18/2013 8:37:35 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: SatinDoll

They even have a handle on the bartering angle with RFID chips. They will know what items you have in your possession and which ones you have traded.

They will even know when you walk down the street if you have personally paid for anything you have on.


29 posted on 03/18/2013 8:43:03 AM PDT by Guardian Sebastian
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To: Mase

They are not printing money but they certainly are creating it based on the money multiplier which they can change at any time by raising or lowering the reserve requirement. It is one of the ways the Fed expands or contracts the money supply along with T-bills and the Discount Window.

The Fed was supposed to keep the government from printing as much money as they wanted. They were supposed to rein the government in but they are all the same now.


30 posted on 03/18/2013 9:01:30 AM PDT by coon2000 (Give me Liberty or give me death!)
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To: heylady

I pay my bills with cash.

As for land and real estate having value, it depends where you are located. But with land you can grow a garden, have a few chickens and low frame cattle. Everyone likes to eat!


31 posted on 03/18/2013 9:02:30 AM PDT by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
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To: coon2000

No. A bank can only lend based on the amount of deposits it has on hand. It can lend 90% of deposits and must keep 10% as reserves. These banks cannot create money in any way. The Fed operates in a completely different manner. The original poster I was replying to claimed that any bank making a loan can create 90% of that loan out of thin air. That’s a bunch of nonsense.


32 posted on 03/18/2013 9:09:24 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: Kartographer

This will happen here, post-crash,

the left will blame responsible* people on the right.

*Responsible, not for the crash, but for their own finances.


33 posted on 03/18/2013 9:12:01 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Kartographer
Ann Barnhardt: The Economy Is Going To Implode Pt.1 of 8

Good primer for those firmly in the Matrix.

34 posted on 03/18/2013 9:41:18 AM PDT by Stentor (Shhhh!)
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To: Mase

prove what you are saying.

This article shows Banks Really Do Create Money Out of Thin Air

http://www.foreignpolicyjournal.com/2012/08/04/yes-virginia-banks-really-do-create-money-out-of-thin-air/

Thus, fractional reserve banking is at one and the same time fraudulent and inflationary; it generates an increase in the money supply by issuing fake warehouse receipts for money. Money in circulation has increased by the amount of warehouse receipts issued beyond the supply of gold in the bank….

Where did the money come from? It came—and this is the most important single thing to know about modern banking—it came out of thin air. Commercial banks—that is, fractional reserve banks—create money out of thin air. Essentially they do it in the same way as counterfeiters. Counterfeiters, too, create money out of thin air by printing something masquerading as money or as a warehouse receipt for money. In this way, they fraudulently extract resources from the public, from the people who have genuinely earned their money. In the same way, fractional reserve banks counterfeit warehouse receipts for money, which then circulate as equivalent to money among the public. There is one exception to the equivalence: The law fails to treat the receipts as counterfeit.


35 posted on 03/18/2013 10:03:59 AM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Mase
here it shows $100 creates $500 in deposits , but this is with a 20% reserve requirement , with 10% it's higher:

http://www.investopedia.com/terms/m/multipliereffect.asp?ModPagespeed=noscript
Definition of ‘Multiplier Effect’
The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold as reserves. In other words, it is money used to create more money and is calculated by dividing total bank deposits by the reserve requirement.
Investopedia Says
Investopedia explains ‘Multiplier Effect’
The multiplier effect depends on the set reserve requirement. So, to calculate the impact of the multiplier effect on the money supply, we start with the amount banks initially take in through deposits and divide this by the reserve ratio. If, for example, the reserve requirement is 20%, for every $100 a customer deposits into a bank, $20 must be kept in reserve. However, the remaining $80 can be loaned out to other bank customers. This $80 is then deposited by these customers into another bank, which in turn must also keep 20%, or $16, in reserve but can lend out the remaining $64. This cycle continues - as more people deposit money and more banks continue lending it - until finally the $100 initially deposited creates a total of $500 ($100 / 0.2) in deposits. This creation of deposits is the multiplier effect.

The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.

36 posted on 03/18/2013 10:38:38 AM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Mase

They are creating money out of thin air. The Fed cannot print money, so they have other methods for creating money. When the banks open in Cyprus, it should be pretty interesting to see what happens.


37 posted on 03/18/2013 10:39:41 AM PDT by coon2000 (Give me Liberty or give me death!)
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To: Democrat_media
A bank cannot loan out more than they have in deposits. Therefore, they cannot create money out of thin air. if I deposit $100 in the bank, and the reserve requirement is 20%, the bank now has $80 to lend out, period. A bank cannot lend out more than they have in deposits.

You said: ...so If I make a $100,000 loan then the bank only needs to have $10 k actually, they create the 90,000 $ out of thin air to give me the 100k loan.

This is as wrong now as it was when you first posted it. If you want to borrow $100,000 from the bank, they'd better have $100,000 (+ 10% of $100,000) in deposits, or they won't be loaning you $100,000. The bank can't create any money out of thin air. The money they lend has to be deposited.

No bank can loan out 500% of the deposits they hold.

38 posted on 03/18/2013 12:34:57 PM PDT by Mase (Save me from the people who would save me from myself!)
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To: coon2000
They are creating money out of thin air.

Who is creating money out of thin air? If I deposit $100 with a bank, the bank can only loan $80 of that money -- provided the reserve requirement is 20%.

The Fed cannot print money, so they have other methods for creating money.

The Fed cannot print money, but they can create money. That's one of their functions. So what?

When the banks open in Cyprus, it should be pretty interesting to see what happens.

Yes, people who don't want their savings going to bailing out bad behavior will be pissed. What does that have to do with the fact that a bank cannot create money from thin air?

39 posted on 03/18/2013 12:44:13 PM PDT by Mase (Save me from the people who would save me from myself!)
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To: Revelation 911

Land can be rented. You can live on a property and rent the crop land or rent hunting rights in season. If you buy land already in the CRP, you also buy the CRP contract, which can pay some or all of the taxes, depending. If the land is in the Managed Forest Program, it reduces your taxes and the contract transfers to the new owner. You can also rent any home on the property, separate from the land rental.

A woodland camp is assessed at recreational land levels, but really, the majority of taxes are on the improvements. If the land is tillable and has been a working farm, you can continue to rent the cropland and those parcels will be taxed at the lower ag rate.

Ideally, you would spend time somewhere and get to know folks. There are always people around who make it a business to manage property for absentee owners. You have to invest the time and get to know whom to trust and rely upon.

That said, the ideal would be to sell out of the city/suburb and live on your rural property. It really is safer out here. There are not feral gangs squatting anywhere. You have 3 years of non-payment of taxes (should something awful happen) before it goes to a sheriff’s sale.

Look for places with reasonable taxes, reasonable zoning. Most rules are from the township. Townships are small, population-wise, and you have a say. Not many services, but, for example, we pay $20/per time for someone to plow our drive now that we are getting older. Expensive this year, with a lot of storms, but usually not that bad.

People are moving here and starting businesses. Some telecommute to their present job. Some are retired. Pay your bills, mind your own business and make friends and you will find yourself welcome. We have credit unions and investment services out here, too.

We came here in 1974. It took awhile, but we have good friends, some transplants, some locals. We lost a great deal in the Crash and we are selling out and downsizing by this time next year. The land appreciated. We will net out at about 8x our purchase price, 6x if you count the improvements we made and we have lived and worked here on the property for nearly 40 years. So, it was the best investment. We will ideally end up with a small place and have replaced our cash nut.

There are no longer any sure bets, IMO. I recommend Talib’s book “Anti-Fragile”. You need to assess any situation and yourself in terms of resilience. Not have all your economic eggs in one basket, be prepared to shift your economic and social weight with the changing circumstances, and have at least 3 plans for any contingency.


40 posted on 03/18/2013 2:52:57 PM PDT by reformedliberal
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To: Democrat_media
If I make a $100,000 loan then the bank only needs to have $10 k actually , they create the 90,000 $ out of thin air to give me the 100k loan.

Of course that's not true. If it were, no bank would ever go out of business, no bank would ever suffer a run.

Fractional reserve banking means banks hold a fraction of deposits in reserve, and lend out the rest (less than 100%).

41 posted on 03/18/2013 3:05:24 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Democrat_media
If, for example, the reserve requirement is 20%, for every $100 a customer deposits into a bank, $20 must be kept in reserve. However, the remaining $80 can be loaned out to other bank customers. This $80 is then deposited by these customers into another bank, which in turn must also keep 20%, or $16, in reserve but can lend out the remaining $64

Look, 2 deposits, $100 and $80, two loans, $80 and $64. Every loan funded by a larger deposit. If a bank could really create money out of thin air, why would they need a deposit, ever?

42 posted on 03/18/2013 3:11:18 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Kartographer

I don’t suppose these weasel politicians have considered that their proposal will spark a run on the banks.


43 posted on 03/18/2013 3:18:55 PM PDT by Cboldt
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To: Cboldt

And drive Cyprus further into the arms of Russia, who oh by the way, would love nothing more than to build a naval base there.


44 posted on 03/18/2013 3:20:33 PM PDT by dfwgator
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To: a real Sheila

The government already owns your land. Just try not paying your Real Estate taxes (rent)!


45 posted on 03/18/2013 4:02:10 PM PDT by Principle Over Politics (Is this a free country or what?)
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To: reformedliberal

you are preaching to the chior - ive got a second place (80 acres) in the hills 60 miles from our place in town - I can swing the extra taxes - but its not really an doption for some folk - that was more my point - thanks for the thoughtful response


46 posted on 03/18/2013 5:29:42 PM PDT by Revelation 911 (hump scratching n'er do well.....all strung out on chicken wings and venison jerky)
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To: Mase; Toddsterpatriot; All

The reserve requirement is 10%

You deposit $100 in the bank

That bank can then loan out $90 to Sarah and keep $10 as it’s reserve.

so you still have your balance of $100 in your bank.

Sarah can then deposit that $90 loan in her bank so now she has $90 as her balance in her account and you have $100 in your account . how is that not creating $90 out of thin air since your $100 now turned into $90 + 100 = 190?.


47 posted on 03/18/2013 9:37:35 PM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Mase; Toddsterpatriot; All

The reserve requirement is 10%

You deposit $100 in the bank

That bank can then loan out $90 to Sarah and keep $10 as it’s reserve.

so you still have your balance of $100 in your bank.

Sarah can then deposit that $90 loan in her bank so now she has $90 as her balance in her account and you have $100 in your account . how is that not creating $90 out of thin air since your $100 now turned into $90 + 100 = 190?.

http://www.yesmagazine.org/issues/the-new-economy/how-banks-make-money


48 posted on 03/18/2013 9:39:49 PM PDT by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Mase

You cannot see the forest because of all the trees that are in your way.


49 posted on 03/19/2013 2:39:45 PM PDT by coon2000 (Give me Liberty or give me death!)
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To: Democrat_media

Banks can create money from deposits, not thin air.


50 posted on 03/19/2013 2:59:50 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 47 | View Replies]


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