JeffT

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Posts by JeffT

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  72

  Did you know Banks create money out of thin air?

  by TerryWalstrom in

  1. jw
  2. friends

  banks create money “out of thin air.”empirical studies have been undertaken to prove this thesis and this is the conclusion:.

  in the 5,000 year history of banking, banks have been thought of as “deposit taking institutions which lend money”.. 1. what is the legal reality?

  banks don’t take deposits and don’t lend money.the public is under this false impression on purpose because the language of banks is not legal language.. so--what is a “deposit”?a deposit is not actually a deposit.

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  JeffT

  The Wells Fargo problem was not "creating money (or credit) our of thin air." It was fraudulently creating false paperwork to create bogus accounts, for which the creators received bonuses they weren't entitled to.

  If you want to see credit created out of thin air look at the student loan program (which is ultimately run by the government). The government is backing loans to people with no credit history and a speculative future ability to repay the loan. However the money is going into the hands of educators who are a very powerful political block, and the students have to pay it back, they can't even get rid of the debt in bankruptcy court.
  
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  29

  "The Branch did not approve of us to get a video security system"

  by James Jack in

  1. watchtower
  2. beliefs

  this was the reply i was given by our coordinator at our recent kingdom hall security meeting.. he explained that they aren't allowed to buy any appliances or do any changes to the kingdom hall without branch approval.

  "we put in our letter that a video security system could be purchased for around $600 locally and an app could be downloaded for the attendants to monitor the cameras what's going onoutside.

  " they said;" such a system would not be needed in our area of the country, if standard protocols of security are followed as outline by the branch.

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  JeffT

  Do they realize that doing stupid stuff like this makes it impossible for them to claim they're not responsible for what goes on in the local congregations?
  
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  72

  Did you know Banks create money out of thin air?

  by TerryWalstrom in

  1. jw
  2. friends

  banks create money “out of thin air.”empirical studies have been undertaken to prove this thesis and this is the conclusion:.

  in the 5,000 year history of banking, banks have been thought of as “deposit taking institutions which lend money”.. 1. what is the legal reality?

  banks don’t take deposits and don’t lend money.the public is under this false impression on purpose because the language of banks is not legal language.. so--what is a “deposit”?a deposit is not actually a deposit.

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  JeffT

  I just read the last part of the article the OP is based on. (I skimmed the first part, its mostly a rehash of the three economic theories of banking). Put simply, the "experiment" they say they conducted proves nothing.

  I'm a semi-retired accountant. They said they were going to make a credit transaction, then look to see what effect it had on the balance sheet. They couldn't find such an effect and concluded that the bank "manufactured" the money. From an accounting viewpoint it is impossible to look at one transaction and see the effect on a balance sheet without seeing what it would look like without that transaction, which they did not do.

  What they did is like trying to isolate one voice in a football stadium, and when you can't hear it, claiming the person you're looking for doesn't exist.

  The anwer to the question is: no banks cannot manufacture money out of thin air.
  
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  72

  Did you know Banks create money out of thin air?

  by TerryWalstrom in

  1. jw
  2. friends

  banks create money “out of thin air.”empirical studies have been undertaken to prove this thesis and this is the conclusion:.

  in the 5,000 year history of banking, banks have been thought of as “deposit taking institutions which lend money”.. 1. what is the legal reality?

  banks don’t take deposits and don’t lend money.the public is under this false impression on purpose because the language of banks is not legal language.. so--what is a “deposit”?a deposit is not actually a deposit.

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  JeffT

  This thread is proof of my long-standing conviction that we desperately need economic/finance classes as a requirement in both high school and college. We end up with people that don't know how to balance their checkbooks or calculate the interest on their credit cards arguing about how the banking system works.
  
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  43

  Watchtower Tax Return

  by Tahoe in

  1. jw
  2. friends

  photo credit: dallas canadathis is from only one of the corporations and before the recent kh sell offs.

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  JeffT

  How could they have liabilities exceeding assets with their business structure. Reputable accountants/attorneys would have never advised the development of the new cult compound

  
  

  Easy, they didn't listen to the accountants and lawyers.
  
  
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  12

  For those Genuinely Concerned about Press Freedom

  by Simon in

  1. social
  2. current

  our illustrious leader, justin trudeau, has just announced a half a $billion fund that will be given out to "trustworthy" news sources.. of course this will have nothing todo with the fact that there will be a federal election next year and there are plenty of bad things to highlight in the liberals record.

  they will obviously dole the money out in a totally impartial manner, even handing funding to reporters that are critical of them and trudeau.

  "trustworthy" news sources won't just be a euphemism for "writes positive stories about me, avoids negative ones".

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  JeffT

  .once he gives a public apology to the president for his obvious disrespect.

  He should apologize to the press corps for hogging the mic.
  
  
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  58

  Explain Your Avatar

  by new boy in

  1. jw
  2. friends

  i know this thread has been done before.

  however maybe some of the new comers might like to know.. my avatar is the cover of my first novel "your crazy life.

  ".

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  JeffT

  The picture is me, a couple of years ago. My name really is Jeff Thomas, but for some reason the system here wouldn't let me use the whole name. And I don't care who knows I'm here.
  
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  43

  Watchtower Tax Return

  by Tahoe in

  1. jw
  2. friends

  photo credit: dallas canadathis is from only one of the corporations and before the recent kh sell offs.

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  JeffT

  I am highly suspecious about the authenticity of this document. For starters, tax returns are not publically available in the US. Who or what is "Dallas Canada" and how did they get this? The section at the top about an extension looks photoshopped, its a different font and there is no need for such an addition to a tax return, you just file the document with the IRS by the new due date.
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  33

  Should Voters Be Made To Prove They Are Eligible To Vote?

  by minimus in

  1. jw
  2. friends

  i believe that just because someone shows up at the voting booth, it doesn’t automatically qualify them to be legitimate voters.

  i think it’s not unreasonable to provide proof that you are qualified..

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  JeffT

  If we don't require ID and proof that you can vote legally why even bother with laws about who can vote?
  
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  25

  Elders' new direction.

  by lastmanstanding in

  1. watchtower
  2. beliefs

  there's been a change.

  a rather big one.

  and the kevin bunkers of the world beware.. jw elders no longer need to "turn the other cheek".. in the governing bastard's desperation, they have given a new directive to elders.

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  JeffT

  I've been out a long time, maybe something's changed. The vast majority of the elders I knew couldn't fight their way out of a wet paper bag.