TerryWalstrom

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Posts by TerryWalstrom

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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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  TerryWalstrom

  http://archive.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/
  
  I like how the politicians talk out of both sides of their mouth knowing the public isn't keeping tabs on
  anything said.
  "Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

  Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess."
  _____
  MeanMrMustard is right:
  The above article points out: "The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods."
  
  _____
  This quote is particularly galling:
  "All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit."
• 
  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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  TerryWalstrom

  There is no conspiracy but there is political malfeasance in relaxing the Laws which keep lending institutions under strict scrutiny.
  Under President Obama, the bad legislation which led to the 2008 meltdown was addressed with stricter policies of tight regulation. Under President Trump, those stricter policies have been relaxed again and loosening of regulations. Go figure!
  
  Remember which political figure said, "Deficits don't matter?"
  https://www.vox.com/policy-and-politics/2017/9/28/16378854/mark-walker-deficit

  
  Saying such things publicly sort of rules out a conspiracy and bolsters the idea of lunacy.
  
  *In 2009 Dodd-Frank Bank regulation laws were passed in reaction to the crash the previous year with oversight rules which call for strict monitoring.

  BUT WAIT!
  On March 14, 2018, the US Senate passed a bill by a 67 to 31 vote, easing financial regulations and reducing oversight for banks. The law passed the House of Representatives on May 22, 2018 in a 258–159 vote. The legislation was then signed into law by US President Donald Trump on May 24, 2018.
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  40

  Overcoming our Evolutionary purpose in order to save mankind (A most interesting discussion)

  by TerryWalstrom in

  1. watchtower
  2. beliefs

  recently bret weinstein and richard dawkins sat down for a debate.in the following video, weinstein talks about what can be done to address an error in dawkins'selfish gene theory in terms of the new atheism's error and regarding religion as a mind virus.https://www.youtube.com/watch?v=rm8fksjljtm&t=1096s_____and a good follow up:https://www.youtube.com/watch?v=qr5yn2g4h54&t=904s.

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  TerryWalstrom

  
  (Evolution is change over time under pressure by proliferating one's own gametes. This impulse takes no higher notice of good, better, best for others.)
  
  Dawkins won't concede that religious beliefs are part of the adaptation process of the evolutionary imperative.
  Bret Weinstein views this as unfortunate because there are definite social benefits which accrue when people act ethically toward one another. (Even when based on imaginary traditions.)
  Where is the hang-up?
  Dawkins feels he must totally reject superstitious, non-factual premise on which religion is based and view ALL religious impulses as a virus of the mind amounting to insanity.
  Weinstein sees Evolution as the "instinct" to overcome all competition in the pursuit of spreading one's genes. Humans have more potential than merely that and unless they get a handle on other ways of adapting the drive to view others as tribe / non-tribe, civilization will tear itself apart in pissing matches, political wars, and turf struggles.
• 
  40

  Overcoming our Evolutionary purpose in order to save mankind (A most interesting discussion)

  by TerryWalstrom in

  1. watchtower
  2. beliefs

  recently bret weinstein and richard dawkins sat down for a debate.in the following video, weinstein talks about what can be done to address an error in dawkins'selfish gene theory in terms of the new atheism's error and regarding religion as a mind virus.https://www.youtube.com/watch?v=rm8fksjljtm&t=1096s_____and a good follow up:https://www.youtube.com/watch?v=qr5yn2g4h54&t=904s.

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  TerryWalstrom

  Recently Bret Weinstein and Richard Dawkins sat down for a debate.
  In the following video, Weinstein talks about what can be done to address an error in Dawkins'
  Selfish Gene theory in terms of the New Atheism's error and regarding religion as a mind virus.
  
  https://www.youtube.com/watch?v=rm8FksjlJtM&t=1096s
  
  _____
  
  And a good follow up:
  https://www.youtube.com/watch?v=qR5yN2G4h54&t=904s
• 
  7

  A Cat's Last Emily (Emily's Last Cat)

  by TerryWalstrom in

  1. jw
  2. friends

  a cat's last emily (emily's last cat) __________.

  lifting her elbow up off of her cat.

  emily whispered, .

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  TerryWalstrom

  Diogenesister: You must be published. Links?
  
  I've written three books (two on Amazon) and one about to publish.
  Thanks for your interest.
• 
  7

  A Cat's Last Emily (Emily's Last Cat)

  by TerryWalstrom in

  1. jw
  2. friends

  a cat's last emily (emily's last cat) __________.

  lifting her elbow up off of her cat.

  emily whispered, .

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  TerryWalstrom

  Thank you.
  
  I woke this morning missing my old friend, Quincy. We were JW's together since the age of 13. He died two years ago and the sound of my phone not ringing is the saddest sound of all.
  
  HOME IS WHERE YOUR HEART IS

  If willows had wings and wasps could sing
  If flurries of snowfall were blue
  The roar of the Nile and its proud crocodiles
  Would carry me back home to you

  If pennies were time, I’d buy for a dime
  An echo of you for a day
  And then I could tell the old wishing well
  To carry me back home to you

  The wind comes along just to whisper your song
  Then turns out its pockets for me
  That broken old moon has spoken and soon
  Will carry me back home to you

  If death had no sting every church bell would ring
  If tears made a sound in the night
  The angels could listen and thunder would glisten
  And carry me back home to you

  Time spins to an end and I’ll find you, old friend
  A beautiful lie must be true
  IF it rains pennies fall and we'll pay one and all
  When they carry me back home to you

  (In Memory of my friend Quincy Roberts)
  ___________**_________

  
  
  
• 
  7

  A Cat's Last Emily (Emily's Last Cat)

  by TerryWalstrom in

  1. jw
  2. friends

  a cat's last emily (emily's last cat) __________.

  lifting her elbow up off of her cat.

  emily whispered, .

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  3. 
• 

  TerryWalstrom

  Thanks for the encouraging words.
  It was early this morning when a short phrase worked its way into my head.
  It interested me for some strange reason. It had a kind of lilt to it and was suggestive of an idea. "Lifting her elbow up off of her cat" was all I had.
  I had no idea where it would take me. So, what I did was select a piece of very evocative music to play through my earphones that would impel me to write in a stream of consciousness. The music was Emmanuel by Michael Colombier and played by Chris Botti.
  
  The rest happened organically right down to the last stanza when I got stuck. I wanted it to end the same way it began; melancholy but happy. But no--the music had its way and poor Emily never made it back up the stairs.
  https://www.youtube.com/watch?v=ClMTuUwl0tg

  
  
  
  I've been told this was a bit on the dark and side side--so--I've been moved to write a brief epilogue:
  
  EPILOGUE
  (The landlord sits reading by her window at night
  In her lap sits a book, a new cat block's the light
  No longer lonely with this grateful Le Chat
  The cat she names "Emily" ( Emily's last cat.)

  
  
• 
  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.

  1. 
  2. 
  3. 
• 

  TerryWalstrom

  All week long I've been reading about the history of banks in the U.S
  The idea of doing business without using, touching, or carrying actual gold or silver came about this way:
  At a certain point in history, trading and barter became very burdensome. Coining valuable metal into portable currency seemed a better alternative. Not ideal, but better than barter. Local lending institutions with trusted operators became necessary. Poor people did NOT trust a National Bank over a Local Bank for a long time. Why? Because they were run by strangers and the opportunity for locals to keep an eye on the bankers was not possible or to judge their character.

  Local banks were run by people they knew.

  The eventual solution? FREE BANKING ERA.
  
  Local Banks could do as they pleased as long as funds were backed by an equal amount of gold on hand and on demand. Free banking spread rapidly to other states, and from 1840 to 1863 all banking business was done by state-chartered institutions.

  The legitimacy of any bank was solely determined by the LAWS passed locally or nationally to monitor and control operations.
  
  “Wildcat” banking appeared because local laws could be “relaxed” by local politicians, cronies, and double-dipping investors!

  NOTE: Banknotes were issued against little or no security, and credit was over-expanded. The borrower couldn’t pay back the loan and the local economy became depressed (the payback funds were necessary for the Bank to make new loans).
  
  What remedy was possible?
  Federal Laws were enacted to examine and regulate all banks and bring currencies in use into harmony.
  THE NATIONAL BANK ACT radically changed how banks operated.
  Local banks which refused to abide were taxed until they came in line and agreed.
  To compete with National Banks, State Banks created a new invention: the Checking Account. Customers could pay their bills and buy goods WITHOUT DEMANDING GOLD from the local bank’s on hand reserves.
  During the Civil War, the Federal need for funds to fight the war led to the selling of Government Bonds (I.O.U.’s + interest) citizens purchased on promise of repayment and profit.
  As the Age of Industry began, banks began investing in commercial enterprises by lending money to entrepreneurs for startup, equipment, etc. The interest charged added to the bank reserves on hand.
  
  The whole idea of using paper money, Bonds, IOU's, promissory notes made "cashless" transaction possible as more and more people began to TRUST that somewhere somebody had gold or silver on hand to back up the transactions.
  
  Human beings are not trustworthy when they get the chance to steal or gain advantage.
  So?
  So, after banks failed, the Federal Government stepped in and guaranteed local banks up to a certain amount. This was to instill trust (even when trust was illusory)
  The big financial meltdown in 2008 came because untrustworthy people did untrustworthy things such as selling houses to customers without enough collateral.
  Why would Lenders do that?
  2 reasons
  1. An act of Congress made them do it
  2. Banks could sell the "bad paper" to Wall Street
  Who went to prison for any of this?
  I don't know--you tell me? Nobody is what I'd say.
  Why nobody? Because Congress made it possible and Congress jumped in and supported the Too Big To Fail stop gap financing. TRUST was purchased. CONFIDENCE was purchased. With what money and from where? From future taxpayers.
  
  That's right. People who aren't yet born.
  Money from nothing.
  
  Who do we owe all those TRILLIONS to? Each other.
  We pay taxes. The government spends tax money not yet collected by borrowing.
  Banks, the Treasury, the Fed all participate in a mostly illusory leveraging of the future to pay for the present.
  
  Those who get angry fall into two categories.
  1. Those who see nothing wrong with this and say it will all be okay, so shut the hell up.
  2. Those who become convinced a vast conspiracy is involved.
  
  What do I think? I think no conspiracy is necessary when most of what happens is made
  legal by politicians acting in public (getting voter approval) who are paid to grease the wheels of fiat money and future leveraging.
  
  The so-called 1% is enabled by voters, if you come right down to it.
  If regular civilians could spend like crazy and not pay their bills--(Big Brother will step in and pay) almost everybody would. But hey--a great many citizens live beyond their means using credit to purchase goods and services--all on a PROMISE to PAY.
  In other words: we all do it--"money for nothing and the chicks are free."
• 
  7

  A Cat's Last Emily (Emily's Last Cat)

  by TerryWalstrom in

  1. jw
  2. friends

  a cat's last emily (emily's last cat) __________.

  lifting her elbow up off of her cat.

  emily whispered, .

  1. 
  2. 
  3. 
• 

  TerryWalstrom

  A CAT'S LAST EMILY (Emily's last cat)
  __________

  Lifting her elbow up off of her cat

  Emily whispered,

  "Now, where is my hat?"
  
  

  Barefoot she tiptoed embarrassed how late

  she'd be for the Metro, then shrugged, "Such is fate."
  
  

  Older is slower and patience is best

  There's no sense in rushing, the long game is best

  A gentleman's waiting is proof of desire

  Winter is calling and passion is fire
  
  

  Emily, wrapped in her ermine and pearls

  long ago best of the Paris street girls,

  Met her first sailor and right from the start

  Lost both her innocence and most of her heart
  
  

  Life, silly sad game of both give and take;

  Losing a lover and lying awake

  Cling to sad memories old songs tear apart

  He's an old photo and love's an old art
  
  

  Emily, slow now and barely alive,

  reckons this winter is one to survive

  Beauty's illusions work best in the dark

  She's the magician to kindle that spark
  
  

  Money is money and dreams are for fools

  Actresses’ practices break all the rules

  Pocket her money, take off her hat

  A little of this (and a whole lot of that)
  
  

  Snowfall comes early, the Metro is late

  Shivering Emily is down by the gate

  Reach for his photo and manage one tear

  Darkness moves closer and closes the year.
  
  

  Somewhere an ambulance wails in the dark

  Neighbors awake at a dog's plaintive bark

  None but the cat at the top of the stairs

  Senses her passing much less even cares
  
  

  Closing her eyes the last starlight fell

  on Emily's story with no one to tell

  Somewhere a sailor startles awake

  Clasping his chest at a sudden heartbreak.

  ____

  EPILOGUE

  (The landlord sits reading by her window at night

  In her lap sit a book, a new cat block's her light

  No longer lonely with this grateful Le Chat

  A cat she names "Emily" ( Emily's last cat.)

  _______________
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  5

  A (true) Horror story

  by TerryWalstrom in

  1. jw
  2. friends

  a horror story (true)1970. we’re all familiar with that feeling--that creepy feeling of the mysterious unknown.well, this is that place.

  right here.i’m standing in john’s house in the kitchen.

  it’s murky inside this old place.

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  TerryWalstrom

  I think naive people don't trust their negative feelings about other people--only their positive.
  Lots of little moments of dissonance arose and I pushed them aside.
  I think it happens in marriage too when one partner is cheating on another. That tingly sensibility that whispers, "Beware" is there for a reason.
  If humans possess any instincts (I believe they do) it should be the negative ones we listen to best; the warning feelings something just isn't right.