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I didn't know (or had already forgotten) that the banks no longer have a reserve requirement.

jmski52jmski52 Posts: 22,269 ✭✭✭✭✭

Is this fact?

https://www.encouragingangels.org/

In early 2020 the Federal Reserve disclosed …’As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.’…

If this is true, then along with FASAB 56 in which gov.com is no longer accountable for any financial reporting or accuracy if it is deemed to be of national security importance, the banks aren't accountable for any financial malfeasance in any way either.

Add to this, the fact that your bank account balance is now considered a loan to the bank and not your own asset - the whole financial system is both corrupt and untouchable.

Not to mention what's going on in Canaduh in terms of their new ability to attack financial assets if they don't agree with your perspectives.

It's not looking too good for people in general. Any thoughts on how to navigate all this?

Q: Are You Printing Money? Bernanke: Not Literally

I knew it would happen.

Comments

  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    I wasn't aware of that either. If true... I have a gut feeling we are being set up big-time.

    Got gold? Got silver?

    ----- kj
  • tincuptincup Posts: 4,722 ✭✭✭✭✭

    Welcome to the New World Order.

    Welcome to the machine.

    ----- kj
  • @jmski52 said:
    Is this fact?

    https://www.encouragingangels.org/

    In early 2020 the Federal Reserve disclosed …’As announced on March 15, 2020, the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.’…

    If this is true, then along with FASAB 56 in which gov.com is no longer accountable for any financial reporting or accuracy if it is deemed to be of national security importance, the banks aren't accountable for any financial malfeasance in any way either.

    Add to this, the fact that your bank account balance is now considered a loan to the bank and not your own asset - the whole financial system is both corrupt and untouchable.

    Not to mention what's going on in Canaduh in terms of their new ability to attack financial assets if they don't agree with your perspectives.

    It's not looking too good for people in general. Any thoughts on how to navigate all this?

    Well you are half right. They have been suspended because of Covid and theirs no time frame when they will be reinstated. I know regulation D talks about banks reserve requirements.

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  • derrybderryb Posts: 36,025 ✭✭✭✭✭

    @jmski52 said:

    It's not looking too good for people in general. Any thoughts on how to navigate all this?

    Move to Canada?

    The decline from democracy to tyranny is both a natural and inevitable one.

  • cohodkcohodk Posts: 18,501 ✭✭✭✭✭

    Looks like not only do the banks still hold reserves, but those reserves are near all-time highs.

    https://fred.stlouisfed.org/series/TOTRESNS

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @cohodk said:
    Looks like not only do the banks still hold reserves, but those reserves are near all-time highs.

    https://fred.stlouisfed.org/series/TOTRESNS

    Are those reserves required?

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    I guess market forces rather than regulators are determining reserve levels. Sounds scary. :o

    Higashiyama
  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @derryb said:

    @jmski52 said:

    It's not looking too good for people in general. Any thoughts on how to navigate all this?

    Move to Canada?

    We can't move anywhere. I have a buddy who wants to move to Australia , you can go but even if you want to move there permanently you dont get to be a citizen. In fact most countries folks would think it would be nice to move permanently don't let you be a full citizen.

  • cohodkcohodk Posts: 18,501 ✭✭✭✭✭

    @taxmad said:

    @cohodk said:
    Looks like not only do the banks still hold reserves, but those reserves are near all-time highs.

    https://fred.stlouisfed.org/series/TOTRESNS

    Are those reserves required?

    Why did they double after March 2020?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • cohodkcohodk Posts: 18,501 ✭✭✭✭✭

    @Higashiyama said:
    I guess market forces rather than regulators are determining reserve levels. Sounds scary. :o

    Werent the complaints over the last decade about too much regulation?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @cohodk said:

    @taxmad said:

    @cohodk said:
    Looks like not only do the banks still hold reserves, but those reserves are near all-time highs.

    https://fred.stlouisfed.org/series/TOTRESNS

    Are those reserves required?

    Why did they double after March 2020?

    My guess is the risk-free interest they can earn from the Fed

  • cohodkcohodk Posts: 18,501 ✭✭✭✭✭

    @taxmad said:

    @cohodk said:

    @taxmad said:

    @cohodk said:
    Looks like not only do the banks still hold reserves, but those reserves are near all-time highs.

    https://fred.stlouisfed.org/series/TOTRESNS

    Are those reserves required?

    Why did they double after March 2020?

    My guess is the risk-free interest they can earn from the Fed

    Maybe. So the fear of system collapse is unfounded as the banks would rather sit on money rather than make bad loans.

    Does a car need seatbelts if its just parked in the driveway?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • HigashiyamaHigashiyama Posts: 2,133 ✭✭✭✭✭

    @cohodk said "So the fear of system collapse is unfounded as the banks would rather sit on money rather than make bad loans."

    Although if one were a little cynical, one might say that the banks are happy to let the Federal government encourage, make, or guarantee doubtful loans.

    Higashiyama
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