THE Federal Reserve Thread pt 1 (merged)

[EnergySpin]

I mean how can one get a loan without a SSN?

There isn't a law in the U.S. that says a person has to have a S.S.N. It's just that most institutions require one for "bookkeeping" purposes.

As far as the illegals getting loans - another issue. Hell, why not advertise a come-n-get-it on the BBC.

Oh I meant that when you go in a bank to open an account they ask you for two forms of ID. One is the SSN card ... I'm not so sure though that it is not mandated. I thought the PA required SSN/other forms of ID to initiate a transaction

[gnm]

SSN's are required for any interest bearing bank account because the IRS now taxes interest and they require one. They might use a TIN or tax ID number to establish an account for an illegal I would think. fake SSN's and such are routinely used by illegals also..

While there is no law requiring an SSN in the US the fascist pricks make it damn near impossible to function without one. All in the name of taxing every goddamn thing you do.

I should mention that while an illegal has the ability to get a TIN for tax purposes and avoid getting an SSN which puts you at higher risk of ID theft etc... a US citizen is not eligible for a TIN since the theory goes that they are eligble for an SSN so they are only allowed to get that.

-G

[Kooka]

SSN's are required for any interest bearing bank account because the IRS now taxes interest and they require one....
While there is no law requiring an SSN in the US the fascist pricks make it damn near impossible to function without one. All in the name of taxing every goddamn thing you do.

Yeah re: pricks. I have a friend who drives legally without a DL, and who has never paid taxes - legally. He refuses mail that has a zip code on the envelope <G> The bottom line is that one can have an account without a SSN.

[gnm]

I also know somone living under the radar like that - he opened an account solely so he could cash checks from other people. He did it by requesting a non-interest bearing account. The bank finally agreed after much protest..

-G

[Tyler_JC]

I admire people who can manage to live under the radar like that, it's too late for me though (I already have a Socialist Slave Number).

My mother is a tax accountant and does her best to insure that they get as little money as legally possible from her clients. But the laws are just so damned complex.

I read somewhere that the IRS tax code has SEVEN MILLION WORDS. The Bible only has 1 million. It's insane.

Government meddling is to blame for the recession of the late 80's/early 90's. But the explanation of this takes more time than I'm willing to put into this.

But wow, illegals getting home loans. It's like when I get offered a credit card or life insurance. What are they thinking??

[Daculling]

Some states offer in-state tution for illegals... why the hell wouldn't we give them houses too?

Lookup the Dream Act

[jimmydean]

Isn't Bush also hoping to give illegals work cards? LOL

As if there isn't enough cheap labour competition with the east now removing jobs this is just ridiculous.

[lyrl]

I think the Fed is doing the best it can to aim the housing bubble toward a 'controlled detonation'.

In theory, raising interest rates should make mortgages harder to get, which should make speculation more difficult.

Of course, raising interest rates will also make consumer debt more difficult to manage. And decreased spending resulting from lessening of the consumer debt will hurt our current growth-dependent economy.

So the Fed is walking a tightrope here.

Whether they will be sucessful or not I don't know. Economy manipulation is pretty much all experimental.

On giving home loans to illegal aliens, that's been going on for years. The banks have found that they're a good loan risk - illegal aliens are actually less likely to default than some groups of debt-happy citizens. I think that says more about the unhealthy American attitude towards finances than about the bank's morals.

[agmart]

Raise interest rates
Tip the economy into recession
Demand drops
Oil prices fall
What peak oil, there is no peak oil

[EnergySpin]

Raise interest rates
Tip the economy into recession
Demand drops
Oil prices fall
What peak oil, there is no peak oil

This might be a much safer alternative for a peaceful powerdown.
They are not doing it for this though; FED is trying to prevent the Japs/Chinese/Europeans/Asians from pulling the plug overnight

[Falstaff]

http://www.federalreserve.gov/releases/h6/discm3.htm

Why? Why now? How can hiding this data help their cause?

[dbarberic]

I find this quite disturbing.

M3 is one way to monitor inflation in both currency and credit markets. My guess is that someone does not want others to know what they are doing.

[dbarberic]

I did some research and put my dedective hat on.

One of the two key differences between M3 and M1 & M2 is that M3 includes Eurodollar deposits. Eurodollars are deposits denominated in United States dollar at banks outside the United States.

The M3 Stat will end be published near the end of March, 2006.

The Asia Times Online has reported "Iran has recently announced that the new oil exchange will start up its computers in March 2006".

If Iran goes through with the oil exchanged priced in Euros, foreign banks will be dumping USD$ for Euros. This should make the M3 trend line drop like a rock.

My guess is that someone does not want the investing public to know this (both foreign and domestic).

[richardmmm]

more to it that just that...........

if you are pumping liquidity into the system and you need to pull some of it out to prevent hyperinflation, then without M3, you can hide it away now in offshore accounts for later use, or just scrub it altogether.

it's a scandle what the fed have done to money.

did you know that the fed buy US gov. treasuries, which basically amounts to shill bidding on the gov. auctions for treasuries.

there is so much deceipt going on, they have got away with it thus far, why not just stop publishing the details altogether.

the whole terrorism thing is obviously more about people control, far more than it is really about any real terrorism. after all a few guys running about the US after 911 letting off car bombs in every major city, could have brought the country to it's knees, but there was no real follow up ??

why not ??

after such a major attack it would have only taken a couple of dozen smaller ones over the next few weeks to have the whole US in an absolute mess.

there is obviously an adgenda being played out that requires more stringent controls over peoples activities and now that any person could be arrested and branded as a terrorist and held without trial for weeks and weeks, we are entering a situation not unlike communist russia where any opposition to the status quo can simply be branded and locked up.

terrorist or political prisioner ? the dividing line is pretty close ?

the situation of a debased currency has now been running for 30+ years and the governments obviously realise that crunch time is coming and once the people realise that their money is simply pieces of paper, that are basically worthless and based only on a trust that has been absolutely violated, then the governments realise the need to contorl and hide things more and more.

a dollar bill or british pound or euro is really worth no more than a piece of white paper that I write a value on with a biro, and a bank account is worth nothing more than an account on a server with some zeros in it.

the value of the paper money is meaningless without something concrete behind it.

[jaws]

So much for transparency Ben Bernanke.

[UIUCstudent01]

I did some research and put my dedective hat on.

One of the two key differences between M3 and M1 & M2 is that M3 includes Eurodollar deposits. Eurodollars are deposits denominated in United States dollar at banks outside the United States.

The M3 Stat will end be published near the end of March, 2006.

The Asia Times Online has reported "Iran has recently announced that the new oil exchange will start up its computers in March 2006".

If Iran goes through with the oil exchanged priced in Euros, foreign banks will be dumping USD$ for Euros. This should make the M3 trend line drop like a rock.

My guess is that someone does not want the investing public to know this (both foreign and domestic).

So what does that mean exactly to a neophyte?

Inflation? Hyperinflation? Devaluation of the dollar? Destruction of the 'Petrodollar'? What?

(I don't even know what this M1, M2, and M3 line business is about..? Wikipedia isn't very helpful to someone who hasn't taken Macroeconomics... and it also doesn't tell me what happens when these lines fall like a rock...)

In short, connect the dots for me and tell me what exactly to make of this? (And others?) (What does it mean? What does it NOT mean? Any mitigating factors for what is to come?)

[lotrfan55345]

This should be illegal.

[hoplite]

OMG- I think somethings up and I'm NOT a doomer!
M3 has declined for the last 3 months at a rate not seen before, couple that with the unprecedented failure of last weeks 10 yr. t-bill auction to attract bidders means that the FEd is getting ready to MASSIVELY increase M3 and with no published figures it will make it easier to disguise the new funny money's journey from the printing press to the bond markets.

[cube]

Got Gold?

History has shown that Americans prefure to pay for their wars through (cranking up the printing press)/inflation rather then taxes. And since we'll be in a state of perpetual warfare from now until bankruptcy you can bet your last dollar it'll be worth less in the future.

hmmm is that worth less OR worthless???

[MonteQuest]

(I don't even know what this M1, M2, and M3 line business is about..? Wikipedia isn't very helpful to someone who hasn't taken Macroeconomics... and it also doesn't tell me what happens when these lines fall like a rock...)

As to M1, M2, M3:

M1: Technically defined this is the sum of: the tender that is held outside banks, travelers checks, checking accounts (but not demand deposits), minus the amount of money in the Federal Reserve float.

M2: The sum of: M1, savings deposits (this would include money market accounts from which no checks can be written), small denomination time deposits (where small is less than $100,000), retirement accounts.

M3: M2 plus the large time deposits (for any of you with more than $100,000 deposits you add to this...). Eurodollar deposits, dollars held at foreign offices of U.S. banks, and institutional money market funds.