Posted on 12/18/2007 7:52:49 PM PST by Toddsterpatriot
Hmmmmm....M1 only grew about 5% over the LAST 4 YEARS!!!
“which is simply broad money,”
That’s what I need. Broad money. Enough to get several broads. And cars, for the broads.
Or, they could set reserve requirements at 20%...
Well, the money came from investors, right? I don’t see the big deal. Also, HSBC and Citi have brought SIV’s worth several billion dollars onto their balance sheets. I wonder how that will affect the credit markets.
http://en.wikipedia.org/wiki/Image:Components_of_the_United_States_money_supply.svg
Annual Purchase Limit For Savings Bonds Set at $5,000
FOR IMMEDIATE RELEASE
December 3, 2007
The annual limitation on purchases of United States Savings Bonds will be set at $5,000 per Social Security Number, effective January 1, 2008. The limit applies separately to Series EE and Series I savings bonds, and separately to bonds issued in paper or electronic form
snip...
The reduction from the $30,000 annual limit in effect for both series since 2003 was made to refocus the savings bond program on its original purpose of making these non-marketable Treasury securities available to individuals with relatively small sums to invest.
Is the government closing the doors to head off bank runs?
Citibank and other money center banks have imposed limits on customers abilities to use free IIS (inter-institutional) wire transfers of more than $2,500 per month for overnight wires, and no more than $10,000 per month for 3-day wires.
American Express has an "Order limit: There is a maximum order size of $1000.00 that can be purchased within a 14-day period. "
https://www210.americanexpress.com/BOLWeb/bolfeOrder.do?request_type=orderProduct&promotion=AMEX&program=TC00000201&selleracctnbr=2539481999I Hmmm very interesting indeed...
Is that a real account number in that URL?
No :)
M3 doesn’t matter, or so I’ve been told.
/s
The doors started closing after 9/11 already, Its also difficult now to setup an international phone/wire Xfer account. Also “off shore” accounts are eliminated. Even Switzerland obeys, The US has a huge influence worldwide in that regard, most people don’t believe it.
It's more difficult in a few ways, and so much easier in most ways. There may be a few more regs from the gov't in the way but it's the private sector that actually does the work. Back in '75 I tried to xfer $14k from New York to the US Canal Zone, and the CitiBank lost the money and it took them a month. These days I can go online and move that kind of money from the US to Lesotho if I want --3 or 4 days tops.
OK, these days the fees are higher ($40), but I used to have to pay that much for all the telephone calls and telex's to make the idiot bankers pay attention.
A while back we were looking at the $20 billion China pours into bank US deposits every month thats supporting the US/China current account deficit; it makes sense that while some foreign money goes into T-bills, the bulk would go into high paying (though also high risk) mortgages.
Write the bad debt off now !
American Express won't sell more than $1,000 worth of euros or yen in the U.S.?
That's a pretty sad statement. According to their website, it's to "prevent fraud."
I don't think that selling yen at the high markup that they used to charge was a great business, but refusing to sell reasonable amounts of yen strikes me as downright silly.
Sounds like this latest "crisis" from our lib press has got you all upset. Time for a little perspective.
It's true that foreclosures and credit delinquencies are up. The reason is not that we're bad off. The reason is that we've been so well off that the only change possible was for us to be like we were a couple years ago.
Bank loans in general are as good as they were a couple years ago. Real estate loans are not quite as good because of rising interest rates, but those "gargantuan" loan failures are no worse than they were during the Clinton economic paradise that the lib press was so crazy about.
I'm telling you; the press is lying and we're OK.
Considering that for the past twenty years the Fed has used interest rates to spearhead monetary policy rather than the money supply, I'd have to agree with you..... /no sarcasm.
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