The Creation of the Federal Reserve System (Part 3)

Welcome to dailly show Iriemon...

I often come here for a laugh, I hope you enjoy it too.

 

None of those sources will use the terminology "thin air". Can you not comprehend that?

 

Of course they don't. So you're continuously citing them for that proposition is pretty disingenuous, isn't it?

Please cite the language from those sources you claim proves your position that a bank can create money out of "thin air". You've been asked this before and ignored.

Those sources in no way support your position.

 

Please show me in any of your sources that says specifically that a bank does not create money out of "thin air" and actually uses the phrase "thin air".

If not, please apologize! Thanks!

 

Please don't be dishonest. You cited those links for support of your proposition.

I'm simply asking for you to identify the language in those links that you claim support your proposition.

The only thing I've cited in the MMM. And I cited the explcit sections that supports my position and contradicts yours.

Given how many times you've been proven to be totally, completely wrong about things about which you have never apologized once, you've got a (*)(*)(*)(*) load of apologizing to do before you start demanding it of others.

 

Repeatedly stating MMM #6 is not proof that banks don't create money out of thin air. If reserves were required to make a deposit than deposits would equal reserves. Since we obviously no that is not the case, than when a bank creates a deposit they are "creating" money. Since money doesn't come from anywhere other than someone saying "this is money", then by default it has to come from thin air.


"The actual process of money creation takes place primarily in banks.(1) As noted earlier, checkable liabilities of banks are money. These liabilities are customers' accounts."

Since "create" is such a big word for you, here is the definition...

-- to cause to come into being, as something unique that would not naturally evolve or that is not made by ordinary processes.

Apologies will no longer be enough to make up for the lies you have continually perpetuated. If you want to earn your respect back I now demand a 3 page essay, not only apologizing, but explaining what it is you were wrong about and what you learned. Thanks!

 

The burden of proof is on you. You have been asked many, many times to explain what wording in your sources leads you to believe that banks create money "out of thin air".

You have repetetively stated that it would be illegal for Iriemon, snooop, and I to open up a bank and start printing Federal Reserve Notes out on our printer. So you must mean that banks can create deposits out of thin air. So that must mean that I can simply open up a bank, create a deposit account and credit it with a few hundred billion electronic Federal Reserve Notes that I created out of thin air. I wish I would have thought of that sooner!

 

There is $1000 in deposits. Someone comes in and takes out a $100 loan. There is now $1100 in deposits.

You guys are unbelievable!! Just because there is requirements for how much money you can create doesn't change the fact that you are simply creating money out of thin air.

They don't put reserves in to deposits, they don't put other deposits in to new deposits. They simply type numbers in to a computer and voila, money has been created.

Simple stuff bro!!

 

Yup. I want an AzimutYatch.

I can open my own bank and print $10 millions off the printer to pay for it.

My belly is hurt so bad from laughing.

 

If someone comes to you with gold. And in exchange you give them a piece of paper that can be exchanged for the gold deposited, that paper was created in an exchange 1 for 1.

If someone comes in with out gold and needs money. And all you do is get out a piece of paper and say here you go, here is money. That is creating money out of thin air since the recipient of the money had nothing to exchange for it other than a promise. And since a promise doesn't actually exist like gold exists, it is simply creating money out of thin air.

Real simple stuff!

 

And it cost your daddy $150 grands for your tuition to learn that money scam in Alaska. Wow!!


It could be a lot cheaper to send you to Zimbabwe to get education there.

 

Obviously your dad didn't send you anywhere to get educated. We speak English here in America.

 

That just says that banks as a whole are involved in the creation of money, defined to include deposits.

That in no way states or proves that a bank can create money out of thin air.

Now that we have proved you have nothing to back up your claims and your cites to Fed articles in no way supports your position, the honorable thing for you to do would be to apologize to those you've wrongly insulted.

But based on past experience, no one would expect you to do anything honorable.

 

Lol, if they create more money than existed before where did they get "more" money from. Just because they recycle reserves to meet reserve requirements doesn't mean they use reserves to create deposits.

Very simple stuff bro. Please show me where it says they don't create money out of thin air. Thanks!

 

I can teach you banking system with much cheaper than $150 grands, and I can teach you banking in English and Vietnamese.

 

Stop right there. If banks can create money out of thin air, then why do they need the $1000 in deposits in the first place?

Think about how illogical your position is that banks create money out of "thin air" and then apologize to all of us at least 20 times each.

 

LOL, if you don't understand it by now, it is competely hopeless to think you have the capacity to ever understand it.

Everyone else in this thread, and everyone else with a modicum of understanding of GDP, show they understand it just fine.

I never claimed they did. Why would they dispell a notion that their own report proves doesn't exist?

 

Spot on.

We have better chance to see pig flies over my window than akphitroll admits that he is wrong a milion times in this thread.

 

Akphidelt2007,

We have now wasted almost 100 pages and a month of our lives debunking your relentless disinformation campaign that deposits = cash and that banks create money out of "thin air". I think you owe all of us on this thread an apology for wasting our time. You owe me an apology personally for trolling on my thread.

You owe the moderators an apology for having to waste their time watching you like a hawk so they can edit your inflammatory posts. They banned your first account, akphidelt, because of your trolling. And now you have created a new account with a nearly identical name intentionally so you could continue trolling, and so that everyone knew that the same troll was back. If the moderators ban this account, you will simply keep creating a new user account with a nearly identical name each time. So not only do you cause the moderators headaches, but you deliberately disobey their wishes by creating multiple accounts. That's two apologies you owe to every moderator on politicalforum.com.

You also owe everybody who has ever contributed financially to politicalforum.com for wasting space on the servers with all of the posts everyone has made in this thread trying to debunk and sift through your lies.

We would expect you to be honorable and apologize for being dishonest by continuously changing your position when your logical fallacies have been blatantly proven wrong. We expect you to be honorable and apologize for wasting the financial contributors' money. We expect you to be honorable and apologize for intentionally mischaracterizing our positions, setting up strawman arguments, and ad hominem logical fallacies, in order to be deceptive. We expect you to be honorable and apologize for the endless barage of personal attacks you have weilded upon members of politicalforum.com, causing untold amounts of psychological damage.

We would expect you to be honorable and apologize for these things, but given your track record, nobody expects you to be a person of honor. We hope that you will prove us wrong.

Sincerely,
Everyone at Politicalforum.com

 

I didn't say they need $1000 in deposits... I was just making a simple example, lol!!

Go start a bank and tell me that you need deposits in order to lend. In fact find me a single source from the banking institution that says they need deposits in order to make loans. You guys aren't very good at providing sources to back your ridiculously uneducated claims.

 

Please apologize for lying! Thank you. I was never banned for trolling.

You are now on Iriemon's punishment list. Please provide me a full 3 page essay on why you are wrong, with an apology.

Thanks!

 

So you are sticking with the stance that banks do not create money out of thin air?

Hahahahahahaha!!! Wow, the three stooges provide endless amounts of laughs.

 

If you guys think the Federal Reserve creates money out of thin air, then banks most definitely create money out of thin air.

Simple stuff... I explained it to my 5 year old nephew and he understood it.

 

You're right, they need reserves to lend, which the $1000 in deposits would be counted as in the book-keeping entry. So tell me, why do banks need reserves in order to lend if they can simply create money out of thin air? Why do banks lend in the first place? Why doesn't everyone just open up a bank, credit their accounts with money to become instant billionaires?