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View Diary: President Obama statement on Iraq (247 comments)

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  •  Awkward little side effect of large cash reserves (4+ / 0-)
    Recommended by:
    DRo, annieli, catwho, buffie

    I mean, I thought most money was imaginary/electronic at this point in time?  Do OUR bankds keep $400M physically on hand, in paper and metal?

    "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

    by lgmcp on Fri Jun 13, 2014 at 09:03:17 AM PDT

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    •  Depends the bank (3+ / 0-)
      Recommended by:
      lgmcp, catwho, Mr Robert

      A friend of mine needed $15k in cash for something, and went to our local credit union and asked the teller to withdraw the money in cash.

      The teller's manager came over and told him "you really need to call ahead a day or so for that kind of cash withdrawal" to which he replied "I'm sorry, I was under the impression that this was a bank."

      But maybe the Iraqi equivalent of our federal reserve has that much scratch on hand. Probably doesn't have American-grade security, though.

      (-5.50,-6.67): Left Libertarian
      Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

      by Sparhawk on Fri Jun 13, 2014 at 09:35:58 AM PDT

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    •  Our banks don't keep the money on hand the law (1+ / 0-)
      Recommended by:
      lgmcp

      says they're supposed to keep.

      LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

      by dinotrac on Fri Jun 13, 2014 at 09:36:20 AM PDT

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      •  Do you have a quality link to verify that claim? (1+ / 0-)
        Recommended by:
        lgmcp

        The most important way to protect the environment is not to have more than one child.

        by nextstep on Fri Jun 13, 2014 at 10:09:00 AM PDT

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        •  Do you have a web browser? (0+ / 0-)

          I forget what it's called, but the common mechanism is to place all deposit accounts that are subject to reserve requirements into a money market account that is not.  The money in the accounts you think you have never rests there -- goes in just long enough to be paid back out.

          LG: You know what? You got spunk. MR: Well, Yes... LG: I hate spunk!

          by dinotrac on Fri Jun 13, 2014 at 10:15:34 AM PDT

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        •  Trying to establish that via solid data (0+ / 0-)

          would be a lot like trying to establish how many rapes go unreported.  Except that it's probably a lot easier to get a random sample of females to take a confidential survey about sexual assault, than it is to get a random sample of bank officials to admit to misconduct.

          That is, I take your point and it is a fair one:  we should at the least state such a damaging supposition AS a supposition, not a solid fact.   But to suppose that such facts would be readily forthcoming, isn't very realistic.

          "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

          by lgmcp on Fri Jun 13, 2014 at 10:18:48 AM PDT

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          •  Banks are extensively audited by CPA firms, (1+ / 0-)
            Recommended by:
            lgmcp

            Federal and State agencies.

            An item like this would be difficult to be missed in an audit, the data would be part of the audit, and this item is a major category.

            sounds more like CT than anything else.  As banks are hated by many people, these CTs can be readily spread.

            The most important way to protect the environment is not to have more than one child.

            by nextstep on Fri Jun 13, 2014 at 10:35:44 AM PDT

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            •  Probably so, and yet (0+ / 0-)

              I can't say that I feel any great faith that federal regulatory processes are being robustly implemented.  Certainly if FDA, EPA, OSHA, and EEOC areas are any example, there's every chance that regulators are too understaffed and overbooked to conduct meaningful oversight.

              "The extinction of the human race will come from its inability to EMOTIONALLY comprehend the exponential function." -- Edward Teller

              by lgmcp on Fri Jun 13, 2014 at 10:41:33 AM PDT

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