That's correct Darryl and I was the one who brought it up. I don't whether Keith has that same situation in England or not.
REH From: [email protected] [mailto:[email protected]] On Behalf Of D and N Sent: Thursday, December 23, 2010 12:26 PM To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION Subject: Re: [Futurework] Stimulus package: a model Just a short note for those who missed this sleight-of-hand. The 2 to 3 day period is within the same 'banking institution' (branch to branch) and 7 days between banks. BUT there are differences. To place a 'cheque' into one's account for -- say-- HSBC, one does not gain access to that (except through credit lines OR if the accounts are at the same branch and it must be cashed at the teller for immediate access) for a period of 7 'working days' -- essentially it is available on the 8th day, BUT the transfers of cheques (even from one branch to another in this example) is handled by a 3rd party now. I do not know if this 3rd party is an arm's length corporation from the financial institution or a separate entity but, YES, someone is making money off of our money and no 'bank' is offering a decent interest for any accounts these days. This may be a growing greed from those who now operate the ubiquitous bank machines. A further quandary I have is which financial institution shows these monies on their daily balance sheets? Has this become another shell game that shows higher than 'real' or 'actual' flow and balance for each institution? Would a cheque from A to B show no loss from book for A for the 7 to 8 day period? While at the same time a gain will show to the book for B as soon as it is presented to a teller or a machine (whether or not access is made available to the recipient of the cheque as it is placed in one's account but is not accessible)? Thus providing a better day-end or month-end for each financial institution. At least on paper since there are not enough gold reserves held by any institution to cover the 'book holdings'. And, now with a 'third party', which 'party' is being allowed to claim this money in the interim period of exchange? This financial entity that no one seems aware of? Who is gaining from this? And how was this passed through government? Because it will be these 3rd parties which are re-investing these capitals (which are likely in the millions of dollars (or whatever currency) per day -- and in what are they investing? It could be in anything since this is a largely unknown entity and very likely (as such) is under-regulated or not regulated at all. There are some investigators on this list who should be able to ferret out some answers. Pull some strings with those closer to the action. What is going on with this angle? Darryl On 12/22/2010 9:58 PM, KSH wrote Also, what is the difference between what the town did with the money and the kind of short term loan that the banks do by capturing our checks and holding payment for two or three days and using the interest and capital? The checks go through electronically immediately but they hold the cash for several days and use the interest for business. Would you call that the food?
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