Sorry Ray, I must be a bit tired from all the lawn cuts this week. I got
confused with the 'breaks' in the post.
I think HSBC may be the same where ever they may be but governments do
still pretend to have some control. It would be interesting to find out
if it is the same in other countries or if this is an N.A. business
attitude.
But this 3rd party thing still has an unknown aspect. The banks used to
to do the transfers from their own machines for branch-to-branch and
from bank-to-bank but that has changed over the past few years and I do
not know when it occurred. Just another of those things that should not
have been allowed but was.
Darryl
On 12/23/2010 9:51 AM, Ray Harrell wrote:
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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