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LOL! OK, the Federal Reserve just has 11 billion dollars worth of gold (by its accounting) just for fun, right buddy!
You know that thing they issue called "banknotes" ? Do you know what a banknote is? Its a claim on the assets of the issuing bank. Federal Reserve Notes are backed by the assets of the Federal Reserve - 11 billion worth of gold is one of those assets.
Federal Reserve Notes (aka United States currency) are backed by the US government, not the Federal Reserve.
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.That is why the fed can simply print more currency without bothering to actually increase its assets.
1. Issuance of Federal Reserve Notes; Nature of Obligation;
Where RedeemableFederal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
Social Security took in 92 billion more than it paid out in 2010.
U.S. Social Security payments will exceed receipts this year for the first time in 27 years partly because of the impact of the recession but the long-range health of the program was little changed from last year, a government report said on Thursday.
Social Security is set to run a $41 billion deficit excluding interest income due to the downturn and corrections of excess revenue credited to trust funds in past years, the first shortfall since 1983, the trustees of the program said in an annual report.
LOL! OK, the Federal Reserve just has 11 billion dollars worth of gold (by its accounting) just for fun, right buddy!
You know that thing they issue called "banknotes" ? Do you know what a banknote is? Its a claim on the assets of the issuing bank. Federal Reserve Notes are backed by the assets of the Federal Reserve - 11 billion worth of gold is one of those assets.
Federal Reserve Notes (aka United States currency) are backed by the US government, not the Federal Reserve.
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.That is why the fed can simply print more currency without bothering to actually increase its assets.
And the interest earned by the trust is approximately 1.5 trillion from 1957 to 2010.the ss surplus is put in to treasuries.No they aren't.
Yes they are.
yes, the gvt can still mask its deficits with the SS surplus monies taken in, but that does not negate that the ss surplus monies is in a trust....SS will be paid..... income tax monies will have to pay back someday, what it essentially borrowed from ss.
Social Security took in 92 billion more than it paid out in 2010.
The annual report of the Social Security Trustees, published in August 2010, forecast that the primary Social Security program, the Old Age and Survivors Insurance Trust Fund (OASI), would not exceed its tax receipts until 2018. Unfortunately, it happened in fiscal 2010, which ended in October. That year's outlays for the OASI fund were about $580 billion, while receipts came to only $540 billion -- a whopping $40 billion shortfall.
Add in the deficit from the second Social Security fund, Disability Insurance (DI), and the gap between total SSA outlays ($707 billion in 2010, according to the Treasury) and tax receipts ($631 billion) grows to $76 billion -- more than 10% of the program's expenses.
"Social Security expenditures are expected to exceed tax receipts this year for the first time since 1983. The projected deficit of $41 billion this year (excluding interest income) is attributable to the recession. This deficit is expected to shrink substantially for 2011 and to return to small surpluses for years 2012-2014 due to the improving economy. After 2014 deficits are expected to grow rapidly as the baby boom generation's retirement causes the number of beneficiaries to grow substantially more rapidly than the number of covered workers.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.
Federal Reserve Notes (aka United States currency) are backed by the US government, not the Federal Reserve.
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.That is why the fed can simply print more currency without bothering to actually increase its assets.
You're THE most ignorant person on this board. TM lies, but at least has a brain.
Federal Reserve Notes (aka United States currency) are backed by the US government, not the Federal Reserve.
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.
You should inform the federal reserve they have no idea what they are talking about.
1. Issuance of Federal Reserve Notes; Nature of Obligation;
Where RedeemableFederal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are hereby authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
FRB: Federal Reserve Act: Section 16
I keep having this problem when talking to you, whether I should be the entire fucking world, or you. I keep picking the world because I am an asshole.
2. Application for Notes by Federal Reserve Banks
Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under section 14 of this Act or any other asset of a Federal reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it. Collateral shall not be required fo
Federal Reserve Notes (aka United States currency) are backed by the US government, not the Federal Reserve.
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.That is why the fed can simply print more currency without bothering to actually increase its assets.
You're THE most ignorant person on this board. TM lies, but at least has a brain.
OopYDoo:
I was actually seeing you score some points there for awhile -- until this...
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.
Why don't you just figure out where the collateral came from for QE1 and QE2 ?
United States Notes - which are no longer circulated - are backed by the U.S. Government. Federal Reserve Notes are indirectly backed by the U.S Government, but they are first backed by the assets of the Federal Reserve.
Wrong. Any currency the Fed puts into circulation must be exchanged for an asset or collateralized by an asset.
You're THE most ignorant person on this board. TM lies, but at least has a brain.
See last part of post directly above.
Sorry I use facts. I could just make it all up like you guys I suppose.
You're THE most ignorant person on this board. TM lies, but at least has a brain.
See last part of post directly above.
Sorry I use facts. I could just make it all up like you guys I suppose.
Oh NOW you move on outright lies. Your collateralized money drivel is the best joke of the day from you.
I quoted the federal reserve act.You're THE most ignorant person on this board. TM lies, but at least has a brain.
See last part of post directly above.
Sorry I use facts. I could just make it all up like you guys I suppose.
Oh NOW you move on outright lies. Your collateralized money drivel is the best joke of the day from you.
I quoted the federal reserve act.See last part of post directly above.
Sorry I use facts. I could just make it all up like you guys I suppose.
Oh NOW you move on outright lies. Your collateralized money drivel is the best joke of the day from you.
See last part of post directly above.
Sorry I use facts. I could just make it all up like you guys I suppose.
Oh NOW you move on outright lies. Your collateralized money drivel is the best joke of the day from you.
Maybe he could explain the nine trillion dollars in loans. Where did that collateral suddenly appear from?
I quoted the federal reserve act.Oh NOW you move on outright lies. Your collateralized money drivel is the best joke of the day from you.
The last three words are supposed to be capitalized grammer nazi.
...and just what does the government have to collateralize our currency? Certainly not tax dollars or tangible products. Full faith and CREDIT?
I stand corrected QW.
