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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Sunday, July 31, 2011

About Banks and Money

Thanks to my friend Ed who posted this on his FB page.  The story of money in an easy to understand cartoon characterization. 

As the cartoon says at the end...End The Fed!  The Fed and their cronies -all the banks and those like Goldman Sachs who got to be a bank but are not really a bank but yet can get all the benefits and privileges of a bank without having to have any retail locations, take in any deposits or have checking accounts...whew!

Give it a watch.  Good way to end the weekend or begin the week.


Anonymous said...

It's going to be hard to change things when all the good agents of change get repelled by entrenched bad actors.

Elizabeth Warren's Farewell Note: 'I Leave This Agency, But Not This Fight'
Warren sent a farewell note to the nearly 500 staffers she hired and inherited from other federal agencies.

"I leave this agency, but not this fight," Warren wrote. "The issues we deal with -- a middle class that has been squeezed and business models built on tricks and traps -- are deeply personal to me, and they always will be."

Anonymous said...

The Daily Show with Jon Stewart

Dodd-Frank Update
The Dodd-Frank Wall Street Reform & Consumer Protection Act

Anonymous said...


Such is the world, and such it will ever be. Today, Ph Ds in Economics infest the landscape. They are supposed to know a lot more than the rest of us, who refer to experience in our critical view of the world’s illness, and point out what is wrong. However, we are not to be taken into account, like the Aztec doctors, because we do not know the all-important theory. We only have the experience of centuries, or millennia, to back up our considerations, and that of course, cuts no ice: no diplomas and no TV time for people who refer to historical experience; diplomas and kudos and respect are for the theorists, as possessors of arcane knowledge.

Of course, all of us have preconceived notions about everything, we couldn’t manage life without them; but some people are able to see past important preconceived notions, especially those who have spent many years looking at facts and attempting to make sense out of them. Others can look at facts and never really see anything, because they are intellectually lazy or because they just don’t care to set aside generally accepted opinion and decide for themselves. It’s so much easier to go with the flow!

But the ultimate delusion prevailing in the world for the last forty years is fiat money. This delusion is so powerful that only a tiny minority among the close to 7 billion human beings on Earth is aware that it is a delusion, that all the money being used in the world as money, is in fact not money, but a simulation of money. Fiat money is now rapidly destroying the world, but in spite of all the signs pointing to fiat money as the cause, the foremost brains of the world refuse to acknowledge the fact. Their theories, which they were taught in prestigious schools and universities, take precedence over the fact of collapsing economies. As James Grant, publisher of The Interest Rate Observer points out, we are on a “Ph D Standard” – and the Ph Ds are taking the world down with their theories. I suspect that if these Ph Ds were injected with a “truth serum”, they would confess that they don’t actually believe their theories, but that for personal reasons, they prefer not to question them publicly.

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