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Posts Tagged ‘bank’

English: Canada Post LLV in service

In her January 9, 2012 Truthout article, Saving the Post Office: The Models of Kiwibank and Japan Post, Ellen Brown argues why the New Zealand and Japanese postal services are a model for saving the U.S. Postal Service.

She highlights them because they have public banking operations.

She states:

The USPS is a profitable, self-funded venture that is not supported by the taxpayers.

I don’t know where she got the claim that they are profitable, since CNNMoney reported in February 2011:

[I]t suffered a loss of $329 million in the first quarter of federal fiscal year 2011. That compared with a loss of $297 million a year earlier.

If you think a $329 million loss in a single quarter is bad, consider what happened in the third quarter:

The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.

She criticizes Stephen Zarlenga’s American Monetary Act as being too radical of a change.

On the same basis, I propose a very simple model for saving the U.S. Postal Service, and that is Canada Post.

It’s been profitable for the past 16 years, it reported its most profitable year in 2010 despite the ongoing financial crisis, and boasts the third-lowest postage rates among developed countries, despite Canada’s exceptionally low population density.

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New York stock market index

When I applied for a pre-approved mortgage at the height of the financial crisis in early 2009, the bank asked for the current market value of my assets.

At the same time, many U.S. banks were marking their assets to model, meaning they could decide what to value them at based on a model they created.

While the very banks that marked their assets up based on pre-crash levels  to sell mortgages to customers on the basis of having the collateral, they expected something different from their customers. Namely, the current market value of their assets, which were mostly highly depreciated relative to a year prior.

The world’s richest man as of the end of 2010, Warren Buffett, before he turned his back on his principles, wrote in 2002:

In extreme cases, mark-to-model degenerates into what I would call mark-to-myth.

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I found out from my local bank branch that they are a Western Union agent, which was news to me, since it doesn’t show up on Western Union’s online agent locator.

It isn’t that they had become one in the past while, before the database had been updated — they simply aren’t listed.

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On June 21, 2010, Charlie Rose interviewed the president of Russia’s second-largest bank, VTB, which is 85% state-owned.

He stated that they had been experiencing 100% annual growth rates, that he believes the Greek rescue package appears to be adequate, and he doesn’t favour for Russia’s banking sector, the separation of commercial and investment banking, as the Glass-Steagall Act had provided for the U.S. prior to 1999.

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When someone’s portfolio is down, I’ve heard some say: “it’s only a paper loss until you sell.”

However, try telling that to a loan officer at a bank when you’re applying for a loan. They will ask you what assets you have, and you’ll be required to tell them the current value of your portfolio, not what it once was or what you’d like it to be. The loan you’ll be eligible for, if any, will be based on your current portfolio value.

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Now available at http://www.scotiamocatta.com/eStore

See today’s press release and their FAQ for more information.

Initial product offering: 5 varieties of gold coins (Canadian Maples from 1/20 oz. to 1 oz.), 7 gold bars (Scotiabank bars from 1/4 oz. to 5 oz.), 1 silver coin (1 oz. Canadian Maple), and 4 silver bars (from 1 oz. to 100 oz.)

Advantages over branch purchases:
– Product and price browsing 24/7
– Can buy from anywhere in Canada and ship to any registered Canadian address
– Can buy from 8:30 a.m. – 5 p.m. EST — an hour earlier and half an hour later than most branches are open on most days
– Can buy in CAD, instead of having to buy in USD

Disadvantages compared to branch visit:
– More limited product inventory
– Can’t buy platinum or palladium products
– Can’t buy gold, silver, or platinum certificates
– Can’t sell
– Have to pay GST and PST (if applicable) on the shipping costs
– Maximum purchase limit of $6000 CAD (excluding taxes, shipping) per 24-hour period
– Slower delivery time — an extra day or two
– Currently only available to Canadian residents

For price comparisons and other online buying options, see Kitco and Bullion Direct. Be sure to compare prices (including taxes and shipping), in Canadian dollars.

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hatrickpenry

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Recovering Austrians

Supporting recovering Austrian Economics addicts and their families

Real Currencies

Supporting People and the Commonwealth and resisting the Money Power by defeating Usury