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Re: Largest Village In New York Closes Chase Accou

"Fractional-reserve banking is the banking practice in which only a fraction of a bank's deposits are kept as reserves (cash and other highly liquid assets) available for withdrawal.[1][2][3][4] The bank lends out some or most of the deposited funds, while still allowing all deposits to be withdrawn upon demand. Fractional reserve banking is practiced by all modern commercial banks."

http://en.wikipedia.org/wiki/Fractional-reserve_banking

These large banks only suck resources out of a community and re-invest in more profitable ventures elsewhere. The fed requirement of 10 to 1 for reserves can mean one of two things.

1) A large non-community based and invested bank like Chase takes a depositors money and can lend out 10 times(1000%) that amount as a loan to someone/where else.

2) A community based bank/credit union takes depositors money and can lend out 10 times(1000%) that amount to someone in the community.

Still the issue that is at the ROOT of the financial sector being completely out of step with reality(and the "real" economy for that matter) is not being addressed - which is inherent in the equation where an institution can lend out multiples of amounts above and beyond what they actually have. However - where you keep your money is important in at least as much as where that money is being re-invested.

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Largest Village In New York Closes Chase Account *NM* *LINK*
Re: Largest Village In New York Closes Chase Accou
Re: Largest Village In New York Closes Chase Accou
The dangers of Hubris and Ignorance


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