Why I Support the United States Banking System

[Phoenix]

Why I support the United States banking system.

I have been flooded with questions as of late about my stance on supporting my local bank and the United States banking system.

To avoid answering the same questions many times in separate e-mails I will answer those questions publicly for the edification of all in an attempt to transparently clarify any misconceptions and questions about this subject.

When I recommend that people support their local bank and the United States banking system I suggest this for many reasons.

First let me be very clear on one thing, this has nothing to do with the persons who own and operate the private currency exchanges in any way.

I am sure they for the most part are fine hard working people exercising their right to participate in the free market capitalistic system afforded here in the United States.

So it has nothing personal to do with any persons who run the private currency exchanges but more so with the support of the United States banking system and my local community.

Many have said that by going to a private currency exchange they will still be supporting their local bank because the money they receive from the private currency exchange will go to their bank and yes...that is true to an extent....

BUT!

By not exchanging with your local bank you are preventing your bank from making the most profit from the Iraqi Dinar exchange.

You see if you exchange with your local bank the physical Iraqi Dinar is placed into their system and marked as an asset.

Physical currency has 10 times the accounting value to a bank over electronic digits and will be marked as immediate physical currency reserve which is greatly needed by all US banks at this time.

Next this physical currency (Iraqi Dinar) will be sent from the banks to the US Treasury and exchanged for US Dollars for a profit to the local banks.

That is where the US Banks make their profit from the exchange of the Iraqi Dinar!

The rate spread that we have with the banks is not the same spread that the US Banks will get from the Treasury....so the major profit for the US banks is when they exchange the collected Iraqi Dinars with the US Treasury for a profit.

Next those Iraqi Dinars that are then in the US Treasury strengthen the US Treasury and therefore all of the US Banking system and the core economy of the United States.

So by going to the private currency exchanges you prevent the US Banks from making profit from the exchange of the Iraqi Dinar first with us the customer and next the exchange with the US Treasury.

This loss to the banks by cutting them out from the exchange of the Iraqi Dinar could be marked in the billions not to mention the potential loss to the United States Treasury.

Yes...the banks will make some money from customer deposits done through currency exchanges but the true profit and much needed liquidity that banks are suffering a lack of at this time comes from the actual physical exchange of the Iraqi Dinar from the customers into the coffers of the banks marked as hard physical asset and liquidity and the profit gained from exchange spreads both with the customer and then the United States Treasury.

So for me it is a personal choice.

Our nations banking system has been in crisis and our economy is stressed at this time and I will do my best to help by doing my part by supporting my local bank and the United States banking system.

I served my nation in the United States military and later in other capacities and I always will.

Our nation is not perfect.....but no nation is.....there may be things people do not like about our government but we are afforded the freedom to participate and change things as needed by being part of the solution as active citizens.

Bottom line...my nation has never failed me in my time of need and I will not fail my nation in it's time of need and right now our economy and banks need all the help they can get and I will not deny the massive potential profit and liquidity my local bank needs at this time by not exchanging my Iraqi Dinar with them and therefore preventing them from making the profits and liquidity needed at this time.

Everyone is free to do as they please but me...

I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.

And in doing so...I will support my local bank and the United States banking system in it's time of need.

But hey....that's just me.

I hope that answers most questions.

Best of luck to all!

Phoenix

Edited December 2, 2010 by Phoenix

[sdaniels0608]

Thanks Phoenix I agree 100% Please keep us posted on what you can. your research is greatly appreciated.

God bless you and the rest of us.

Shane

[GaryB]

I really like this perspective. Very nice.

[wmawhite]

Phoenix,

Thank you for your post.

Semper Fi

[lechesuerte]

Thanks Phoenix! GO RV in 2010!!!

[DinarDiva007]

Phoenix, I appreciate your post and stance, However, Banks are a business, I am a business person and I will gladly cash in with them if they give me the best deal. If they can match cash in at $150 per million cash in then I have no problem in cashing in with them. Banks are not my charity of choice. We the little people pay huge % in taxes that get pis*ed away. We are the only country (that I know of) that taxes their citizens on income no matter where they make it or live. Big Brother taxes your income, then taxes you AGAIN on goods you buy, then taxes if you want to gift it to someone and then again when you die, the list goes on. and Yes I guess we can change it (not really sure how to go about that) many complain about it but it gets worse and worse so if it was that easy to change it I think we as a nation would of already of done that. Our fore-fathers did not leave England and put together this country with a Vision of the way things are now. I am sure they are rolling over in their graves!!!

So Big Brothers job is to get as much of my money as they can, my job is to keep (legally) as much of my money as I can!

Sorry to those that do not agree with me.

[Dandy1]

I will be making phone calls to my local banks to find the "cost" of exchange so I can make an informed decision. I will be very happy to exchange at my local bank, IF it won't cost me too much more than going to a currency exchange house. I would drive a 1000 miles to save several thousands of dollars in exchange fees.

[helyksitz]

Great post Phoenix and I do understand your stance as well, DinarDiva007.

Ret Navy Vet

[Legolas]

Personally, I prefer to wait and see if we finally SEE the RV before I worry too much about where I'm going to exchange. I suspect that the banks will be extremely competitve in their exchange rates. If they want the deposits, they're going to have little choice in the matter. The little bit they might lose by competing with the exchange centers on spread will be far outweighed by the profits from the actual currency deposits and the interest they'll be able to earn in loaning that money as a result of having physical control of those assets. Let's wait and see what happens before we get too excited.

[DonkeyBoy]

The banks in the US that are in trouble are so because of their own risky business practices.........lending to people that shouldn't have loans, derivatives exposure etc. As was mentioned they are for profit businesses. In a true capitalistic economy businesses that operate on unsound business models get punished to make way for sound models. Bailing out banks or helping them restore liquidity with our cash that have unsound business models is detrimental to us all in the long term. Having said this, do not misunderstand, there are local banks and a couple national banks that have sound business models.....Wells Fargo is one. They deserve our business but so do the capitalistic exchangers such as Ali.

To preserve capitalism (which built this country) the majority of big banks that with poor business practices need to be punished by bankruptcy. Can't have it two ways Phoenix.

[Grandpa Dave]

I'll be cashing in at a bank also, but, it's not because I think they are going to treat me good. They are going to try to get thier hands as deep into our pockets as they can. Between them and the IRS, I think its a tossup as to who wants to get to the bottom of your pocket first. Keep an eye on them, and be more alert than the people who fell for thier ARMs and have been foreclosed on. Just sayin

[Traconesu02]

Thanks for sharing this information with us Phoenix

I am with you on this one.

First off by using a local bank I can avoid hauling my dinar across country to cashin.

Second, I am not sure if I trust the currency dealers with the transfer of millions of dollars into my account.

And Finally - after your explaination of all this in your post I feel I will be helping out my local community by cashing in with them.

Thanks Again.

I certainly appreciate all the information you have brought to us here at DV.

God Bless You and Yours.

Recent news reports say we are about to devalue our dollar. Hopefully this RV occurs prior to that ocurring.

[Captjohn]

I too support our banks and banking system, however, with the IQD (a once-in-a-lifetime event for most of us) it is a bottom-line issue.....pure and simple. If, through Dinar Trade I can lock-in a rate from the CBI at say, $3.50 and BOA quotes me a rate of say, $3.40, the answer is easy. Do I want to give my bank $100,000 per million IQD for the privilege of banking with them. I think not. If they will negotiate a fair rate that approaches the CBI rate, then maybe I would consider keeping my business with them, but at no time so far in any discussions with BOA have they given any hint that they would be flexible. I have no problem with dealing directly with the CBI through Ali's organization. If I were fortunate enough to have 10 million IQD to exchange, with this example, I would be paying BOA $1 million to exchange through them. Not going to happen. I can think of many other ways of putting that money to work to keep it in my, and my family's hands. Just sayin..........GO RV.

[valu]

i'll be happy to let the local banks use my money that will be in my account. however as a business person. i'll treat them the same way they treat me and that is as a source of money. if they can't give me the best deal for cashing in, why should i just give them my money. that is not patriotic or even smart. why not appeal to them as american banks to give the citizens a really good deal in the name of patriotism. we the american citizen and taxpayer are always being told to be patriotic and let our children be groped by the tsa and or fork over money to our government to throw away. scratching my head here, that is neither smart or patriotic. the foks who complained about the unfar tax on tea would agree with me i believe.

[2dinar1dong]

When the Banks took the Bail out and did NOT (they blow and keep the money so they will show Big Assets) help the Persons that Put the money there in the first place......Well they need to take some lessons from Ali and TY it is TOTAL Customer Service. And if the United Banking Systems Fail So BE IT.....And why would I look out for a Bank and want them to make THE MOST ASSETS.....I want the MOST ASSETS in MY ACCOUNT not the Banking PREZZZ account.....I understand your Base for your Post but ----Come on People you better be worried about Yourself instead of the BANK ASSETS looking GREAT. You will have done your HUGE part when you write that BIG check to the IRS...

Edited December 2, 2010 by 2dinar1dong

[bright]

thanks for the post....good idea....

[TomballDinar]

Is this the same argument as "buy American"? If any of my local US Banks to offer CBI Rate, I am there! Until then, it is my responsibility to get the best return out of my investment. The Banks will try to do the same with the spread/fee. If they offer too high for us to cash-in with them, then it's their greed, not ours, that will prevent us from doing so.... IMO

[rtrusty]

well if I remember right banks were put in business to help the American People a long time ago and now they're nothing but a bunch of greedy self serving businesses who soon will charge us just to walk in their doors to do business.

[terr]

This makes so much sense, I would rather go to my bank, my community. And will save gas, staying home. lol C'mon 2010 RV. The time is now, don't be greedy, and be honest.

[MovieMaker]

A NO BRAINER! YOU ARE SO RIGHT! THANKS!

[tuxunder]

I'll worry about where I am going to cash in If it ever actually RVs, still a long shot folks.

[vestor]

I too served my country in the military. I was drafted in 1970 and went from making $120 per week to $90 per month. I served a tour in Viet Nam where I was wounded, but the grenade fragment in my belly might have come from an American grenade, so I was denied a purple heart, or any other considerations of a wounded vet. I owe this country nothing, they owe me for the years I served, and the amount of money I have paid to the IRS.

As for the banks, they made many illegal, immoral, and just plain unwise loans to people and institutions. Why should I now help them to recoup their losses?

If the banks want to exchange my dinar for a flat fee I will do business with them, but any exchange I make will be what is best for me. I would advise everyone to adopt this same philosophy.

[Kenneth]

After the Bailouts did the banks increase lending? No! They gave themselves big fat bonuses! Did it help the economy like they promised? No!!! So wake up phoenix, it's not going to help our US economy to give Bankers money to bribe our congressmen with.

Disclosure reports show that the banks that got the most government help in late 2008 and early 2009 also invested the most to influence members of Congress, the White House, the Federal Reserve, Treasury Department and a long list of federal agencies.http://stopforeclosurefraud.com/2010/09/01/10-bailed-out-banks-spent-16-3m-lobbying-in-1h/

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing

power should be taken from the banks and restored to the people, to whom it properly belongs.

—Thomas Jefferson, 1802

For those that think you might be helping our country by helping the banks, you are just wrong!!

Starve the Beast that will destroy us!!

These international “banksters” finally succeeded in 1913 with the passage of the Federal Reserve Act. This bill, previously orchestrated by Nelson Aldrich, was soundly defeated under President Taft. In order to defeat Taft, the banking community backed Woodrow Wilson, and, to ensure his victory, encouraged ex- President Teddy Roosevelt to run again in order to siphon votes from the popular Taft. Wilson won by 42%, then slipped the Act through a bare quorum of Congress on December 23, 1913 after most of the opposition had gone home for the holidays.

These dynastic banking families (Rothschild, Rockefeller, Warburg, Morgan) are in control of the worlds money supply, ALL the worlds currencies, central banks, treasury departments, ngo’s and major financial, economic, political, trade and religious institutions. Working together these generational power brokers engineered the global financial crises of 2008, with the STATED objective of consolidating more power by integrating all currencies into a new economic system, which will eventually lead to the electronic one world currency.

The ruling elite have gone on record thousands of times in declassified government documents, policy reports, scientific journals, think tank memorandums, round table manifestos and autobiographies expressing their desire for world government. In 2008 the international bankers strip mined TRILLIONS of dollars from the world’s financial resources through bail outs, causing chaos and destabilizing economies across the globe. In 2009 they plan to restrict the flow of credit to all nations until governments submit to the proposed “Bretton Woods 2” financial rescue package. This will further undermine national sovereignty and is one step closer in a generations old plan for a one world government. http://www.facebook.com/group.php?gid=52399512347

[DinarDiva007]

Wow I never thought this would be such a volitive topic. Seems like people are either on one side or the other. Very interesting.

[DonkeyBoy]

Phoenix prolly posted this to cover his butt and sound like the good little patriotic guru or to protect us from big, bad Ali. IMO, Phoenix is in left field on this one.