Pericles retreates to accountancy gobble-de-gook to confuse the issue.On the balance sheet the rule is debit assets/expenses and credit liabilities/income.These notions of positive and negatives in accountancy are opposites.Assets and expenses are opposites thus also liabilities and income are opposites,yet they appear on the same side of the balance sheet.Mathematically it works out because they have swapped a positive for a negative but logically it makes no sense.

I asked why this is so of an accountant of more than 35 yrs and he could not explain it.It is just accepted as tradition.Accountants like lawyers like to confuse the issue so they can expand their empires.

The money created by banks through the fractional reserve system is an asset not a liability,since the bank is not liable to repay it to anyone.There is nothing more simple than business or household budgets when looking at the bottom line.There are positives and negatives but those who want easy profit,muddy the waters with semantics to gain advantage,which is exactly what Pericles is doing now.Pericles is implying that we are all stupid since he relying on the semantics of accountancy to confuse the issue.

This system of creating money from nothing must be taken from the irresponsible banking community.Since 1970 they have inflated our currency by 15 times or 1500% and thus we have over inflated house prices and produced a monetary system in a state of collapse.It is time for ordinary folk to take control and bring some sanity to this system which has failed us dismally.

pericules loves making his/her destractions[he/she minimises the onselling of the surity..[mortgauge documents,that get bundled and onsold[giving the banks back the cash[and the risk],

the bank now is only an agency that passes along a percentage of the money/ursury it recieves][but the cash it lent..it has fully gotten back..[by onselling the surity..[securitised mortgauge documents]..

we wont get into the fact that default at any stage means they seize the surity by faulse pretences..[usually by putting before the corupt court system a photocopy of the origonal documents..they allready onsold..[securitised]years before]

we wont get into bankfees..[where before we actually got intrest on every penny..[nor the overnight banking cash/scam where the same cash on hand;assets are doubled up..[by being in the bank in daytime..[but not in the bank at night...because someone on the other side of the planet is using it..as their day trading surity...

there are very clever money manipulators..playing games even bankers are unaware of..here is my mortgauge document with out standing debt[i sell my house and you need to buy your credit by signing a mortgauge document..[you get credit[it goes to my bank to pay off mine[but i dont get my document back..[its still a surity they securitised]

but the point is banks only ever keep a certain ammount of actual cash[the extra goes to the fed..[the fed holds all the banks extra funds[when your bank pays off my mortgauge it is simply a book entry, credit/debt moves from one bank's books to the other..[no real money ever changed hands,..and the securitised paper stays in the hands of those fools who think its a real security...

the fact still remains its a private for proffit franchise..underwritten by our taxes..that go straight to the fed[under the terms of the bankruptsy...via war debt our govts owed to the bankers ..that allowed the bankers to take over the worlds feds[when govts should be running the scam,..not multinational ursurists,

pericles has added the light of reason and truth to the thread.
his/her first post here said it all for me.
We each of us, should try to post threads that search for reasons and answers, not bury truth in this way.

The beautiful thing about the truth, Arjay, is that it won't go away just because you want it to.

You can hide from it, run away from it, put your hands over your eyes and pretend it isn't there, stick your fingers in your ears and go la-la-la-la-la, but when you look up, it is still there.

>>Pericles retreates to accountancy gobble-de-gook to confuse the issue.<<

It is plain English, Arjay. You understand all the words I used, you just don't like what they tell you.

>>On the balance sheet the rule is debit assets/expenses and credit liabilities/income.<<

Income and expenses appear on the Profit & Loss account, Arjay, not on the balance sheet.

>>Assets and expenses are opposites thus also liabilities and income are opposites,yet they appear on the same side of the balance sheet<<

Take a look at any balance sheet - there are plenty to find with only a couple of clicks - and search for expenses and income.

They're not there, are they?

>>I asked why this is so of an accountant of more than 35 yrs and he could not explain it.It is just accepted as tradition.<<

My advice is not to use this person to do your tax returns.

>>The money created by banks through the fractional reserve system is an asset not a liability,since the bank is not liable to repay it to anyone.<<

The strange thing about this statement is that you can look at the balance sheet of any Bank, and you will immediately see one thing: it balances.

That means that for every asset, there is a corresponding liability. Any loan they make has to be offset by a liability - either a deposit, or their own borrowings.

The other important thing to understand is that two half-truths do not make one truth.

So while the money that they "create" does not have to be "repaid" to anyone, in your parlance, the money they borrow in order to deliver the cash to you - the other side of the balance sheet - does.

Hope this helps

Actually P', it does. I was married to an accountant, but could never really understand her more esoteric pronunciations, you've explained it far more simply, I thank you. I won't claim to understand it ALL, but you've given me at least a glimmer.

from
http://republicbroadcasting.org/?p=2431

in reply to the question[big buisness or conspiricy]
Who Controls the Federal Reserve System?

Board of Governors:
Ben S. Bernanke(Jew) – Chairman
Donald L. Kohn(Jew) – Vice Chairman
Kevin M. Warsh(Jew)
Elizabeth A. Duke(White European)
Daniel K. Tarullo(White European)

Federal Reserve District Banks:
Eric S. Rosengren(Jew) – President, Federal Reserve Bank of Boston
William C. Dudley(White European) – President, Federal Reserve Bank of New York
Charles I. Plosser(Jew) – President, Federal Reserve Bank of Philadelphia
Sandra Pianalto(White European) – President, Federal Reserve Bank of Cleveland
Jeffrey M. Lacker(Jew) – President, Federal Reserve Bank of Richmond
Dennis P. Lockhart(White European) – President, Federal Reserve Bank of Atlanta
Charles L. Evans(White European) – President, Federal Reserve Bank of Chicago
James B. Bullard(Jew) – President, Federal Reserve Bank of St. Louis
Gary H. Stern(Jew) – President, Federal Reserve Bank of Minneapolis
Thomas M. Hoenig(Jew) – President, Federal Reserve Bank of Kansas City
Richard W. Fisher(Jew) – President, Federal Reserve Bank of Dallas
Janet L. Yellen(Jew) – President, Federal Reserve Bank of San Francisco

Of the five(5) members of the Federal Reserve Board of Governors, three(3) are Jews. This is a numerical representation of 60%. Of the twelve(12) Federal Reserve District Bank presidents, eight(8) are Jews. This is a numerical representation of 67%. Jews are approximately 2% of the United States population. This means that Jews are over-represented on the Federal Reserve Board of Governors by a factor of 30 times, or 3,000 percent, and over-represented among the presidents of the Federal Reserve District Banks by a factor of 33.5 times, or 3,350 percent.

This extreme numerical over-representation of Jews among the members of the Federal Reserve Board of Governors and the Federal Reserve District Bank presidents cannot be explained away as a coincidence or as the result of mere random chance