[citation][nom]tonydu[/nom]But how much is in his personal offshore accounts? Our company used the same accounting firm that Microsoft used. They move money between countries and offshore corporations to both keep it off the US books and transfer it to wealthy investors -- who were also the executives. Those accountants even said that Microsoft was using the same techniques. We chose the amount of profit to show for each year.So I'm glad to see Bill Gates giving some away. But that doesn't mean that he isn't a robber baron, with his own self-interest guiding even his charitable donations.[/citation] First of all, smart large corporations and intelligent rich people use tax attorneys instead of accountants, so they can enjoy attorney to client privacy privileges and numbskulls like you don't get to find out about their private financial details, like for example, the details of their money market accounts and their private financial transactions. Also, if the IRS audits them, tax attorneys will defend them in court.. CPAs and company accountants don't take bar exams and don't handle litigation.
[citation][nom]marraco[/nom]For each dollar printed, the private bank "Federal reserve" gains the dollar, interests, and the remaining banks, which belong to the same corporation, gain 10X more money more interest by issuing credit without really investing any money. They get a free lunch, at no risk, and you pay it.[/citation]
The FOMC, or "The Fed" sets the TARGET federal funds interest rate, but the rates realistcally, are negotiated by banks. The Federal Reserve requires banks to maintain a certain amount of money on hand, and at the end of the day, if they are short, they must borrow enough to cover. They usually borrow from other banks, and these banks negotiate the interest rate of the loan. The Federal Reserve increases and decreases the amount of money they print based on attempts to regulate the worth of the dollar. In the end, free market conditions dictate the "worth" of the dollar more directly. When Nixon signed in legislation that effectively eliminated the Bretton Woods system of backing paper money with gold, we reverted to a fiat money system. This system works if implemented properly, as it did in the Roman Empire for a LONG time with currency made from extremely low worth copper, until Julius Caeser changed the political system from a democracy into a a dictatorship by accouncing himself Emperor and introduced gold coins with his face on them. If you want to understand more about FIAT money and how money NOT backed by precious metals can work, go to youtube and watch the 2 hour award winning documentary "The Secret of OZ".
In the end, the worth of currency is "relative". If silver increases from $35 an ounce to $50 an ounce, it means less if the value of the dollar decreases at the same time... also, the strength of currency relates to other currencies in the world, interest rates between nations and how our country buys and sells short term and long term debt, performed through Treasury auctions. There are LOTS and LOTS of factors that determine the worth of currencies, the rates at which money is exchanged, and the rate of inflation.
Technically, some of what you're saying is true, that banks issue credit... but nothing is free, and NOTHING is risk free. These corporations are just doing what any lasting business does: attempts to maximize gains and hedge losses. It's not quite as 'evil' as you make it sound, because they do it within the limits of the law. If you don't like it, write your Congressman or vote for someone else. Ben Bernanke scored 1590 out of 1600 on his SATs, graduated with a B.A. in economics summa cum laude from Harvard University and has a Ph.D in economics and was also a tenured professor at Princeton University in the Department of Economics. Our lawmakers? Mostly morons. Watch one report to Congress by Ben Bernanke and you'll think about how much smarter he is than all of the people in Congress put together. They are politicians, not mathematicians. He tries to explain that they are trying to keep the federal funds rates low and auction debt to counter poor conditions, but they only have but so much power and their tactics need to be applied in conjunction with law changes, and that it's CONGRESS that needs to reform laws to improve unemployment, regulate government spending, etc. Essentially, he's saying "the Fed only can do but so much, the Laws need to promote financial responsibility". Those guys look at him like he's Egyptian and are just thinking about when can they leave the big building, grab a Starbucks and go get on their boats with their family and go on vacation to golf somewhere. However, this can be regulated and controlled by VOTING.
As for the "you pay for it" statement. It is no secret that tax money funds governmental agencies. If you want less governement or laws that promote less spending, you should research those things before you hit the ballot boxes. If you want to pay less taxes, then you should educate yourself on how to take advantage of the tax system as it was designed. Educate yourself on how to become financially responsible and learn to build wealth. Then, use the tax laws as they were written to protect your wealth through tax exemptions. That's the law, that's how rich people do it, and that's why the "American Dream" exists. We live in the "Land of Opportunity" because every American has the opportunity to determine their future. There has been a social shift towards a system of beliefs that as an American, we are owed something and that our government should provide everything for us while we sit around and do nothing but drive cars, play games, smoke drugs, buy Louis Vuitton clothes, Fendi handbags, and sip Starbucks while we're texting and laughing... oh yeah, and give us all free health care too...BUT, we don't want to pay taxes!!! WTF? are you kidding me? The thought hasn't even occurred to many that MAYBE they should work harder, spend less than they make, invest their money in assets with potential for returns, instead of expenses with no potential for returns. We live in a society of people that just think everything should be handed to them without working. If you don't believe that, go look at the unemployment lines. People looking for handouts. Instead of working 3 jobs they don't want, they say "there's no jobs out there". Well, all I know is, when I worked 3 jobs, it stunk, but I did what I had to do, and I quickly learned, I don't like working 3 jobs... so I need to find another way. People complain about advantages corporations and businesses have, but don't start their own to take advantage of the system. That's why it's created that way. For our advantage.
It's still funny to me that high school dropouts with G.E.D.'s think they know more about the workings of the U.S. financial system than someone who scored 1590/1600 on the SATs, graduated summa cum laude from Harvard, has a PhD in Economics, and was an Economics professor at Princeton. My advice, put down the drugs, pick up a book....
/www.youtube.com/watch?v=JXt1cayx0hs
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