Banking… how things have changed

[Hay Dude]

Very true. A dollar has no intrinsic value. No currency does. And in fact, neither does gold. A shiny metal that is mostly good for jewelry. You can’t eat or use either for a useful purpose; they has value because most people accept them for trade.

Guess that’s why the last time gold was confiscated, the government gave money for it???
Man are you sadly misinformed.
Gold has been a currency of value for thousands of years and will continue to be long after this 32 trillion in debt country is in the ash heap of history with the Roman Empire

 

[tradosaurus]

I understand that. I’m just pointing out that even gold really has no “intrinsic value.” It is only valuable because society says it is.

Society has been putting a value on gold since the dawn of man.

The dollar used to backed by this value. Now the dollar is worthless but shhhhhhhhhhh...don't tell anyone.

 

[Torvy]

Non-fiat money has specific characteristics. Various things have been used throughout history as currency. To be used as currency, a substance must have these characteristics: Portability, Durability, Divisibility, uniformity and limited supply. Some would also add Acceptabilty, but that is self evident and not inherent to the substance.

Gold has many uses besides jewelry. That is one reason it (and other precious metals) have retained their status as media of exchange. Salt, shells, corn and the like all lacked at least one characteristic of money.

 

[Jstpssng]

Society has been putting a value on gold since the dawn of man.

The dollar used to backed by this value. Now the dollar is worthless but shhhhhhhhhhh...don't tell anyone.

Even gold has to be turned into currency before being used for most applications.
The dollar is worth what it is because historically we stood in back of it. Ever since WWII it’s been the most reliable currency available.

 

[rswyan]

This is not hard.

Correct - it isn't.

However, it appears that decimal places are hard ... at least for some.

BTW...3% = .03.

Q: What is 3% of a dollar ?

A: 0.03 or 3 cents

Q: What is 3% of $100.00 ?

A: Also 0.03 (of the whole number) ... or $3.00

Q: If you remove 3% of the original $100 repeatedly, how many times does it take to reduce the original amount to zero ?

A: 33.33

But I'm glad you tried.

And you get a cookie.

 

[Snobdds]

Correct - it isn't.

However, it appears that decimal places are hard ... at least for some.



Q: What is 3% of a dollar ?

A: 0.03 or 3 cents

Q: What is 3% of $100.00 ?

A: Also 0.03 (of the whole number) ... or $3.00

Q: If you remove 3% of the original $100 repeatedly, how many times does it take to reduce the original amount to zero ?

A: 33.33



And you get a cookie.

People get % wrong so often it's scary.

3% of $100 is $3.00. We are left with $97.

3% of 97 is $2.91. We are left with 94.09

3% of 94.09 is $2.82. We are left with 91.27.

3% of 91.27 is $2.73. We are left with 88.54

Do you see how the numbers approach 0, the % of the principle is also getting smaller too. So each time we are taking a smaller and smaller amount against the 3%. At the end we are taking 3% against 10 cents, then 3% against 9 cents, then 3% against 8 cents etc. It takes forever to remove 3% from 100, actually it takes 3,333 times.

You are not doing multiplication of a factorized amount. You are doing straight linear subtraction from a starting point.

I think you need a cookie.

 

[Torvy]

Even gold has to be turned into currency before being used for most applications.
The dollar is worth what it is because historically we stood in back of it. Ever since WWII it’s been the most reliable currency available.

Interestingly enough, it was not the state, but merchants who standardized coins initially. Governments saw an opportunity and took it over. Before long, some leaders were shaving coins or using alloys to inflate the currency. The reason many coins have the rough edge is to make shaving easier to spot.

 

[riptides]

The dollar rules because of the idea of America is strong. Life...liberty...the pursuit.....

The actual practice of morals, ethics and values....are not applied to the idea at some times.

As long as the idea persists...the dollar will rule.

 

[sandman2234]

Anyone have a business account with a Credit Union?

I thought Credit Union to be my solution but mine does not except Business Tax Payer Identification Number (TIN)

Over the years I have had accounts at other financial institutions but Wells Fargo sooner or later would take over and the reasons for maintaining the business relationship were no longer available…

Wife started a business and we opened a checking account, savings account and a money market checking account in the business name. No issues except that they don’t pay interest on a business savings account, which is why the money market account was opened. Three years later, not a single fee...
David from jax

 

[Oaktree]

Over the years I have had accounts at other financial institutions but Wells Fargo sooner or later would take over and the reasons for maintaining the business relationship were no longer available…

I'm in a rural area that's apparently too small for the big banks to be bothered with. The closest thing we have to a big national bank is Citizen's, and they've been cutting back in this area, concentrating on bigger cities. I've never seen a Wells Fargo (or the other one some were complaining about upthread) in New England.

Some of the smaller regional banks have been merging over the years, but it's always been with another small-ish regional bank.