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What does “Off Ledger” Really Mean? by Carden at Stage3Alpha Tues. AM
You have all seen the discussion threads suggesting that you ask your banker to make sure your account is not interest bearing and not visible to tellers in every branch. This is effectively behind a firewall.
This is also “off ledger” meaning the bank can’t claim the money as an asset and the bank can’t borrow from UST against this amount – no fractional banking for you! And if you haven’t learned about fractional banking then you haven’t read the book or done your homework.
There are accounts all over the world, held by the wealthy 1%, in the top Tier 1 banks such as HSBC, JPM CHASE, BANK OF AMERICA, CITIBANK, BANK OF ENGLAND, ROYAL BANK OF SCOTLAND, STANDARD CHARTERED BANK…, etc., etc., the list is long.
These accounts are not accounted in the traditional way. So, how is it possible that when someone (naively) says, “There isn’t enough money in the world to ….. (fill in the blank), they aren’t referring to the OFF LEDGER ACCOUNTS.
….
It’s this control that leads to corruption. For every action there is a fee. To keep the account in the bank there is a fee. To make a phone call to the banker there is a fee. For the banker to send a payment there is a fee. Remember, no interest is paid so the fees are high. Equitable, right? YES, if the money is making money for the owner.
And if the owner knows how to “block the funds” under some instrument, for a specific window of time, for a nice, safe return then, that’s good business. That’s called “factoring” in some quarters. Smart business. This is done all the time with a cooperative bank.
You have much to learn once you become “Nouveau Riche”…
Here’s a video you might enjoy:
http://www.youtube.com/watch?feature=player_embedded&v=lu_VqX6J93k#t=0Source: http://nesaranews.blogspot.com/2014/06/what-does-off-ledger-really-mean-by.html
