Yes I'm sure Apple Card data is included in that dataset. That isn't the point.
> And even if it's not, as long as the other side (i.e. merchants and acquirers) just collects and aggregates the same data, that's little consolation.
Respectfully disagree on this point. The issue isn't leaking anonymized aggregated data. The issue is, for example, Chase can and does personalize rewards ads based on your exact transactions internally. So when you use any Chase card, every Chase related entity has access to your non-anonymized transaction data for marketing and credit decisioning purposes.
I will cautiously watch how Apple handles this issue in the future because I don't trust Chase and my financial privacy is important to me.
The Apple card is the only credit card in the US (that I know of) which does not resell your granular transaction data to 3rd party brokers. To me that alone makes it tremendously better than existing cards.
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> banks create money when doing their normal business of accepting deposits and making loans. When banks make loans they create money. remember from chapter 12 that money (M1) is currency (coins and bills) AND checkable deposits. When I got a loan for my boat the bank called me up and said that they deposited the loan in my checking account. This new deposit is NEW MONEY created by the bank. they just turned on their computer, logged into my account, and changed the amount that I had. They created money.
> You are mistaken, citation: me working in bank on stuff related to this, and generally needing to be aware of capital requirements etc.
So your citation is yourself and your claim that you work in the field and therefore we should trust you blindly? I don’t buy it. It seems you have a vested interest in preventing others from learning about the fractional lending scam.
As for your claim that a 0% reserve ratio means banks CAN lend depositor funds, that is either a huge misunderstanding on your part or an outright lie. Show me any documentation anywhere that supports your novel interpretation, and I’ll back down.
> The fraud involved in fractional reserve lending is that the lender has no cost of funds. They are not risking their own assets and are therefore more willing to lend cheaply.
>> Again, if this was true, why would any of the banks bother lending to anyone? They could just issue themselves a trillion dollar loan at 0% to be paid back in 1000 years, the buy a yacht and retire. Why the hell would they voluntarily subject themselves to the of actually lending money to other people, then have to try and chase them down for repayment?
The rules require that a real flesh and blood borrower, signs a loan agreement obligating that they repay the loan with interest. Only a signed loan agreement creates the fractionalized funds in the borrower’s bank account.
This is what prevents a bank from borrowing an unlimited amount. They can create money to issue loans but they cannot create money without a loan agreement with a borrower.
> No, that means that all customer deposits can be used for loans. There’s zero requirement for banks to hold any deposits in reserve to ensure they’re able to pay out individual depositors on request.
If I am mistaken please correct me with citations but respectfully, I believe your understanding is incorrect. In a fractional reserve system banks can and do fractionalize dollars into existence. The mechanism is slightly different than when the FED prints money. Instead of creating money out of nothing, banks can only create loan money out of thin air.
For example, when you are issued a new car loan from a bank, those funds do not come from another depositor. (see my comment above on 0% reserve ratio). Instead
the money is literally created by the stroke of a pen when the borrower signs the loan agreement. The funds did not exist anywhere prior to the loan. The numbers were added to the customer's bank account the moment they signed the loan agreement. Money created out of thin air via fractional reserve lending.
If it were not for the free money creation feature of the banks, then banks would have to lend customer funds or their own reserves. The risk and cost of lending these real assets would greatly exceed the ultra-low interest rate environment we currently experience and the cheap credit days would be over.
The fraud involved in fractional reserve lending is that the lender has no cost of funds. They are not risking their own assets and are therefore more willing to lend cheaply. This leads to credit bubbles that perpetuate the business cycle and lead to a series of booms and crashes. Fractional reserve lending is a scam and banks are technically all insolvent.
> On March 15, 2020, the Federal Reserve Board announced that reserve requirements ratios would be set to 0%, effective March 26, 2020. Prior to the change effective March 26, 2020, the reserve requirement ratios on net transactions accounts differed based on the amount of net transactions accounts at the institution.
A reserve ratio of 0% means no customer funds are used to pay loans. The fraud is that the money is fractionalized into thin air.
> Additionally if banks didn’t operate as a factional reserve, we would have a permanent credit crisis …
Or there wouldn’t be as much cheap credit floating out there, forcing lenders to charge a more reasonable rate for borrowing. Cheap money creates financial crises.
> They use customer deposits and operate as a fractional reserve.
Close, but not quite. The banks are barred from using customer deposits to fund loans. They also have a 0% reserve ratio currently so it is 100% fractional reserve.
In short the banking system is a scam, always has been. It is the greatest scam ever perpetuated on humanity. If any other industry operated on the level of fraud involved in running a fractional reserve, they would be jailed by midnight.
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> And even if it's not, as long as the other side (i.e. merchants and acquirers) just collects and aggregates the same data, that's little consolation.
Respectfully disagree on this point. The issue isn't leaking anonymized aggregated data. The issue is, for example, Chase can and does personalize rewards ads based on your exact transactions internally. So when you use any Chase card, every Chase related entity has access to your non-anonymized transaction data for marketing and credit decisioning purposes.
I will cautiously watch how Apple handles this issue in the future because I don't trust Chase and my financial privacy is important to me.