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Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ
09 April 2018 | Pago Pago, American Samoa
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22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
22 August 2017 | Pago Pago, American Samoa
09 August 2017 | Pago Pago, American Samoa

The Banking Racket Rip Off

27 June 2017 | Pago Pago, American Samoa
Kimball Corson
One of the great rip offs of the American people is that banks are authorized to create money out of thin air and charge interest on it without paying the government one red cent for that franchise privilege.

But the situation is actually made much worse as a matter of federal policy. The Fed has driven us into a near zero interest rate environment and lends to those banks at close to that, large sums of money. Banks now in turn make mortgage and consumer loans to Americans at significantly higher interest rates. They are licensed if not to kill, then to extract large interest sums form the population totally free. The true opportunity cost of a dollar these days is almost zero.

But it gets worse. Banks also create credit cards. The average credit card interest rate is 18%. Some go to 25% This is deemed lawful. So when the Fed raises the discount rate by 5 basis points, that will translate on an 18% charge to a 2% increase in credit card interest rates. All lawful. The usury laws, like the antitrust laws are dead in the water. Not even bankruptcy, allows you to escape this racket on credit card debt. Bank's risk goes down, but not the credit card rate.

Isn't this situation totally outrageous? The system is rigged to screw the people by guys who bring essentially nothing of their own to the table. An unlevel playing field in the extreme. A racket.

The obvious solution is to allow application of sensible usury restrictions and the antitrust laws to banks and their transactions and, further, to have the federal government charge banks a healthy franchise fee for the right to create money out of thin air and lend it at interest.
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Vessel Name: Altaira
Vessel Make/Model: A Fair Weather Mariner 39 is a fast (PHRF 132), heavily ballasted (43%), high-aspect (6:1), stiff, comfortable, offshore performance cruiser by Bob Perry that goes to wind well (30 deg w/ good headway) and is also good up and down the Beaufort scale.
Hailing Port: Lake Pleasant, AZ
Crew: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
About:
Kimball Corson: I am a 75 year old solo sailor, by choice. However, I did take on a personable, but high maintenance female kitten, now a full grown cat, named KiKiPoo when she is sweet, or KatKatPo after she has just killed something like a bird or bat. [...]
Extra:
Although I was a lawyer and practiced law with good success for thirty years, creating significant new law, I never really believed in the law, the politics of law or in the over reaching self-interest of most lawyers I met. Too much exposure to Nietzsche and other good and seriously thoughtful [...]
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Profile

Who: Kimball Corson. Text and Photos not disclaimed or that are obviously not mine are copyright (c) Kimball Corson 2004-2016
Port: Lake Pleasant, AZ