(Email from Phoenix3333 to Dinar Recaps)
Why I support the United States banking system..
I have been flooded with questions as of late about my stance on supporting my local bank and the United States banking system.
To avoid answering the same questions many times in separate e-mails I will answer those questions publicly for the edification of all in an attempt to transparently clarify any misconceptions and questions about this subject.
When I recommend that people support their local bank and the United States banking system I suggest this for many reasons.
First let me be very clear on one thing, this has nothing to do with the persons who own and operate the private currency exchanges in any way.
I am sure they for the most part are fine hard working people exercising their right to participate in the free market capitalistic system afforded here in the United States.
So it has nothing personal to do with any persons who run the private currency exchanges but more so with the support of the United States banking system and my local community.
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Many have said that by going to a private currency exchange they will still be supporting their local bank because the money they receive from the private currency exchange will go to their bank and yes...that is true to an extent....
By not exchanging with your local bank you are preventing your bank from making the most profit from the Iraqi Dinar exchange.
You see if you exchange with your local bank the physical Iraqi Dinar is placed into their system and marked as an asset.
Physical currency has 10 times the accounting value to a bank over electronic digits and will be marked as immediate physical currency reserve which is greatly needed by all US banks at this time.
Next this physical currency (Iraqi Dinar) will be sent from the banks to the US Treasury and exchanged for US Dollars for a profit to the local banks.
That is where the US Banks make their profit from the exchange of the Iraqi Dinar!
The rate spread that we have with the banks is not the same spread that the US Banks will get from the Treasury....so the major profit for the US banks is when they exchange the collected Iraqi Dinars with the US Treasury for a profit.
Next those Iraqi Dinars that are then in the US Treasury strengthen the US Treasury and therefore all of the US Banking system and the core economy of the United States.
So by going to the private currency exchanges you prevent the US Banks from making profit from the exchange of the Iraqi Dinar first with us the customer and next the exchange with the US Treasury.
This loss to the banks by cutting them out from the exchange of the Iraqi Dinar could be marked in the billions not to mention the potential loss to the United States Treasury.
Yes...the banks will make some money from customer deposits done through currency exchanges but the true profit and much needed liquidity that banks are suffering a lack of at this time comes from the actual physical exchange of the Iraqi Dinar from the customers into the coffers of the banks marked as hard physical asset and liquidity and the profit gained from exchange spreads both with the customer and then the United States Treasury.
So for me it is a personal choice.
Our nations banking system has been in crisis and our economy is stressed at this time and I will do my best to help by doing my part by supporting my local bank and the United States banking system.
I served my nation in the United States military and later in other capacities and I always will.
Our nation is not perfect.....but no nation is.....there may be things people do not like about our government but we are afforded the freedom to participate and change things as needed by being part of the solution as active citizens.
Bottom line...my nation has never failed me in my time of need and I will not fail my nation in it's time of need and right now our economy and banks need all the help they can get and I will not deny the massive potential profit and liquidity my local bank needs at this time by not exchanging my Iraqi Dinar with them and therefore preventing them from making the profits and liquidity needed at this time.
Everyone is free to do as they please but for me...I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.
And in doing so...I will support my local bank and the United States banking system in it's time of need.
But hey....that's just me.
I hope that answers most questions.
Best of luck to all!