Loading ...PHANTOM
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denoting a financial arrangement or transaction that has been invented for fraudulent purposes but that does not really exist.“he diverted an estimated $1,500,000 into “phantom” bank accounts”comment:Decades ago I went on the phone several times to talk to schwab representatives to ask about futures contracts. They seemed kind of dumb about it like there was nothing wrong with them.
- They finally admitted I was right. If 90% of the contracts to buy or sell a resource never happen, then yes, they are phantom contracts.
- They are like back in the day when the money was backed, and used fractional reserve banking. “Everybody isn’t going to withdraw their gold silver money all at once, so we can lend out 90% more than was deposited.” But after the 1929 crash, they did withdraw at the same time and had to give it back in 1934.
- These days? I don’t think they need any deposits at all to lend out Monopoly money. And that’s why they don’t care if you don’t pay it back. I’ve seen people not pay mortgages 6-10 years.
- Lately I hear about forgiving student loans. Ha, lots of the kids probably stopped paying already on their own “So let’s forgive the loans of the suckers that HAVE been paying, it’s phantom money anyway and it’s only right”