About W. J. Mencarow

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Should You Get an LLC?

This article points out that LLCs are not for everyone.  If you are one who would benefit, and you have multiple properties, find out if your state permits Series LLCs.  It's a little-known entity that can save you a lot of money compared to creating an LLC for each property.

If You Look Up Idiots In The Dictionary

…these clowns’ pictures would appear.

States With Longest Foreclosure Times

Think twice about buying mortgages secured by property in these states — unless you want to wait up to an average of 4 YEARS!!

Make Cash Illegal

Here’s a chilling article from the Daily Telegraph (UK) on a proposal to ban cash transactions and only allow them via (govt. controlled) banks.  Note how it is proposed that governments “manage” the economy by directly controlling spending.  This is no fantasy — Denmark is moving toward this already.

“All payments (would be) made by…card, mobile phone apps or other electronic means, while notes and coins are abolished. Your current account will no longer be held with a bank, but with the government or the central bank. Banks still exist, and still lend money, but they get their funds from the central bank, not from depositors.

Having everyone’s account at a single, central institution allows the authorities to either encourage or discourage people to spend. To boost spending, the bank imposes a negative interest rate on the money in everyone’s account – in effect, a tax on saving.”

“Radical” ideas like this are often first floated using academics to gauge the public reaction.  Then it’s often downhill from there.   Here’s the article:

And just recently the largest bank in the U.S., has enacted a policy restricting the use of cash in selected markets; bans cash payments for credit cards, mortgages, and auto loans; and disallows the storage of “any cash or coins” in safe deposit boxes.  Here’s more:

I was thinking about dollar bills the other day.  Each bill says it is a “Federal Reserve Note” right on the top — and is even signed (by the US Treasurer AND the Secretary of the Treasury, no less!) just like any other note.  (Question:  If the Federal Reserve issues the notes, why aren’t they signed by the chairman of the Fed?)






A note is an IOU. There are two types of notes:  secured and unsecured.   If I give you an IOU for $1,000 secured by my car, and if I don’t pay, you can take my car.  If my IOU is unsecured and I don’t pay, you can sue me (signing an “unsecured” note means the creditor can sue you for anything you have if you default).

At one time US paper currency was secured by silver or gold stored by the US government.  You could actually trade in your dollars for silver or gold coins:






You can’t do that anymore (except by buying silver or gold from private dealers, of course).

How is a Federal Reserve Note a real note?  That is, how is it an IOU, a promise to pay?  What is the Federal Reserve (not the US Treasury, by the way…think about THAT) promising to pay?

Gold?  Silver?  Of course not.

All the Fed will “pay” you for your Federal Reserve Notes are other Federal Reserve Notes.

That’s like me giving you my note and when it comes time to pay I give you another note.

A Federal Reserve Note is unsecured.  Therefore, you have the right to sue them just like any other unsecured note, right?  Good luck with that.

So we have an economy based upon people trading notes back and forth…notes that have nothing backing them up.

I think I’ll go buy some gold.

Freddie Mac Auctioning Non-Performing Loans; Small Investors Invited To Bid

     Freddie Mac will auction $233 million of “geographically diverse, deeply delinquent”non-performing loans.

     The new program, called Extended Timeline Pool Offering, or EXPO, will target smaller investors by making smaller pools of non-performing loans available.

To participate, all potential bidders are required to be approved by Freddie Mac.  Bids for the pool are due from qualified bidders on May 20, 2015, and Freddie said the sale is expected to settle in July 2015.

For details go to