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View Diary: Why do we need depository banks at all? (15 comments)

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  •  No reason at all (2+ / 0-)
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    FishOutofWater, johnmorris

    except for the fact that every member of Congress and the Administration is owned outright by those banks which have cornered the market on money supply.

    Two and a half centuries ago, "money" was gold, and a fledgling government didn't have any, having had no time to build up reserves.  One century ago a single depository bank for a nation encompassing a continent would have been just too massive an operation to be contemplated.  Six decades ago the US government was still not large enough to keep track of essentially all of the lower-level transactions in the nation.  That was then, this is now.  There is NO reason why such a scheme, or an alternative I've seen suggested of opening a "Postal Savings Bank" such as used in Japan and Switzerland, could not work.  Except that the people who would have to approve it are all agents of The Evil, and owe their jobs and their hopes of wealth everlasting to their masters.  That, and that 99% of the population watches TV and actually believes the things they are told there about how the economy works, all of which are either lies or extreme distortions designed to keep them all subservient to The Lie of the Omnipotent Bankers who know all, see all, OWN all, and must be appeased at all costs.

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