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Banks used to serve as simple intermediaries that provided cash for the economic system to continue to function. Starting around the turn of the 20th century, d
by tehjoker 7y ago
Banks used to serve as simple intermediaries that provided cash for the economic system to continue to function. Starting around the turn of the 20th century, during the rise of the robber barrons, a pattern of increasing consolidation created financial capital that became central to the system and so powerful that the planners inside of the banks can essentially control the economy by deciding or not deciding whether to fund a project or to fund a competing version.
The only way to get away from the banks is to have government funding or independent wealth. Independent wealth of sufficient magnitude will nearly inevitably be socially tied to banking circles as is government. We all know how the revolving door works in government.
Of course, it's not a secret what their aims are: squeeze as much money and power out of the economy as possible and arrange the world economic system to continue that process. It doesn't matter what figures actually head the banks, the system drives them to take the same actions. However, they do tend to be white dudes from the west with their thumb on the global south.
- warkdarrior 7y agoThis is not a new pattern, and definitely existed before bank consolidation. Rich, powerful families dictated for centuries who and what to fund and controlled the economy of their fiefdom.
- tehjoker 7y agoYou're right of course, but I think after the monarchies were overthrown, people thought that OKAY now we can have a more equal economy with lots of small independent producers competing with each other. Consolidation showed that this story is (at least now) completely untrue.