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> Banking should be a utility, not a for profit business 100% agree. Just consider the overhead of the massive government policy infrastructure required to ad
by core-questions 7y ago
> Banking should be a utility, not a for profit business
100% agree. Just consider the overhead of the massive government policy infrastructure required to adequately support all of the banks which exist purely to turn a profit off of people through oftentimes usurious methods. There's no reason the federal government can't simply provide a bank run not-for-profit.
However, the Fed is not the federal government, it is a private corporation; so this is not the correct entity. Instead, the national bank you're suggesting would necessarily have replace the Fed with a fully transparent public institution.
You'll find that most times in history when a Western country tries to do this, the moneyed elites do not enjoy it.
- toomuchtodo 7y agoI agree with most of what you're saying, but think the Fed is the ideal route for such a role if we presume that at some point in the future, they will acquire an outsized amount of financial assets similar to what central banks in other developed countries facing stagflation have done (Bank of Japan); it then becomes trivial to issue a citizen's dividend from those assets to citizen accounts. I'd settle for a national government-operated bank if I had to. See https://news.ycombinator.com/item?id=22594458 https://news.ycombinator.com/item?id=22594458 for logistics.