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Could? Yes. Do we want it to? Not really. We already have private banks, and a lot of them with which to choose to take our business who are all bought into ens
by SllX 3y ago
Could? Yes. Do we want it to? Not really. We already have private banks, and a lot of them with which to choose to take our business who are all bought into ensuring the stability of the Federal Reserve system through their ownership of the 12 system banks. Undermining either the Federal Government or the private banks would undermine the entire system.
- lotsofpulp 3y agoWhat does undermine mean? I still do not understand the purpose or utility of the bank for electronic funds transfers. And the federal government is explicitly the one guaranteeing that the numbers in your account at a private bank mean something, so how could the federal government be undermined? Surely my money being at Chase account # x or US government account # y is the same thing for me, except with Chase, there's a middleman in play who is taking a cut of interest from the Federal Reserve.