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People should abolish banks; they contribute nothing good to society and are a literal Ponzi scheme, creating credit that has inflated the prices of everything,
by tamimio 1y ago
People should abolish banks; they contribute nothing good to society and are a literal Ponzi scheme, creating credit that has inflated the prices of everything, including the housing market. It's crazy how banks are taken for granted too. When was the last time you were offered to get paid in cash as an option as an employee (not some local gig you do)? Why do only two private companies (Visa/MasterCard) control payments online and offline, mostly worldwide too?
- conception 1y agoIf you abolish banks people would recreate them as they serve many purposes (see crypto’s inadvertent trend towards reinventing banking).
- tamimio 1y agoThey might recreate them but it will be real banks up to their names, which is a concept that has been around for thousands of years where banks stored gold and grains, for example. Modern banking, however, was only created in the 1600s by giving receipts for the gold they held, but the money creation from lending (aka credit and making money from loans beyond deposits) only happened in the 1800s. Yet, it was still controllable until 1933 when the gold standard ended in the US and 1971 internationally, where money now is literally paper backed by no real value but rather credit and trust, so the whole concept of credit creation out of nothing is very modern, and that should be abolished for the sake of sustaining the society.