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If you abolish banks people would recreate them as they serve many purposes (see crypto’s inadvertent trend towards reinventing banking).
by conception 1y ago
If 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.