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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: stockfiend9/25/2008 2:32:44 PM
4 Recommendations   of 116555
 
It's time to dismantle the Federal Reserve, from the ground up. The first step is to cripple the commercial banks that make up (and own) the Federal Reserve system. I encourage everyone to move their money and banking business to credit unions. Credit unions are not members of the Reserve system yet they still have access to the discount window and participate in the fractional reserve system, so this first step is not an ultimate solution but a stepping stone.

Moving deposits out of commercial banks will increase their borrowing costs and thus reduce their net interest margin. It will also reduce the supplemental income they earn from their usurious fees on transactions (ATM withdrawals, overdraft events, money order/cashier checks, etc).. Deposits at credit unions are insured for $100,000 by the National Credit Union Administration, an independent federal agency backed by the full faith and credit of the U.S. Government.

Borrow only from your credit union. This will shrink the banks' balance sheets and further reduce their net interest margin income.

Credit unions' membership requirements are easily accommodated by joining affiliate organizations. This normally involves a nominal one-time fee or donation, anywhere from $5 to $25.
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