"...namely, the profoundly exploitative impact unregulated banking has upon all the sundry millions who are not bankers."
But banks are regulated! The problem is, banking is controlled by the Fed (yes, sometimes via congress), which is composed of leading banks regulating the system to its own benefit, a legal oligarchy. Such is not tolerated in our system in any other areas.
Imagine if we had a national body regulating the plumbing industry, but it was composed of plumbers. In that case, plumbers would be among the best paid people, and everything they handled would be made of gold, but requiring annual inspection...by a plumber, of course.
IMO, free the banks, but insists that they operate only as banks, not as securities firms and gambling houses with risk insured by the public. Don't allow any collective of banks. It's very simple. Then, even if we wanted to tolerate fractional reserve banking - a huge evil in itself -, we wouldn't have it at such levels as can destroy a monetary system. In such an environment, banks would have to compete based on services and fees, not on how they can manipulate investments insured at public cost.
Banking is necessary and can be constructive in so many ways, but almost nothing can be trustworthy when it is allowed to regulate itself AND police it's own activities.
Someone once said, "Whenever two people from the same trade get together, they do so to the detriment of the public." That's the Fed! Besides, it's supposed mission of smoothing out business cycles has not proven out in it's entire history, almost 100 years. End it! Drive a stake through it's heart, and bury it without a monument.
VP in AZ |
