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Politics : President Barack Obama
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To: RetiredNow who wrote (102419)10/1/2011 4:23:59 AM
From: Road Walker  Read Replies (3) of 149317
 
You don't get it. We need banks to provide credit. However, we don't need THESE banks to do that job. They are rotten to the core. Let them die. Others will replace them.

You are taking about replacing the entire financial infrastructure of the world. It would take a decade at best. We were in crisis, the banks fail and there would have been no mechanism to exchange money/credit for goods and services. Grocery stores couldn't buy bananas from Brazil or meat from slaughter houses in Iowa. You couldn't buy food from your local grocery. You couldn't get paid by your employer. You would be reduced to barter; how would you barter for food from a farmer?

Banks are the heart of our entire system of exchanging value for value, like it or not. Our lives are totally dependent on their existence, and they must be defended at all cost. There is no capitalism or economy without them.

The system is fragile. If you want to change it better tread very, very carefully.
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