Financial services

[Skip to the end]

>   Sounds like the IMF & misguided bankers everywhere are systematically
>   degrading everyone’s economy.


>   Do enough people anywhere understand national currency systems?


>   Are ALL financial service industries more trouble than they’re worth?

Best i can tell. There probably are a few that are OK, just haven’t identified them.

We need our banks only to:

  1. Manage the payments system
  2. Provide a ‘safe’ depository/insured deposits
  3. Make and hold loans deemed to further public purpose that are not subject to liquidity issues of the lender.

In 1972 the US had 2.6 million housing starts with a population of only 200 million people, all financed by a bunch of boring savings and loans staffed by VERY modestly paid loan officers who left at 3:30 every day to play golf. (I was one of them.)