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Forum Post: Better banking services

Posted 1 year ago on Aug. 8, 2012, 3:48 a.m. EST by plr (0)
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Have any business that offer better banking services come up? Inspired by OWS or not.

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[-] 1 points by shadz66 (18005) 1 year ago

Banking and Banksterism' is THE Key Issue around which almost everyone from Anarchists, Socialists, Liberals, Conservatives and Libertarians & many points inbetween can unite around ... and 'The 0.01% Parasite Class' know it !!!

When money drives almost all activity on the planet, it's essential that we understand it. Yet simple questions often get overlooked - questions like : Where does money come from ? Who creates it ? Who decides how it gets used ? And what does that mean for the millions of ordinary people who suffer when money and finance breaks down ?

People should have an opportunity to bank with ethical and perhaps publicly owned banks. The very best ethical practices should be present in the 'market place' and should be encouraged, incentivised, promoted and rewarded 'in the market place' so we the people - The 99% - can make informed choices and arguably only 'Publicly Owned Banks' can do this - which is exactly why The Infernal Banksters will fight this idea tooth and nail !!

Further, some other points on the matter of 'Publicly Owned Banks', which would allow :

1) The Democratic Accountability & Oversight over such behaviour as led to The 2008 Financial Crisis ;

2) Prevention of a culture of short-termism, 'moral-hazard', 'perverse incentives' and 'regulatory capture' ;

3) Profits to be ploughed back into "Society" rather than to 'private shareholders' (Foreign or otherwise) ;

4) Driving out 'bad banking practice rewarding greed' and favour & instil 'ethical' practices and behaviour ;

5) Genuine rewarding of savers - NOT fleecing them and driving them towards 'sharks' ;

6) A far more fair, rational, longer-term & more socially responsible outlook for lending ;

7) Reigning in dubious practices ("Innovative Financial Products" - CDOs, CDS's, 'Mortgage Backed Securities', et al & fraudulent behaviour - Bernie Madoff, Jon Corzine/MF Global, PMF, 'LIBOR' etc ;

8) Re-instilling Public Confidence by Accepting / Realising that Banking & Financial Services can NOT just be left to 'Selfish Short-Term Profit Motives' & Banking to be seen as a 'Strategic Public Utility' ;

9) Have you ever heard of 'The State Owned' - "Bank Of North Dakota" ? & IF NOT, then why not d'you think ? ( http://en.wikipedia.org/wiki/Bank_of_North_Dakota and http://banknd.nd.gov/ ) ;

10) The urgent reintroduction of 'Glass Steagall' AND a 'Financial Transaction / Tobin Tax'.

There is some degree of overlap in my points and almost guaranteed that one could argue the toss and thus end with something more substantial to read, reflect and ruminate upon :

dum spiro, spero ...