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AFAIC - I think nationalizing the big banks is a great idea. Then the government would have a stake in killing inflation and a savings account might actually make the small saver some money. The current system was a rip off starting with RR's tax cuts and the assumption of unsupportable government debt to run the empire.
I don't care if they do cause if they did, I would just park my money in a FOREIGN bank and so would most people who had money and that means the federal government would lose hundreds of billions of credit and cause everyone's interest rates to skyrocket... pity the fool who thinks nationalizing the banks is good...
I don't care if they do cause if they did, I would just park my money in a FOREIGN bank and so would most people who had money and that means the federal government would lose hundreds of billions of credit and cause everyone's interest rates to skyrocket... pity the fool who thinks nationalizing the banks is good...
The Royal Bank of Scotland is looking for depositers...
Because of the zero to negative effective interest rate I do not keep very much money in a savings bank. Like the other side of the deal I do not loan my money for free. Reestablishing the Bank of the United States as a government owned bank would be far more prudent than leaving the speculation susceptible private financers to ruin our economy for their own short term benefit.
Because of the zero to negative effective interest rate I do not keep very much money in a savings bank. Like the other side of the deal I do not loan my money for free. Reestablishing the Bank of the United States as a government owned bank would be far more prudent than leaving the speculation susceptible private financers to ruin our economy for their own short term benefit.
What I would like to see is a government that controlled the money supply so there was no inflation. Then I would like to have regular savings pay 3% (guaranteed ), long term loans (mortgages) at 5.0%, consumer loans (big ticket items like autos & appliances) at 8% and credit cards at 12%. Loans for securities and other business investments such as more than one house would be at 10% + 5% of the gain and not more then 50% margin. The banks would make money and the small saver would as well.
When combined with a highly progressive income tax with a large deductable we would have a stable economy with steady growth without speculative bubbles. Everybody would be happy but the greed driven speculators.
basically, its transfering bad private debt onto the balance sheet of the US government (you joe taxpayer), putting you on the hook for trillions. The obligations will be printed up because we don't have trillions, so you'll see a decrease in the purchasing power of your dollars. essentially a giant tax on anyone holding onto dollars.
I recommend reading Thomas Jefferson's thoughts on national banks.
Do not confuse the nomenclature. His beef with the Bank of the United States had more to do with the fact that it was a Federal Reserve, in effect a private entity intent on making usury out of the use of our own money. Let me be clear, nationalizing banks while retaining fractional reserve banking under the vigilance of the Federal Reserve is an exercise in futility, perhaps even an oxymoron. Nationalizing needs to be accompanied with the abolishing of the federal reserve to truly reclaim the people's stake on the banking of their currency at the expense of the profiteers who currently have run the boat aground. Granted, such a change would also be an irrelevancy if it is encountered by an apathetic and lazy citizenry, but I rather have a stake on it than assume capitalism = freedom because they told me so on TV and I like being in debt.
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