TheDarkMan
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
The collapse of Silicon Valley Bank and then Signature Bank is being touted as the beginning of a major, perhaps worldwide, recession or even a depression. Joe Biden, or whoever is pulling his strings, says in effect that no one will lose any money because the Government will “bail them out”, but hey, the taxpayer won’t lose any money either. Dan Bongino says this will in effect mean the nationalisation of the American banking system. Of course people will lose money, if only by inflation, which could be considerable, but let us compare these collapses with three episodes that did lose money, and more than that.
In 2020, the Summer of Floyd, using the very public death of one man as a pretext, “criminal and communist” elements in the United States and several other countries rioted in the streets and looted. It is generally accepted that in the US, around $2 billion of property was destroyed, over two dozen people were murdered, and literally thousands injured, including many police officers.
The East Palestine train derailment did not result in a single death, although we have no idea if or how many will be affected long term. The damage to the local environment has been considerable, including dead fish, the water has been unsafe to drink, and the clean-up of toxic chemicals will cost millions if not more.
The recent Turkish earthquake has killed well over fifty thousand people including over seven thousand in Syria. It is anyone’s guess how many buildings and how much infrastructure were destroyed; look at some of the photographs and film of the damage then judge for yourself. Rebuilding will be enormously expensive and take years.
Now what happened when those two banks collapsed? Their assets – principally entries in a book, or nowadays blips in cyberspace – vanished. That’s right, and that’s all. No one died, no toxic chemicals were spilled, no buildings collapsed. We can clear up toxic waste, rebuild infrastructure, and even – with the right people in power – stop mass riots and looting, yet we are stumped when it comes to writing figures in a book. Truly amazing.
It is time for serious bank reform, not only in the United States but everywhere, including in the Islamic world, which appears to have forgotten how banking without interest is supposed to work.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
Very good observations.
Banks without interest can be only national banks. Interest is profit, Zeitgeist says money is the root of evil and thinks it’s profit. Interest creates profit for banks if you want banks that have no interests they have to be national banks. Banks that do work as a service and not a business removing profit. But the nation is inefficient so we need to privatize, they say. That’s why they wanna privatize healthcare, school etc… So we are told the nation is inefficient and we should private everything and you are talking about national banks without interest. Are you crazy?
Reasonable interest but not usury. Bank officers don’t need yachts.
RE: “Zeitgeist says money is the root of evil”
Money is a useful tool to facilitate the exchange of goods and services.
Some might say: “The love of money is the root of evil”
I don’t know that I would go that far, but a lot of bad things in this world
can be exposed and explained if you “Follow the money.”
What really needs to happen is a return to The Glass-Steagall Act