Guest Post by Leonard Ruggiero
I’m sure someone has thought of this, but I ask the question, “Why do we need banks at all?”
With web based money exchange mechanisms, such as Transferwise, Veem, and Xe, money can be sent directly from one person to another, without paying exorbitant bank fees and at better exchange rates than banks.
But, here’s the key question: When that person receives their money, they turn right around and deposit it in their bank account. Why bother? Is it really necessary that money be sent to a bank?
Legend has it that in times of crisis people would store their fiat money under the mattress, or perhaps in a safe.
Remember that all money transferred as described above is digital. And, with existing technology, all money is also virtual. Using blockchain technology, all virtual money can be “stored under the mattress” in your own secure, virtual, and distributed repository. After all, we have distributed PC systems, distributed data in the cloud, and distributed transportation, so why not distributed money?
As a result, you have complete, secure and independent access to your virtual money any time you wish, You can buy stuff on line or at retail with a card, pay bills, or send it to a friend anywhere on the planet.
Of course, without question fiat money will be replaced with a cybercoin, but those coins can be stored and moved in the same manner. Welcome to the wonderful world of technology!!
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Silly man, your digital $$ is not safe if it can be diluted. Theft by other means.
Was he being facetious? “Wonderful world of technology”, my ass…
Without banks there would be no war and no Military Industrial Complex. There is no profit in peace.
All wars are bankers wars ~ Smedly Butler
Without banks there would be no drug trafficking.
http://www.reuters.com/article/financial-un-drugs-idUSLP65079620090125
Without banks there would be no magical money creation out of thin air via Fractional Reserve Lending and thus expansion of the money supply diluting the dollars value. 97% depreciation since 1913.
Without a private central bank there would be no national debt.
Now where would we be without these vital institutions?
Now where would we be without these vital institutions?
Hmmm….,perhaps better off long term?
The author severely mis-uses and intertwines the concept of “money” and “currency”.
In simple terms:
Money=Work Completed…Au, Ag, baled cotton, baled hemp, a computer, a ship, etc.
Currency=Work Promised…IOU, paper currency, arcade tokens, verbal agreement, handshake, etc.
In a world full of liars and cons, one form provides honest benefit and one dishonestly aggregates wealth to The Criminals In Charge via a skim-con.
In a world where banks used honest language and honest forms of value storage, a bank (piggy or larger) is required as a storage and retrieval space for anyone that has saved more than they immediately consumed.
We do not live in that world. We live in a world where dishonest currency is the bankers favorite choice – worldwide. On top of that prime layer of dishonesty is another layer of dishonesty in the form of a Ponzi – not only is the paper promise now defined as money, but the paper promises are fractional.
There is only one reason to employ dishonest, fractional currency: To be dishonest in the pursuit of dishonest goals such as those listed above by “You Are A Slave”.
“Crypto-Currency” is the name – Not “Crypto-Money”.
To believe that lowered costs of exchange somehow mitigate the danger and damage, to the average person, from the use of this new fractional currency is illogical based upon known and historical outcomes that take place when utilizing currency instead of real money.
Well said Juggernauts & G
Yeah I agree with that.
Well said, I disagree with the crypto point, as “work” is performed for some but otherwise spot on.
Very well said. The die hard bitconers seem to have trouble grasping the concept of money vs currency.
“Legend has it that in times of crisis people would store their fiat money under the mattress, or perhaps in a safe.”
The likelihood of the www. going down, and inability to access, and exchange digital funds is small, but the possibilty exists.
Could the ATMs go dark? Or limit withdrawals? Power grid goes down? Banking crisis?
Probably not, but…
Diversified holders having a slush fund of cash in hand, securely stored, is simply establishing a plan B, just in case.
Also offers privacy.
Ask the people in Greece if the ATM’s could go dark and if TPTB could limit your withdrawals…
And add Cyprus to that list.
If all money is subsidized by confidence, then it’s value is rooted in certitude. And, if slavery is also rooted in economics, then no one should put their faith in money because money is power and power corrupts and absolute power corrupts absolutely.
Money
It’s a crime
Share it fairly but don’t take a slice of my pie
M-o-n-e-y
So they say
Is the root of all evil today
But if you ask for a raise it’s no surprise that they’re giving none away
Away away way away away away away woo…
– Pink Floyd
“Of course, without question fiat money will be replaced with a cybercoin, but those coins can be stored and moved in the same manner. Welcome to the wonderful world of technology!!”
This will incentivize more electronic snooping into your financial transactions by the government entities controlling such a currency. Income derived from private transactions will be susceptible to taxation and the only way to avoid it will be with a black market alternative currency that isn’t deemed illegal.
Digital money…..HaHaHaHaHa………..yeah we can trust that to be safe. The never ending sea of articles telling us that the crooks can’t control this new fangled form of money and the banksters aren’t needed….riiiight!
Blockchain blah, blah, blah……..didn’t save the poor schmucks from getting their pockets cleaned out in report after report after report of digital disappearing into thin air the past few years. Billions of $$$ vanish, so what part of BLOCKCHAIN means nothing don’t you get??
Bitcoin is not private, look back at that Silk Road web site, that sold drugs and other black market goods for bitcoins, the founder went to jail, all his money gone.
When something is introduced and there is no person who can be identified as the inventor (Satoshi Nakamoto is not a real person) you should be suspicious.
This tech was created by the NSA to be used by the CIA, and nothing good comes from those organizations.
Eventually, it will replace currency at some level, and poof, there goes the black market, and nobody can cheat on taxes or even rob banks. you local contractor will be taking rings, pearls, and gold fillings when you ask for a job off the books.
its a win for them, a huge loss for mankind.
Anon- Surely you are not suggesting the NSA/CIA are to be trusted with ANYTHING. Big clue bud, 70% of the population does not pay taxes now because they are lazy MFer’s who live on the dole or are out of work/make poverty level wages or live on the streets in this wonderful robust economy. What is your point?
How is the Fed used to embezzle money from government for the benefit of Wall Street bankers ?
Answer: https://thedailycoin.org/2018/08/16/a-look-at-the-federal-reserve-through-a-different-lens/.
How is the embezzled money used to bring chaos and oppression throughout the
world ?
Answer: https://thedailycoin.org/2019/07/10/looking-at-the-imf-and-world-bank-through-the-eyes-of-a-wall-street-economist/.
I’ve been posing this question for years. The funny thing is that the less need we have for banks the more secure they become over the threat of bank robbers. My bank no longer has tellers on site. They claim it is for their safety despite the fact that banks no longer carry much FRNs. You are forced to talk to a television screen instead of a teller. Even more insulting is when you want to withdraw some of the tiny amount of actual FRNs that are stored at the branch. It you request a paltry amount of just a few thousand of your own funds, you can be taken back to the back room and questioned over my need for that amount of cash.
Problem is, “Blockchain Technology” doesn’t scale up. It needs to clear just as fast as Visa card to be viable in everyday usage.
Inaccurate in all respects – “money” is silver, gold, similar items. “Currency” is printed paper, digital ones and zeros, cryptocoins. Money has an intrinsic value, as gold and silver do to jewelers, computer / chip fabricators (corrosionless contacts), chemists. Currency has no intrinsic value, like paper in a washing machine or cryptocurrencies in a power failure.
Worthless article – we do not need banks, but bankers surely need US.