Bad news for the people that want to lynch all the bankers. Banking is a necessary evil for a functioning modern society.

With no one handing out loans, people can't buy houses, businesses can't operate with lines of credit to stock up on inventories. New business ventures and projects that won't produce revenue streams till some future time cannot be initiated.

Arguably, without banks, society would collapse.

How much control should be put on the banking sector is always a question. Sometimes giving them free rein is bes, sometimes reining them in is preferable. All the US can do now, treading uncertain waters, is learn form the past mistakes and rectify them.

If the banking sector wants to remain intact without deeper government control, it will make concessions. Let's see if that happens.

Mike

Not true on collapse, look at the Amish and the Mennonite people they loan money among themselves and they do not have answer to “any bank” and they are a very solid society.

The banks have had control over this country since we were forced into using them.

“Neither a lender or borrower be”

Good words to live by.

Tru

Originally posted by truskeptic
Not true on collapse, look at the Amish and the Mennonite people they loan money among themselves and they do not have answer to “any bank” and they are a very solid society.

The banks have had control over this country since we were forced into using them.

“Neither a lender or borrower be”

Good words to live by.

The Amish and Mennonites live in a society where roads are built for them, clean water is piped in, seasonally and regionally unavailable food is transported, finished goods are available in stores, and a hundred other resources they could not provide for themselves.

They also purchase land and sell goods and services consumed by people too far to reach by horse and wagon. Isolated from the developed world and it's economic infrastructure, they would have to live neolithic level hunting and gathering lifestyles to survive. Bad crop yields, a long winter could wipe them out.

Mike


[edit on 30-10-2009 by mmiichael]

Not a problem, I guess growing up around Arthur, Il is not useful on this topic.

Tru

[edit on 10/30/2009 by truskeptic]

[edit on 10/30/2009 by truskeptic]