Submitted by mankls3 t3_ytmt8n in todayilearned
You do realize that banks have existed since the advent of human civilization right....
For a nation famous for its utter inability to deliver healthcare, it's astonishing that the USA is even worse at delivering a stable banking system.
Yes, and there was a time where people actually understood what central banks are/do and how badly they did NOT want them. Part of the reason why the creation of the fed was done in secret.
Are you sure the individual account holder who risked losing everything during a bank failure cared?
Banks failed because they loaned out all their money and people then demanded the money back like a Ponzi scheme.
Banks still do this but they are required to have insurance to protect customers from their failure which is what FDIC is that you see on banking commercials. This means if bank of America shits the bed every customer can get all of their money back as long as they had less than $250,000 deposited.
Yes, when they understood that central banks are responsible for sudden, huge swings in the market, and exist basically as a way to manipulate markets/prop up entire industries. Often this gives false signals and can lead to many things, such as ramping up in production to meet the new (fake) demand. Its not like you couldn't have protections for people without having an overarching central bank, separate from the govt, with total control over the monetary policy of the nation. Not to mention how easy it is for central banks to essentially redistribute wealth to themselves, while taking from everyone at the same time, in order to do said propping up I mentioned earlier, usually for political reasons.
...it works as designed.
That's not how it works. That's not how any of this works.
What were the major causes of the Great Depression? Among the suggested causes of the Great Depression are: the stock market crash of 1929; the collapse of world trade due to the Smoot-Hawley Tariff; government policies; bank failures and panics; and the collapse of the money supply.
The US delivers great healthcare. Its the payment system that's f'd up.
That's an extreme case of semantics.
Creating the country's everlasting regret
Debt/wage slaves
Happened before central banks.
the creature from jekyll island (book)
I agree, but the people had no choice. A private banking system was previously defeated, but they kept trying. It's money...forever. as the country exists anyway.
> it's astonishing that the USA is even worse at delivering a stable banking system.
You mean before we actually created a stable banking system?
> A private banking system was previously defeated, but they kept trying.
And they keep trying. Bitcoin, for example. What could go wrong with private money? Dunno, how about the last few times it was tried.
Yeah, banking can be reasonably stable if the fundamental principles are followed.
Of course, Americans refuse to do this so, every 10-20 years, American banksters collapse the global economy.
We're on track for the next one in 5, 4, 3, 2, 1....
Correct regardless.
What I remember from my finance classes 30 years ago is our banking system is rigged a bit in favor of the banks. It’s needed because a developed country is only as strong as it’s banks. Of course their greed is an overwhelming force. Over time bankers buy enough politicians to occaisionally bankrupt themselves and we have to bail them out. Fucked up isn’t it.
shhhh nobody talk about fractional reserves or money creation
Is your country really strong if it has to rely on that shit
We have 330 million people. Because 30% of voters are completely clueless, they vote politicians who consistently steal their money to keep this cycle going. Now every generation is getting poorer so this isn’t going to end well for us. USA is like the star athlete with money to burn. Our system has worked for 200 years, not because it’s a good system, it’s because we have a shitload of natural advantages in our favor. Natural resources and good universities.
That's what I think too. We think we're bad ass because we have two oceans on either side of us, a shit ton of natural resources, and are lucky enough to not have Russia or China as a next door neighbor like our friends in Europe and Asia. We're cocky and nouveau riche and will burn out. If we survive that, maybe we'll grow up.
Morgan's timely and very large loans interventions, are generally creditted with substantially lessening the severity of the 1907 panic & providing solvency andfrecovery. That's why the coinage of 1909, VDB Pennies made them rarer.
IN almost every case, coin rarities from major economic down turns, such as the 1932 penny rarity, were due to economic troubles.
bs. WE DO what Singapore does and we get what Deng Hsaio Ping did , and returned prosperity to Chung Hua's ruinous maoist Practices.
Get rid of the rampant spending, get rid of ruinous damage to energy supplies, get rid or green rules which collapse the market efficiencies and watch the economy roar back from cheap energy; and elimination of command economy, greeny, marxist rules which ALWAYS create inefficiencies.
The ways into high inflation costs, too high for energy was obvious. So are the ways back to prosperities.
Nations are ruined by bad decisions and they grow by good policies. The madia of course is nutso anti-free markets and so of course, the whole thing ruins them.
cali, oregon, WA state, NYC and places round there have bad economies. High crime, high energy costs, food costs, etc.
In FL, TX, Alberta , CAN, they have low cost energy, and high prosperities. Drive South. Thank you, suzie boggess.
I’d love to debate you on many issues but from your other posts, facts do not drive your thought process.
[deleted]
Keep your trash political views off this subreddit.
I apparently already had them on ignore. And I generally only do that if someone is exceptionally vile or stupid.
We have excellent doctors. The problem is that almost no one can actually afford them.
Hey man my 1 dollar is ten dollars now!
I was a banker over 42 years. Your comments are a bit insulting. Not all bankers are greedy and not all are buying politicians.
Yeh, I was never worried that our democracy was in danger. I do a lot of research on the candidates before I vote.
Plus, we're a young country.
It was obvious that Trump was a danger to our country in 2016. I remember telling my nephew, a history teacher that very thing. He assured me the country had endured much worse politicians. He quickly admitted he was wrong. You may have but we elected a person who at best was a complete lunatic. At worst, he was indebted to the Russians and fed them info and favors. Our country is slowly retreating into nationalistic bullshit. Our system of checks and balances have been proven to be able to be overcome with crooked congressman and Supreme Court judges working together.
The banks we had to bail out were plenty crooked. The banks I worked for preyed on the poor. I think I was honest too, but until I quit I was complicit.
I mean, this is assuming that voting isn’t rigged. If not on the national level (probably not), then most likely on the local level. Too many fingers, not enough pie.
I definitely want to stay away from anywhere near Florida. Place is a dumpster fire. And anyone who lives there, you have my condolences.
Agree. Trump is dangerous.
I was lucky in my career. I never worked for a predatory lender.
Then you worked for a bank that did business with a predatory banker. We’re you a banker at a credit union? If so, which major bank was the bank they did transactions through?
I never worked for a bank that preyed on the poor.
SuccessfulStatement1 t1_iw5f8ip wrote
…. And we’ve been slaves ever since.