Banks have their uses. If you think about it, it’s not too difficult to understand that being able to use money and store it is a handy thing instead of constantly bartering for a whole cow or some farm equipment. Having money makes these types of transactions easier.
However, banking systems have gotten out of control in many ways, and, while most modern people can’t conceive of not being able to use a bank (and, specifically, their debit card), these same people don’t also understand that having this convenience comes with a price.
If you don’t believe that, then just consider who benefits from having major international banks. Let’s take the “biggest” bank, in terms of international scope, the International Monetary Fund (IMF) which, in their own words, “is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
Now, to be fair, the IMF isn’t technically a bank, but it deals in money, makes loans, and acts suspiciously like a bank, so I think we’re safe calling it that. In that capacity, it’s supposed to do all kinds of good things like those listed above, all of which it has done a terrible job of doing.
And then you have the scandals (is it sounding more and more like a bank to you?). For example, the current head of the IMF was just convicted of negligence for not opposing a payout of over $438 million while she worked for the French government which many considered to be as questionable U.S. bank “too big to fail” payout.
So, what happens to you when you screw up and someone gets $438 million that maybe they shouldn’t have? If you’re the head of the IMF, absolutely nothing. Why? Because it might trigger a change in the administration of the IMF. Sounds more like “too big to fail” doesn’t it?
The fact of the matter is, giant banks work hand-in-hand with governments to fleece the people and line their pockets and the pockets of the giant corporations who work with them.
And we get left with the bill for bailing out those that are “too big to fail.”
So, who do the banks really help? Themselves, that’s who.
What are your plans to keep your money safe from these embezzlers? Tell us below.