It's Time To Get Painfully Honest: Banks Are Evil

[carlosmg]

It's easy to see that most of the profit comes through interest rates. But perhaps the problem lies in the fact that most people are very greedy, do not pay attention to the interest rate tables, and do not do a good analysis of the contracts before choosing a banking plan.

[Qartada]

It is no news that banks are evil.  They prey on innocent people and take advantage of their deposited money.  They have the freedom to use it anywhere and charges depositors for maintenance fee and even eats the balance when it does not meet the minimum requirement.  And when it is time to get our money, we have to undergo several verification procedure before we can get our own money.

That's the problem though.  Once you give your money to the bank, it's not your money anymore.  It's the bank's money and because everyone holds money in the bank people have started leading themselves to believe that it's acceptable for banks to hold everyone's money, when in fact you are at their mercy.

[cryp24x]

It is no news that banks are evil.  They prey on innocent people and take advantage of their deposited money.  They have the freedom to use it anywhere and charges depositors for maintenance fee and even eats the balance when it does not meet the minimum requirement.  And when it is time to get our money, we have to undergo several verification procedure before we can get our own money.

That's the problem though.  Once you give your money to the bank, it's not your money anymore.  It's the bank's money and because everyone holds money in the bank people have started leading themselves to believe that it's acceptable for banks to hold everyone's money, when in fact you are at their mercy.

That is the sad part of reality. People are being cheated right in front of their eyes and yet they agree with it and even bragged about it to their family and friends.  If only they knew that once they money is deposited in the bank, it is not their money anymore.  What they have is just a booklet of their transaction  that when banks wanted to forfeit it, they can do anytime.

[bamboylee]

Banks are evil, corporates are evil, governmennt is corrupt but there is nothing we can do about it. They control most of what we need.

[Mometaskers]

Unfortunately for us smallfolk, there's really not much we can do to fight them directly. If you have to deal with them, then at least try to work within what you have control. Make sure to pay your loans and credit card bills, etc. Provided bitcoin manage to stay free from complete gov't control, it should give them some pause and hopefully they might actually try to compete for people's money rather than just gouging them.

[BobK71]

It's not just the banks; it's the state-bank alliance.  They jointly profit from inflating the values of money and debt with their power -- this evil couldn't exist without either of them.

Ironically, if you buy and hold gold and Bitcoin for the long term, you can benefit.  (Just make sure you don't buy when the global empire is rising, like the 1950s or early 1990s.)  The reason is also due to the nature of the state-bank alliance.

Note that, in this alliance, the top politicians contribute state power, while the top bankers contribute financial know-how.  The politicians, being totally ignorant in this high-stakes and specialized game, are basically led around like children.  They just go along because they benefit from issuing huge amounts of public debt without being punished by the 'markets.'

So here's the problem with this alliance.  When financial asset values collapse (and this day will come, due to the incentives faced by the elites) and everyday people suffer, the politicians will put all the blame on the bankers.  The reasons are obvious (and there is no loyalty in that game,) and the politicians are going to win that argument.  The biggest such events in history include the Spanish Inquisition and the Nazi Holocaust.  In our day, politicians like Bernie Sanders and Elizabeth Warren have already gone after the bankers.

Knowing that, the bankers and central bankers must prepare a last-ditch rescue for a worst-case scenario, when all trust in the system is gone.  That rescue will be some non-state-issued asset, like gold, silver, and Bitcoin, that the elites can peg their money to (at a high price for the non-state asset,) stabilize their system, and ease the suffering.  Even if the bankers think there's only a small chance for such an occurrence, it will be so devastating to the bankers that they must prepare for it.

So, the elites will try to suppress non-state assets, but won't kill them, even when given a chance.  In the long run, this presents something like a one-way bet for these assets, at current prices.

[Silberman]

I suppose you mean bankers are evil, banks are nothing but an institution made for the bankers to profit from it, banks have a reason to be but like always the power they have has corrupted them and they have changed sights of giving a service and instead they try to dominate every single industry.

[ekoice]

Banks are created for the benefit of bankers and all governments support banking sectors irrespective of any country.Thats why,satoshi created bitcoin as a decentralized currency uncontrolled by any one.People show more interest in buying bitcoins and it shows their loss of interest in banks.Thats why bankers fear bitcoins that it would make loss of their revenue.

[Hydrogen]

When financial asset values collapse (and this day will come, due to the incentives faced by the elites) and everyday people suffer, the politicians will put all the blame on the bankers.  

I know students enrolled in economics courses in colleges/universities, right now.

They tell me professors routinely teach the 2008 economic crisis was caused by capitalism.

And that the answer to preventing those types of crisis in the future is to embrace socialism & increase regulation, etc.

If you noticed a disproportionate number of americans being pro socialist, like Colin Kaepernick wearing his pro Fidel Castro/Socialist Cuba, t-shirt at press conferences.

Its likely because many are being indoctrinated into anti-capitalist sentiment: "capitalism caused the 2008 economic crisis" while being fed pro socialist propaganda in schools by teachers, celebrities & other pop culture mainstream sources.

There's a widespread campaign to indoctrinate youth into hating God, guns, capitalism, bitcoin and the Constitution.

We have an entire generation that would believe any financial collapse was caused by capitalism, & that socialism/totalitarianism is the solution.

They've been raised to hate the Constitution/capitalism and would applaud us being universally stripped of our rights and freedom.

The hurricane katrina disaster was caused by the state cutting infrastructure funding to new orleans levees, in order to fund war in the middle east.

If the state wasn't held accountable for that, or for the 2008 economic crisis I don't know if its possible for them to be held accountable for anything.

The other day I was scrolling through twitter & someone posted this image of the world trade center post 9/11.



I don't know if the 2nd image is from the 9/11 aftermath. If its real & the foundation supports were diagonally cut.

There could be no limit to what politicians and bankers could get away with.

[silversmith]

I actually like my local bank.

[BobK71]

I know students enrolled in economics courses in colleges/universities, right now.

They tell me professors routinely teach the 2008 economic crisis was caused by capitalism.

And that the answer to preventing those types of crisis in the future is to embrace socialism & increase regulation, etc.

If you noticed a disproportionate number of americans being pro socialist, like Colin Kaepernick wearing his pro Fidel Castro/Socialist Cuba, t-shirt at press conferences.

Its likely because many are being indoctrinated into anti-capitalist sentiment: "capitalism caused the 2008 economic crisis" while being fed pro socialist propaganda in schools by teachers, celebrities & other pop culture mainstream sources.

There's a widespread campaign to indoctrinate youth into hating God, guns, capitalism, bitcoin and the Constitution.

We have an entire generation that would believe any financial collapse was caused by capitalism, & that socialism/totalitarianism is the solution.

Thank you for a really refreshing and informative angle.

If you went to college when I did (before the Soviet collapse,) the unspoken foundation of world view was represented by readings like Adam Smith's 'Wealth of Nations' and Orwell's '1984' and 'Animal Farm.'

I guess you could theorize that Communist regimes were a real threat (or at least a serious constraint) to the 'capitalist' state-bank alliance back then, whereas socialism today serves only to dissipate youthful idealism and potential opposition to their system, since it will probably never get anywhere, for a number of reasons.

One thing I'll bet won't be allowed to flourish on campus is the combo of Austrian economics and libertarianism.  I'm not totally sure about these, but since taking government out of money and finance will be the key to a healthy system, it's the truth the elites can't handle.

What I personally see everyday is from the opposite angle.  There is plenty of commentary from mainstream, respectable, intellectual quarters these days, constantly whining politely how our modern, 'liberal,' 'free-market' order is being threatened by the wave of 'populism' represented by Trump, Brexit, Le Pen, etc.

If only the dummies knew what's best for them...

It's hard to understand how 'intellectuals' like David Brooks and Tom Friedman, to this day, still don't seem to understand that these 'populist' forces are precisely due to the Western elites having painted themselves into a corner.  They tried to keep alive a basically deceptive system for a while longer ('globalization' being one such act,) and now the system's contradictions are appearing on the surface, in the form of economic hopelessness for previously well-off Western voters.

So, their next big idea might be to put on another band-aid in the form of redistributing some wealth to keep more voters happy.  That socialism talk might be just in time!

[BobK71]

After all it's money we are talking about.
And when it comes up to money, friendship ends according to an old saying in my country.
They want to earn money just like everybody else. And they use their strong position in order to do so like most of the people would do as well.
And besides, it's always up to us with who we do business.

Sorry, I wish we really had choice, but no.  See Dissecting the Parasitocracy.

[Slark]

The really sad part is when people are asking when we will have a Bitcoin Bank. The correct and the best anwer would be - hopefully never.
Bitcoin was created to battle banks, as they are economic parasites. Average Joe is not even able to imagine how much he is being exploited by big corporations and banks.
Banks are not here to help you, they are here to give you a calendar with a big sign 'Sucker" written on it, because you will be paying banks interest for your whole life.

[milewilda]

In my opinion, not all the banks are evil because they are one of the greatest foundation of our national economy. If there is no bank then there will no authority that will help us to secure our money. Bank is one of the most important branch of our economic tree because they secure and help the economy to continue flowing because if they have the money they will help other people to take loans or invest in the stock market which help the money continue flowing.

Agree, Banks do have major roles on our economic activity and its not evil all the times because there are lots of benefits we can get from it instead of bashing it on its some services but still a lot way better to secure our money than doing alternative stuffs.Its your own choice to use banks or not but most people do really prefer to use banks.

[iamTom123]

Banks have a role to play in the economy. Now, if Bitcoin can replace that role so be it. If you have the money, no one is forcing you to deposit your money into any bank. There are many ways to safeguard your own money...like you can invest it in real estate and gain some rewards in the process. I am not saying that banks are angels no banks can indeed be evil because banks are owned and managed by people who are like us can be made of human nature...evil human nature. In fact, right now, we are witnessing the same evil human nature in Bitcoin. One thing I realized is that many times it is not just the system but the people behind the system and the nature of these people.

My question is this: Is there a system of government or a program that can rid of human nature with its selfishness and greed? You know the answer to that...peace!

[Silberman]

The really sad part is when people are asking when we will have a Bitcoin Bank. The correct and the best anwer would be - hopefully never.
Bitcoin was created to battle banks, as they are economic parasites. Average Joe is not even able to imagine how much he is being exploited by big corporations and banks.
Banks are not here to help you, they are here to give you a calendar with a big sign 'Sucker" written on it, because you will be paying banks interest for your whole life.

The problem is that if bitcoin ever reaches major adoption and there has not been an event that teach the average person what it is really happening then we run the risk that the same happens to bitcoin since banks only care about getting profits by exploiting people.

[dmamigo]

Banks are generally not evil, but yeah there policies might become painfully evil sometimes. But atleast they are taking care of our saved money from real evils of the world. Some banks supported by Government are really nice, but some private Banks though providing awesome service, charges heavy fees/service charge.

[jorneyflair]

Banks aren't evil by themselves.
What is really the root of evil here isn't money. It is fractional reserve.

When you deposit $1 into the bank, guess what happens to the money?
1. The bank takes out 90% of that money.
2. The bank lends it to someone else that you don't even know about.
3. The bank charges them like 4% interest for that loan, and only gives you 1 or 2%.
4. That person goes and buys a house, driving the house bubble even more upwards.
5. You decide that you want to own a house as well.
6. You go to the auction and win. Guess what, you have successfully purchased a house that was purchased with the money you loaned to the bank in the first place!!!

And this is why houses are so damn expensive these days.
But all bubbles will burst, and when it bursts all people who have invested their life savings into housing will be crying.

That's why you don't have fractional reserve, and switch to bitcoin.

[HabBear]

And what responsibility to do people have to make sure they aren't using money foolishly? Borrowing too much money? Spending beyond their means.

By your logic any company that sells something could potentially be misused or abused is evil.

I know students enrolled in economics courses in colleges/universities, right now. They tell me professors routinely teach the 2008 economic crisis was caused by capitalism.

Which colleges/universities? Trump University?

[HarringtonStark]

I know how they try to make money. They milk as much money as possible from their customers by introducing not-really necessary services and life insurance. They try to attract you with their promos. I just opened my account last week.  To be safe, I only open an account on top banks renowned worldwide.