I’m not a big fan of banks, either… a bit of history. (Since this is my thread/post, I don’t care if we talk about beggars, politics, banks, economics, political views… since it all goes to the same thing – creating an underclass of folks who beg for a living).
Back in the late, great 19th century, a previous President of ours – Andy Jackson – absolutely hated the bank. Not banks in general, but the central bank. So, he went after them. Eventually, the central bank was no more. When asked on his death bed what his greatest accomplishment was, President Jackson said “I killed the bank”. They were his last words.
Destroying the central bank spawned the greatest free market economic boom in the history of Mankind. It was glorious. We had real money back then. “Money” and “currency” are not the same thing. Money has intrinsic worth. An ounce of gold mined in ancient Egypt 3000 years ago has the same worth as an ounce of gold mined the day before yesterday. Silver the same. “Currency” – as in “fiat currency” – is just paper. “Fiat” means “force”, and governments can now declare that anything is “currency”… even toilet paper, if they so choose (our currency has actually less value than toilet paper. Dollars make lousy toilet paper).
What all this goes to is how the central banks siphon wealth away from people. There’s nothing wrong with capitalism. True capitalism. But we don’t have that now. What we have now is crony capitalism, and most folks either don’t know the difference or don’t care.
See, we used to have real money – coins made of silver and gold. And paper dollars redeemable in silver and gold. Then, along came The Fed in 1913. The Fed was signed into being (along with our most hated tax agency, the IRS) very near Christmas Eve in 1913 – when everyone who was opposed to the idea was conveniently out of town for the holidays. This was done by the “Progressive” Woodrow Wilson. We didn’t have a central bank since 1789, but all of a sudden, we “needed” one… yeah, right. Our Income Tax was supposed to be temporary – to pay for the Spanish American War – but the politicians knew a cash cow when they saw one. So, they changed the Constitution to give themselves permission to tax us directly. (This is an oversimplification, but you’d get bored if I got too detailed). How they did this was by playing people off each other – the “have not’s” versus the “haves”…
Then, the second blow was struck by another “progressive” President, FDR. (FDR was Wilson’s “Golden Boy” and Secretary of the Navy). FDR decided that nobody was allowed to own gold bullion. They bought up all the gold they could find at $20 an ounce. Then when they had the gold, they “declared” that the gold was now worth almost $50 an ounce! Gave themselves a nice raise, didn’t they? This was supposedly because of the Great Depression. How taking gold away from people is supposed to help them is completely beyond me.
The third, and worst, blow fell in 1971. President Nixon separated the dollar from gold. Having your currency tied to gold meant you could only spend what you had, and no more. Separate your currency from gold, and now you could just print currency at will, as much as you wanted. This was the start of “crony capitalism”. The currency was just “invented” by our central bank – The Fed – and it flowed to Wall Street, who turned around and used massive amounts of cash to influence politicians into making decisions that benefited Wall Street the most… and the union of the central bank/corporations/politicians was complete.
Here. If you have some time, you need to see this. It’s obviously an oversimplification, but it’s not wrong.
The wicked flee when none pursueth..." - Proverbs 28:1