My Question Is...
Why do we need the banks? Like really, one good reason will do.
Maybe it's a silly question but I can't seem to get the reason why we need the banks.
Pixabay
Answers please...
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People need financial institutions that allow people to store and exchange wealth. A blockchain is such an institution.
But you are correct, these institutions do not need to have the same format as banks.
We would be better off if we had a system that encourage equity financing in lieu of debt financing.
Thank you @yintercept and I like the fact that you mentioned blockchain, having to go through middle men is sickening, having to use my money to invest and you still charge me to use my money is pure evil and lists of evil acts goes on...
I have no problem with middle me. We are all in the middle of something. A farmer is in the middle between me and my salad. I have no problem with that.
There are seven billion on this planet. Each one of us is in the middle of something or other.
The problems occur when groups seek ways to control or manipulate. Banks control people in negative ways through debt financing and interest.
IMHO, we need to build better financial institutions and not simply looking toward eliminating middle men.
You do have a solid point, regarding the "middle men" I will definitely not be seeking the elimination of middle men if the middle men that have been in control of the financial institutions for decades have done their jobs with the interest of majority at heart as oppose to the minority.
Haven said that, greed and selfishness will always exist.
Maybe the question here is how to build a better financial institution without eliminating the middle men? Considering the fact that man will always be man and one good selfless man can't be in control for ever.
This question, while difficult, is easier to solve.
In such a system one would have paid professionals who earn their living by helping people with their finances. In such a system you have people employed in doing something that is good for the people.
These paid professionals will want to expand their market and will create a system of positive re-enforcement.
The banking system that we have right now was constructed as an anti-market force. It was built by a ruling elite who wanted a way to control the markets.
If someone constructed a pro-market bank that fed the families of the financial professionals working in the system; the new system could easily replace the old system.
Speaking of middle men. The Witnesses are middle men in the SteemIt system. So, we should hate middle men. We just need to assure that they are not doing bad things ... like they do in many banks.
You have raised interesting points @yintercept , I will go grab a cup of coffee while I continue hating on the banks!