m
Nice post. Your Franklin model of anking would be an interesting
one to see used, but that is one problem with the strong federalism
we now have, it prevents the very experimentation at state and local
level that might allows certain solutions to be "field tested." No reason I
can see not to have competitive banking systems and see what works.
woods:
I think what I mentioned about the Franklin model would necessarily
entailed a more heightened sense of morals than what occurs today. It
worked but I'm sure a spirited sense of freedom, and looking out
for each other was stronger at that time. They were all probably feeling a
sense of relevance in what they were doing. If before the revolution, the
frontier mentality is the same as cutting edge. It was all new and wonderful
with the allowance of European goods coming in from time to time for they
were obviously in need for what Thoreau (thought a later tone, but I think
he was seeing a tone and atmosphere that could be seen in pre-revolutionary
times too) pointed out as Concord's addiction for the latest fashions of Paris.
I see the frontier mentality in the private sector. Try this, and that,
it's
experimental. But currently I don't think it's a frontier mentality in
banking. If
somebody could get in with the banks today, it would be more to get in with
the millions floating around. Not anything new, but to get in on the already
established conglomerate. Again, if a banking system that would
decentralize happened, morals would need to be on the minds, so to
speak, or else the same old game over and over again.
For one, rid the FDIC. It's safe for the customers, but not in the long
run.
As banks begin to fail, and FDIC would step in, which no dollar for dollar
FDIC money is saved anywhere, so the hope is small defaults here and there
by banks and the other banks helps fund the FDIC. If further in trouble, they
go
to Congress, and then lastly if needed - the Federal Reserve, or straight from
smaller banks to Federal Reserve as noted by today's news. All of this is not
saved money. It's money printed out of thin air.
So no matter which way we go, it would seem morality needs to be considered
and I don't see that happening. It's spirituality crisis in the U.S. As
Pirsig mentions and
calls for. We need a spiritual rationality.
woods
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