This graph explains a lot......
Posted on 02/20/2014 3:44:09 PM PST by Renfield
What else can we do with the $1.25 trillion we'll save by eliminating these obsolete financial middleman parasites? A lot.
Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite? Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy....
This graph explains a lot......
Somebody educate me. How do we do away with banks? Do we all just carry cash? Is cash itself obsolete? Do we all have something like a bank account on the internet instead of at a brick and mortar bank?
Sorry for juvenile sounding questions, but I’m really confused about how you do away with the banking business.
A little chip in your hand/forehead will contain all your info/s
I think the author’s argument goes something like this: since we’re all using fiat currency anyway, they might as well be bits and bytes, as pieces of paper, or severely adulterated metals. Since we all have computers and cell phones (except for Luddites like me), who needs middlemen?
The only problem is, if there are no physical placeholders, how do you know there’s no chicanery going on? OTOH, we have placeholders now, and they manipulate the money supply like crazy anyway, so I guess I answered my own question.
"Psst. C'mere. I got one word for you. 'BitCoin.'"
Who’s going to refinance my van? McDonald’s?
And what technology pray tell would facilitate this leapfrogging ? I and many others have known this for quite some time. The technology has outperformed every financial instrument in the last year and is poised to change everything in the financial sector.
The technology is Bitcoin and the protocol has merged digital signatures, point to point networking, a distributive autonomous blockchain and a proof of work system all working together to prevent double spending. This ground breaking invention has been examined by the most brilliant minds in computer science ( not global warming science ) and the consensus is that it is pure genius.
Metcalf’s law is now in effect and Bitcoin appears unstoppable barring threats that at present are unknown! If something is going to stop Bitcoin it is going to have to happen quickly as we are on the tipping point of mass adoption!
if it’s fiat money placeholders aren’t extremely important. banks can just be atm lobbies and drive throughs.
fedgov wont get rid of them b/c they spy and enforce govt edicts on us. SAR reporting for one. draining our accounts, second.
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