Nov 122011

We can sit around an complain about “the banksters” or we can actually do something about it. Step # 1 is to move your money from a big bank to a local institution. A credit union is an obvious choice because they are non profit organizations owned by their members (account holders). Credit unions are chartered to use their deposits to the benefit of local communities.

Charles Hugh Smith made these important points in a recent essay:

“There are only three things–and only these three–that will cripple Wall Street’s democracy-killing concentration of wealth and power:

1. Transfer the 99%’s money out of Wall Street and the Too Big To Fail Banks

2. Remove campaign contributions from our democracy in a way that the corporate legalist lackeys in the Supreme Court cannot overturn, i.e. entirely publicly financed elections

3. Abolish Wall Street’s dealer, pusher and protector, the Federal Reserve.

My reasoning is very simple:

Everything else people want to see happen cannot happen if:

1) Wall Street and the SDI (systemically dangerous institutions) a.k.a. too big to fail banks, control most Americans’ financial assets and debts

2) The Federal Reserve exists to enable and protect the SDI’s wealth and power via Primary Dealers, the discount window and other pusher/dealer mechanisms

3) Wall Street and the other SDIs can use the billions of dollars they skim from our accounts, IRAs, 401Ks and pensions to buy political influence and protection from regulation and competition.

Therefore these are the necessary foundations of any real change.

As long as Wall Street and the other SDIs control much of the nation’s financial markets, assets and debts, and the Federal Reserve exists to protect and enable their predation and parasitic skimming, they will have the means to reap billions in profits which can then be funneled into our cash-corrupted political system of for-sale toadies and apparatchiks.”

I realize it is a gigantic hassle to change bank accounts particular in the age of internet banking. But it can be done. Since Sept. 29 650,000 people have moved $4.5 billions to credit unions.

If you think the too-big-to-fail institutions are part of the problem, then vote with your checkbook and move your money to any locally owned bank or credit union. It’s the first step toward localization. And, while we are thinking “local” read this.


  6 Responses to “A First Step To Localization”

  1. Ben and I moved our account to WECU a while ago, prior to the tanking of WAMU. We find WECU a
    lovely, friendly place to do business, and like knowing that it is invested in Whatcom County instead of “making” and shipping profits somewhere else.

  2. Myra, we’ve had the same excellent experience at WECU.

  3. +2. For diversity we use NCCU too. Both great CU’s

  4. I admit I havent moved money to WECu yet, we have to see how they transfer money to Europe
    and then to Canada. I am the only American in my family. But investments are tough Where do we go?
    In retirement I still make 5-7% to live on yearly iincome and those that have pensions well
    they are in the big wall street. We do use a fraternal organization to manage our income because the
    dont take the big chunk but where are retired people getting their income from if it isnt pensions that are on wall street and not in wall streetmor banks? I would like to know?I thinWECU is only cash .We didnt originallyngo with them because in2005 they couldnt legally carry businesses and interntaional accts so we were rejected. I dont know about now.

  5. Whidbey Island Bank has been my bank for 17 years. It’s local, very well managed, has none of the leveraged crap that has ruined other local banks. One of the few 4 star banks left in WA. It’s growing modestly as it acquires other failed banks.

  6. Whidbey Island Bank has several branches in Bellingham.

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