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.