America's Banking System
The banking system seems to always get a bad rap in the cryptocurrency and gold bug world. But I think this is a misguided judgement.
Our banking system is one of the keys to american inginuity. The banking system perovides the essense of life to our manufacturing, agriculture, businesses and professions. If you opened your mind to what all the services banks provide, you would never entertain the ignorant minority that protest with phrases like “down with the banks” or the all too familiar “Wall Street” memes.
Lets say you have a great idea and want to start a business. Unless you are fortunate to have an Angel investor back your startup or your Uncle Vinney, that can get some financing (not sure how ;–), where can you turn? Banks. If you have put together a viable and profitable business plan, a bank is always an option. A business loan based on a sound business plan and your sole credit, how wonderful.
I know there will be a lot of people that get triggered by this post. But if you think logically and wiegh the risks to your capital. Would you lend to someone that doesn't have a sound business plan and potential to return your principal with some interest?
Then there is the government. If you are well-informed regarding how our system works, you understand America has a twin system of goverment. Politics in Washington DC and financal in New York. When these two align, America is very prosperous. When they are not aligned, well you have not such good times.
Banking, governemnt and businesses would not exists without each other. No business (which employs people) could exist without a supply of cash or credit provided by Banks.
So let me ask you ... have you hugged your bank today?
Chicago Fed Museum – $1 Million Dollar Cube