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Response to Bunnahabhain (Original post)

Tue Aug 13, 2013, 03:26 PM

30. More than just mortgages, the entire banking system should be returned to the commons.

 

Banking is unique. It is an essential service that receives unique license to perform a function that is highly illegal for any other person or organization, and as such, must be tightly controlled with multiple layers of competing, disinterested oversight.

The first thing to change that would benefit the entire nation, would be to outlaw interest and switch to a strict fee-based system. It doesn't "cost" a bank any more to write a $2,000,000,000 loan than it does to write one for $2,000, so where's the justification for a private enterprise to profit so much more for doing the former?

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Bunnahabhain Aug 2013 OP
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LineReply More than just mortgages, the entire banking system should be returned to the commons.
Egalitarian Thug Aug 2013 #30
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