this post was submitted on 01 Mar 2024
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It's not banks per se that need to go, it's usury, or interest.
Banks can still find profit and not charge interest, see the entire Arab world.
It's creating money out of thin air. Someone's good will isn't good will when you're forced to pay 125 back on 100 loan. That 25 gets counted towards GDP, even tho nothing was created or there's nothing temporal to show for it, lessoning the value of all currency. Usury is skimming off the top, eventually the whole container is empty.