Tuesday, March 19, 2013

I Wish It WOULD HAVE Happened Here

So Cyprus postponed it's controversial plan to straight jack the savings of it's citizens in order to pay off some bank debt (20k-100k euros at 6.75% and more than 100k euros at 9.9% of their deposits).
This is terrible.
Why put ones money in banks when banks can just take it whenever they get into trouble?

The thing is; everyone was set to receive stocks in the banks in exchange for their seized assets.
Just think of what would have happened if everyone in America would have gotten bank (or brokerage firm, insurance company, or any other financial institution that needed and received a bailout) stocks for all the money lost in our most recent financial scare?
If your 401k lost $500,000?
Cool, you'd now own a percentage of the debt we are all expected to pay off without receiving any compensation.
The thing is; the bankers would get their money but the citizens would now own the banks.
If the citizens owned the American banking/investment system, we would be able to fire all of the people who were and are benefiting from their past and present greed.
The workers' would control the payment structure of it's executive employees.
Our banking system would have become a nationwide member-owned credit union with it's board being answerable to it's owner-members.
What's so bad about that?


Brohammas said...

We all live in a society but none of us want to contribute.
We think our simple existence and going about our business is contribution enough...

Big finance has just messed us all up. I'm getting to be a bigger and bigger fan of the simple transactional economy. things never go too well when you try to get to tricky with it.

Anonymous said...

Don't worry guys when the next ice age or fire age or whatever the earth decides will work best to eradicate all the plastic crap from its surface and clean it off happens, none of that will matter anyway. :0

Have a happy day ;) and don't think about it.

Tom said...

LOL, good point. We may have gotten soaked worse.