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News Link • Economy - Economics USA

Banks Are Obsolete: The Entire Parasitic Sector Can Be Eliminated

Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite? Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy.
Software and existing non-Wall Street/too-big-to-fail institutions could replace the entire Wall Street/banking sector and drop costs to .5% of GDP, saving us 8+% of our GDP ($1.25 trillion) that is currently siphoned off by parasitic middlemen. The banking sector is Exhibit A in the Middleman-Skimming Economy (February 11, 2014).

1 Comments in Response to

Comment by Ed Price
Entered on:

The banks are NOT obsolete! They are the basic problem. They are not middlemen. They are the problem cause.

Without banks, there would be no IRS income tax. The taxes are used as a method for determining how much the banks can loan to the Government. If there were no banks, there would be no need for the Income Tax, as Government can create all the cash they need for the nation.

Without the banks, the whole system of the world operation would change. The big bankers know this. If they go down, they will attempt to take as many people and nations along with them as possible.

Someone please report on MaidSafe at See a reasonable points-list at

MaidSafe is a method for bypassing the NSA and all Government controls. Of course, Government will figure out ways around some of it, but they won't have time to overcome it. MaidSafe could be the freedom we are looking for.

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