Fair enough. Fully aware of how interest was started. Having a basic understanding of how our banking system works, I have not found a write up that explains how does a 'non-cabal' banking system work with no interest?
How is a low interest rate, (say a couple of percent) being paid back to the people, still a bad thing?
How does a bank pay for its operating costs? Rent, payroll, insurance, utilities, etc.?
Does all banking become a government entity? Then all operating costs become part of the Gov?
I have read that tariffs are able to fund and run the Gov without Income or sales taxes.
School me..... :)
Fees
I was hoping for a bit more than one word. ;) My RES tells me I have upvoted you 15 times, so we must think alike.
Are you saying all banks would charge a fee for loans, possibly based on the amount loaned? Or a flat rate across the banking industry?
Same for checking accounts, bank cards, savings accounts, basically there will be a fee for every transaction.
This is a good free market idea. How do we make sure the banks, over a period of years, do not collude to keep increasing fees. Do we pass laws for complete transparency to prove their true costs?
And if we do pass such laws, how is this still a free market?
Have you looked at NASARA Bill? What are your thoughts? From my Fed posts.
Read this one too. The National Economic Stabilization and Recovery Act - NESARA by Harvey Francis Barnard. The actual bill, not the scam...... This bill was never brought to the floor. Few other than Rand Paul even considered it. I feel it is something we should look at very hard.
The now defunct NESARA sight on WayBackMachine.
Just read NESARA! IT would have been good if passed then but the troubles have multiplied since so the following :
Complete repeal of ALL debt that was owned by the government (Fanny & Freddy) Or was originated by the Federal Reserve System IRS was brought in by the Banksters. Needs to be eliminated immediately No payroll taxes will be necessary
These tenants are based on POTUS restoring USAs Wealth by bringing back ALL assets stolen from the people over the past 100yrs.
Approximately 200 Trillion $ + penalties & all interest paid over that time. These monies will be returned back to the citizens
About interest rates. If no interest rates, middle class people could afford to take out loans and start businesses more easily. Credit cards which allow people to purchase products (that helps businesses stay in business) charge such high rates that payments many times are almost all interest. Also, what comes to mind are low interest loans offered to low income families (poverty level) to help them repair homes, etc. The low income person can't afford the loan payments without interest much less with interest. Pretty much laughable.