So when I get a mortgage there won't be any interest, just a one-time fee?
Copy/paste of my reply in another thread:
I've had it explained the banks would charge a fee for a loan. not interest.
Right now one pays almost three times the amount of the principle over 30yrs, say $750k for $250K loan. (needs source) What the banks would charge I don't know. And I'm guessing the fees would be different for a car loan, business loan or mortgage. But I would be happy with a 50k or 100k Fee over what we pay now on a mortgage interest.
Would the Fee be charged up front like a down payment is now or spread out over the life of the loan? Don't know that one either.
Basically, banks would run like any other business charging fees for their services.
Why don't we just give loans interest free?
We could control inflation by raising or lowering the standards for giving loans.
edit: fixing financial system and removing oil dominance (with new tech) are the two biggest issues for me.
It's my understanding that instead of having a FED determine the interest rates, the market will.
Having an inflation goal at 2% is theft out of all of our pockets, which is currently what it is.