| > Theyre just skimming middle man between the government and end consumer. You're thinking of the "federal reserve" as "the government." This is a tempting but extremely flawed point of view. > If youre in trouble with the irs or the law, the government will have all the insight they request. These institutions make mistakes. They're also not immune to corruption or politics themselves. Government agents have qualified immunity. Do you really want to bank with someone you essentially cannot sue? > I know the interest rate should be set by banks and not the politicians, but yeah, is that really it? Rates should be set by the _market_. Which would be easier if currency were backed by anything other than _fiat_. You are in a tarpit, going further down is not the secret way out. > neutral like the irs What makes you think the IRS is "neutral?" Or presuming that's true, given this new responsibility, how are they capable of maintaining it? Finally.. wouldn't something simpler, like just reimplementing Glass Steagall be the better idea? Let's make "consumer banks" and "investment banks" different and separately regulated again. |