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IPFS News Link • Blockchain

How the Blockchain Can Free You From The Banking Industry

• The Daily Bell

Fortunately for a good number of people within the Western world, freedom is something we have come to expect within our daily lives.

Though for as often as we hear and speak of our freedom, there still exist many areas in which freedom is merely just a word.

And in no area is that lack of freedom felt more heavily than within banking institutions. We rely on these institutions and companies for critical aspects of our lives. Yet all too often they serve only themselves at to the detriment of their customers.

 

The advent of modern banking grew out of a principle of providing people with a utility. Banks could be relied upon and used to advance customers' living standards and financial security.

Though as populations boomed and business continued to soar, banking shifted into a $100 trillion dollar industry globally.

With that shift came a change in the way that banks conducted themselves.

Loans took on a predatory nature with the help of government incentives. They no longer were designed to help individuals attain the things they could use to better their lives. But instead, loans trapped individuals into a spiraling debt cycle to drive banking profits higher.

Fraud became more widespread and much more difficult to prosecute. Often perpetrators simply resigned with a healthy severance package earned from their misdeeds.

And regulators became embroiled with those they were meant to be regulating. Lobbying on behalf of commercial banks became a standard practice.

The entire industry shifted into becoming a source of distrust and malalignment among average citizens. And after the 2008 financial crisis and the subsequent bailouts, that distrust only grew.

In the aftermath of the 2008 financial crisis, the uglier side of the banking industry became quite apparent.

The truth about the predatory loans and the shady dealings of corporate banks started to come to light over time. Stories of how major banks had acted against the interest of the people they served began to become the norm.

1 Comments in Response to

Comment by PureTrust
Entered on:

On small scale, in average simple banking, the banks are honest. This has lulled people into trusting them. But when you look at all the banking and money bubbles around the world, you see that the banks are not necessarily honest at any time. But they have trained their sheeple to trust them anyway. When the banking system finally comes down, it will take a lot of trusting sheeple with it.