Local Governments, Churches, Community Groups, Prominent Business Men And Others Are Divesting From Big, Corrupt Banks … Why Aren’t You?
CNN Money reports:
Customers are dumping their banks in droves ahead of the nationwide “Move Your Money” and “Bank Transfer Day” movements this Saturday.
At least 650,000 consumers have already joined credit unions since Sept. 29 … to a nationwide survey of credit unions by the Credit Union National Association. [Here's the report.] That amounts to $4.5 billion in new savings accounts, CUNA said.
Meanwhile, the Independent Community Bankers of America said a poll of its 5,000 members conducted on Oct. 17 found that nearly 60% of community banks are gaining customers who are sick and tired of the big financial institutions. The association’s community bank locator has seen more than 5,000 inquiries in the last few weeks — an increase of nearly 500%.
By the end of this weekend, accounts at these credit unions and community banks could grow by tens of thousands more.
“They take your deposits and use them to buy politicians to de-regulate, give them immunity, interest-free loans and bailouts. Then they turn around and charge you fees to make them even richer,” said one “Move Your Money” flyer posted on a Facebook page dedicated to the initiative (which has 43,679 “likes”). “Take your money to a credit union or a community bank that will use your money in your community and not to pervert the rule of law and fill their own pockets.”
Occupy Wall Street has formed a separate united front, called “Dump Your Bank Day,” which will take place on Tuesday, Nov. 8.
I’ve supported the Move Your Money campaign for years because:
2. The bought-and-paid-for politicians refuse to do so (because … drumroll, please … they’re bought and paid for by the big banks)
You can use Move Your Money project’s community bank and credit union finder tool to find out how and where to move your money.
Postscript: Ending the Fed and reining in Wall Street are two sides of the same coin. While even top-drawer economists say we must end the Fed, and many libertarians argue that ending the Fed would “change everything”, the Fed is the big banks and the giant banks are the Fed.
It will be impossible to pressure Congress to end the Fed as long as the giant banks have purchased Congress lock, stock and barrel. The dinosaur banks will pressure their water-carriers in Congress to not only keep the Fed alive, but to give it more and more powers.
So all those who want to end the Fed should also support the Move Your Money movement and divest their funds from the giant banks, because only then will it be possible to end the take away the Fed’s main supporters: the giant banks.
Indeed, the big banks are not engaging in capitalism … rather, they are engaging in socialism, fascism, looting, kleptocracy, oligarchy or banana republic behavior (depending on your preference of wording).
On the other hand, smaller banks are engaging in capitalism – and are actually allocating capital to entrepreneurs (what banks are supposed to do).
If we downsize the giant, socialist banks, the small banks will thrive, thus reinvigorating the entire economy … saving capitalism in the process.
As Charles Hugh Smith noted recently:
There are only three things–and only these three–that will cripple Wall Street’s democracy-killing concentration of wealth and power:
1. Transfer the 99%’s money out of Wall Street and the Too Big To Fail Banks
2. Remove campaign contributions from our democracy in a way that the corporate legalist lackeys in the Supreme Court cannot overturn, i.e. entirely publicly financed elections
3. Abolish Wall Street’s dealer, pusher and protector, the Federal Reserve.
My reasoning is very simple:
Everything else people want to see happen cannot happen if:
1) Wall Street and the SDI (systemically dangerous institutions) a.k.a. too big to fail banks, control most Americans’ financial assets and debts
2) The Federal Reserve exists to enable and protect the SDI’s wealth and power via Primary Dealers, the discount window and other pusher/dealer mechanisms
3) Wall Street and the other SDIs can use the billions of dollars they skim from our accounts, IRAs, 401Ks and pensions to buy political influence and protection from regulation and competition.
Therefore these are the necessary foundations of any real change.
As long as Wall Street and the other SDIs control much of the nation’s financial markets, assets and debts, and the Federal Reserve exists to protect and enable their predation and parasitic skimming, they will have the means to reap billions in profits which can then be funneled into our cash-corrupted political system of for-sale toadies and apparatchiks.
If we don’t end the Fed, it will keep propping up the Wall Street con artists.
If we don’t downsize the giant banks, they will keep propping up the Fed.