Rabu, 19 Oktober 2011

Banks need ethical adjustments v.03

Before lending people money, banks need to have consent from their customers first, for using their money to lend other people.
The problem nowadays is that people are not giving permission to banks to use their money to lend to others. So they have all the right to pull their money out of the banks.
And if there were events that requires many to pull their money out banks will be devastated, the whole economy will be devastated.

As long as if banks could get people to promise that they wouldn't take out their money too early... everything would be ok. Nowadays its not like that, 3 months 6 months 1 year deposits are not going to cut it. It have to be an official, black and white, promise that the money is going to be used for such and such purposes... then things are going to be cool.

For those who disagree, they wouldn't be given any interest money, and instead still being charged for saving costs.

Update: I found this video on youtube http://melkipop.blogspot.com/2011/10/paulmckeever-on-banking-system.html. This idea is not just me.

The way banking system should work:
Make 2 types of accounts:
1. Deposits that have been consented to be used in lending
2. Deposits that are not.

Conditions for type 1:
Withdrawal could be made only when and as much as the credit payments. Or if there were other type (1) account that amounts would cover the respective... which in my opinion would not be of rare cases.

Banks could also make chips or partial cuts of participation to the deposits as part of credits.

I think this system may have already been implemented by some credit unions.

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