Why is banking fundementality wrong?

Question

How can banks, who produce nothing, be so rich?

Answer 1

Depends how you define rich.

But they have loads of money because you enter an agreement where the bank can use any money you put in the bank to buy and sell shares in stock markets etc....

They also make shedloads from fees and lending money and credit cards.

Banking is only fundamentally wrong due to the fact that if you work, 99% of all companies require you to have a bank account to pay your wages into. You are basically forced to have a bank account and that I think is wrong.

But I suppose they do this because of fraud prevention.

Answer 2

simply because they double the interest received on your money held by them and that amounts to considerable wealth

Answer 3

Cuz if you want maney for stuff....you have to pay for it. THe person who gives you the money to buy a house wants to make money too so they can feed thier families...

Answer 4

They produce money..

Or more accurately produce interest on money they hold for u by loaning it out to others.

Answer 5

Banking is NOT fundamentally wrong.   It provides the services of protecting peoples' money (rather than people keeping it under the mattress), transferring money around the country and world on behalf of customers, and lending depositors' money to businesses and individuals for the purposes of commercial growth and helping in times of shortage.

However in some areas, notably in banks' high charges, irresponsible lending, pressure selling of ancillary services and their massive drive to increase profits to satisfy share-holders, they stray from the straight and narrow.

The economy would collapse without banks.   Enjoy the positives and fight against the negatives.

Answer 6

they do produce something. money scamming, interest robbing,non english speaking,tossers.

simple.

Answer 7

They bring together borrowers and lenders, charge for the introduction, and protect the lender.

I agree they charge way too much for that, but without them we are back to barter.

Answer 8

its the capitalist con

banks, insurance firms, any company that deals in only money, is a complete waste of time

we'd all live a much better life under libertarian communism

Answer 9

Are but banks do provide a very important service, they are the ultimate middlemen greasing the wheels of commerce. The money they have on deposit is lent to business for investment in new plant creating jobs. They have there faults but basic banking is a very necessary evil.

Answer 10

If you know another way to buy a $600000 shack , let us know.

Answer 11

Because stupid people are willing to give them money.

Answer 12

if you take a look at 99.9% of big firms in the world.nearly all of then made nothing.ie banks/insurance/ect ect.