So since first posting about the subject of changing the game, in sync with countless other groups and movements all over the inter-verse, some big and hopefully IRREVERSIBLE changes are happening. In just October alone, according the ABC report linked below, 1 million bank customers have closed their accounts and moved their money to local community banks and credit unions. An estimated $4.5 BILLION in deposits! This is absolutely unprecedented. It’s not just individuals either. Small and medium-sized businesses are moving their money out of the “Big Six” commercial banks as well.
ABC News piece on Youtube (new window will open)
The Plutocrat-beholden critics are of course whining ad nauseum that this all spells some kind of economic gloom and doom. That this money migration amounts to a “run on the banks”, which many attribute to what caused the Great Depression of 1929.
And that would be COMPLETE and TOTAL bullshit. Moving your money from commercial banks to other smaller banks and credit unions is not the same thing as what happened in 1929. Not by a longshot. Doing so actually favors local banks and Credit Unions, building their coffers, and allowing them to be more competitive. It’s a well-documented fact that local banks and credit unions are more willing to loan money to their customers and local businesses. In fact, credit unions are committed by their very charters to make a significant percentage of their depositors’ funds available to their members in the way of advantageous mortgage loans, business loans, and other programs.
And even if it did mean some kind of “run on the banks” would transpire, so what? The system has to CHANGE. The banking industry can only change if its own customers dictate their choices with THEIR MONEY.
So don’t be fooled by the bs propaganda that the oh-so-powerful banking lobby, their PR outfits and marketing divisions will inevitably spew. Particularly in their futile efforts to stem the rising tide of money migration. You can be assured that they will do anything and everything to play this down and try to convince their existing customers to stay with them. Do NOT be fooled.
As I’ve been saying all along, ACTION is what is really needed to initiate and establish real change. Now is NOT the time to stop.