Financial Utopia
July 8, 2009 | industry, industry critics | Comments (2)Non-profit mortgage lending, free checking/savings accounts, government-supported payday loans, and more….all provided by “the People’s Bank.” It’s socialist dreaming over at the DailyKos:
A lot of ink and pixels have been spent talking about the need for new regulation, and I don’t really have much to add there for the moment. But one idea that I do want to explore is to return to where we should have gone with American central banking – the idea of a public finance sector, a People’s Bank.
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Thus, the second basic function for the People’s Bank…..the government should provide “basic transactional credit as a public good…Every adult would be offered a Treasury Express card, which would have, say, a $1000 limit. Balances would be payable in full monthly. The only penalty for nonpayment would be denial of access of further credit, both by the government and by private creditors…Unpaid balances would be forgiven automatically after a period of five years. No interest would ever be charged.”
And to continue the fantasy, the Payday Pundit thinks that the desks, computers, buildings and supplies should all be “free.” (Workers who make them won’t mind.) Employees wouldn’t get paid, they’d live communially and feed themselves from the community garden. And their clothes would all be made from hemp grown in the People’s Bank farm.
Comments»
KUMBAYA!
Sounds great to me. $1000 I don’t have to repay and after five years I get to do it again. Where do I sign up?