Counterpoint is that banks are predatory on consumers. i
If their profitability relies on fees extracted from depositors for the privilege of letting them buy and sell, then they should not exist.
If you believe that the banking industry is predatory, you shouldn’t hope for a disruption like this. The US banking industry is among the most competitive in the world, with thousands of institutions competing for your business. If you don’t like the fees charged by the big banks, you can find a credit union or community bank that will give you a better deal. If a digital dollar is released, it is these smaller institutions that will be most affected—along with consumer choice.
If the U.S. Treasury and the Federal Reserve intend to undertake a revolutionary restructuring of the U.S. banking sector, they should do so in an orderly fashion, engaging in a democratic process with full disclosure of the implications of their policies.
The last thing we need is government deciding which business gets loans.
They'll soon be analyzing your social media before loaning you anything.
So let me explain: if you borrow at 10%, and double the interest, what do you get? Well the critical thing is time, patience, so doubling the interest means allowing half the time to pay back. So in fact the interest is 1.1, not .1, bankers should never add one or subtract one. You take that 1.1 and you square it, that's double the interest, get 1.21. Just as like, the banks take 1.01 international rates and exponentiate them to the 18th power to get 1.2 percent rates, what the market will bear...sort of, haven't borne it very happily recently. Lots of violence.