Their only purpose is to lie and Fleece the Populace and they make most of their money during times of turmoil that they helped create. You can use this data to your advantage; instead of panicking when the markets crash, jump in and purchase all the top quality stocks you can load up on.
If you don’t trust your bank, you’re in good company. With financial regulations unravelling, and in the wake of several shocking banking scandals, it’s remarkable we haven’t all switched to a digital crypto-currency like Bitcoin and ditched our financial institutions. The latest EY Global Consumer Banking Survey finds customers around the globe have diminishing trust in their banks. While they broadly trust banks to look after their money securely across markets, few have complete trust in their banks to give them unbiased advice that puts customers’ interests first. In the United States, 57 per cent of customers trust their bank but only 33 per cent say their financial institution will provide.
What else is new? This is what banks do; deception is the name of the game. They take your money, pay you next to nothing and then lend it out and charge a fortune. Banks can lend out 10 times of what you deposit, so imagine the huge amount of money they earn due to the fractional banking system. Yet, this is not enough for them, they look for other ways to leverage this money and almost always make the taxpayer foot the bill. They will never stop committing fraud, because, for every $1 they pay in fines, they make $100.
All boom and bust cycles are purposely created and the main culprit behind this is the Fed and the banking sector. As 51% of the Fed is owned by the banks, you can bet your bottom dollar the Fed is never going to pass any law that is going to hurt the banks. Banks thrive on pain and misery; during these times they make their biggest killing. Did anything happen to the banks after they helped fuel the housing bubble? No, they received a multibillion-dollar bailout while the small guy was left to hang dry