Since the financial meltdown of 2008, banks now have been incentivized to become even bigger, knowing that the larger they are and the more they have their tentacles into every tiny aspect of everyone’s lives, the more they fall into the “too big to fail” category, making them immune from prosecution and ensuring a steady stream of government subsidies to keep them profitable and healthy.
Lately, the news news and internet news have picked up on LIBOR, the international banking interest rates standard and how’s it’s set by a group of chaps in London to suit their own whims. There is in fact an international banking conspiracy, but it’s not run by Bond villains or Lex Luthor, trying to build some gigantic sun laser… it’s run by a small group of old tweed jacket lunch buddies in London who are just trying to be cool around each other.
Massive electronic bank failure in the UK forces thousands to remember what life was like 50 years ago
NatWest, one of the largest banks in Britain, suffered a massive electronic infrastructure failure earlier this week, forcing branches around the country to open their doors on Saturday and Sunday to allow customers to come in and withdraw cash.
When the Occupy movements and protests occupied most of the news coverage for much of last year, there seemed to be two main stereotypes: a) OWS was nothing but privileged college students protesting for no reason and b) Nothing would come of it, since there didn’t seem to be any main, focusing message. Just because the Occupy protests have mainly died down doesn’t mean they’ve gone away. They’ve just gone inside and started working on the real problems. Meet the Alternative Banking Group.
Banks are pretty pissed off at new regulations that would limit the per-use fees of debit and credit cards to 12 cents a swipe, which banks claim will cut their profits by 70% and cause mass hysteria, dogs and cats living together etc. But it’s a load of bullcrap and the banks know it, but they’re still mad, so they’re threatening to put a cap on debit card transactions to either $50 or $100, basically to force people to rack up more transactions.