Interesting article on doing away with the banking sector altogether via current tech

02/20/2014 - 00:00

  By <a href="">Charles Hugh Smith</a> - <br><br><a href="">What else can we do with the $1.25 trillion we’ll save by eliminating these obsolete financial middleman parasites? A lot.<br><br>Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite?Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy.<br><br>Software and existing non-Wall Street/too-big-to-fail institutions could replace the entire Wall Street/banking sector and drop costs to .5% of GDP, saving us 8+% of our GDP ($1.25 trillion) that is currently siphoned off by parasitic middlemen. The banking sector is Exhibit A in the Middleman-Skimming Economy (February 11, 2014).<br><br>READ MORE ON MAX KEISER</a>