Abolish The FDIC

The economy of the united states is a great big scam. The left calls it capitalism the right calls it socialism. What we are looking at is neither. We have a system that defends the wealth of the powerful and steals from the worker to grow the wealth of the entitled elite. The FDIC was created in the 30′s as a deposit insurance. The idea was that if we deposited money into the bank we would get it back even in the case of collapse or bank runs. This is the concept that often keeps the FDIC alive in our minds. The reality is that this insurance is not often used by the worker or citizen.

This insurance becomes a way for the large corporate banks not to loose money. It is almost the first line of bailout. Simple deposit insurance should be something obtainable by the person making the deposit or offered as a benefit to an account. Banks that are not stable should not be propped up. If a bank is not stable it will become more difficult and expensive to obtain this insurance which will become a major factor in weeding out the bad banks as well as assisting the average worker in finding a safer more secure institution for their money.

I call to abolish the FDIC in favor of a system that is not propping up banks, but with options to find security in our deposits through insurance. Insurance is the sheeps’ clothing the FDIC wolf wears, is it not time to shoot the wolf and replace it with another sheep in the pasture so the sheep don’t get devoured? They’ve already devoured enough already.