PART. I. A SINGLE BANK
Section. 1. All banks merged into one which tracks all transactions and withdraws the 5% transaction tax:
Only four banks conduct 90% of America’s banking. Like a crime syndicate, 4 banks paid off politicians with campaign contributions, then divvied up the turf. Instead we’ll have one bank online only, saving us the costs of office buildings, branch buildings, parking lots, salaries, equipment, utilities, advertising, insurance, time and hassle. The 5% per transaction tax, our only tax, will cover all banking fees, ATM, Pay Pal, sales portal fees, etc.
… savings insured; a fair interest rate paid:
Banks make most of their money from 2 SPREADS: (1) Banks get to keep the interest on money waiting to be made “available” as it goes from one customer to another, 2) Banks get to loan out $33,000 and charge 5% for every $1,000 deposited by savers they pay only 3%, a 66:1 spread! Our single bank will not be allowed to do that, nor use our savings to trade stock, nor create mortgage crises, economic collapses and a $40 trillion national debts. A fair rate of interest encourages saving, the backbone of every solid society.
… currency, coin and checks will be abolished:
Each Citizen will have one “card”. Criminals and illegal aliens will be unable to operate underground.