I would love it if the banks took an arse whippin.
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Hopefully they all fail and new meat comes in to buy up all the assets (maybe you'd even be able to buy your own mortgage at auction?). No central banking means banks now directly take on the risk of their lending decisions as it would be in a free market; they wouldn't be able to shoulder the weight of defaults on their current loans made under central banking. Without central banking we would return to floating interest rates that actually match market conditions, which would be amazing.
The next big question is what we do with a national currency. Do we allow a free market with naturally competing money/currencies or go down the route of another national fiat currency that results in another central bank in 100 years?
Good question,
I think we will probably need a new amendment to ban central banks forever
Trains, Cars, Airplanes, Electricity, Radios, Film - the modern world was built during the time banks were directly responsible for their risk.
Yeah I agree. I meant they wouldn't be able to shoudler the risk of their current loans under central banking because they handed them out without worrying about the risk. I edited my post to clarify.