Well... Money in a bank at this point is essentially binary ones and zeroes, so money COULD just disappear.
Re: Are banks necessary? Yes, to an extent. Local banks and credit unions are pretty necessary, as there is security in having your money insured and having its safety ensured with equipment you would not otherwise be able to afford.
Imagine being one of those mattress stuffers who has tens of thousands of dollars saved, and then lost it all in a freak fire. That's what banks prevent, and that's why a local bank is good.
As middle men, it does aid in payment processing in a very effective way, allowing you to order things that are outside of your state or country's scope. This is important for things like PC components, where we do not manufacture much, as well as source materials from various regions with the best prices to keep your costs low.
The problem isn't necessarily the bank directly.
The problem starts with the federal reserve, and festers from that point on.
Well... Money in a bank at this point is essentially binary ones and zeroes, so money COULD just disappear.
Re: Are banks necessary? Yes, to an extent. Local banks and credit unions are pretty necessary, as there is security in having your money insured and having its safety ensured with equipment you would not otherwise be able to afford.
Imagine being one of those mattress stuffers who has tens of thousands of dollars saved, and then lost it all in a freak fire. That's what banks prevent, and that's why a local bank is good.
As middle men, it does aid in payment processing in a very effective way, allowing you to order things that are outside of your state or country's scope. This is important for things like PC components, where we do not manufacture much, as well as source materials from various regions with the best prices to keep your costs low.
The problem isn't necessarily the bank directly.
The problem starts with the federal reserve, and festers from that point on.