Wednesday, December 30, 2009

Well, This Is Interesting

Huffington Post founder Arianna Huufington has launched a campaign to get people to pull their money from "Too Big To Fail" banks and move the money to community banks.

She has a new web site called Move Your Money.

I like End the Fed better, but anything that confuses bankers who are in cahoots with the government is not a bad thing. It gives them less time to plot new schemes.

I hasten to add that small banks have associations that conduct very aggressive lobbying on behalf of small banks. If we take a theoretical and assume that the money is transferred to the small banks,then the small banks will become big banks,with a lobbying apparatus in place.

That's not to say there aren't some solid small bankers. Most sound, honest and conservative bankers are among the small bankers,but we should keep Hayek's warning when it comes to political events: "The worst get on top."

It's unlikely the solid bankers would control the lobbying efforts under a scenario where small banks end up with the deposits of the large banks.

The only way to gain victory is to eliminate the power centers that are captured by the bad guys, you do that by eliminating government regulations and agencies.

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