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A comment on Debit cards are hidden financial infrastructure. Parent comment

Re:Debit cards are hidden financial infrastructure by ffggvv on Friday November 12, 2021 @10:15PM (#29207077)
j.p. morgan existed before regulatory bodies did
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Re:Debit cards are hidden financial infrastructure by numair on Friday November 12, 2021 @10:19PM (#29207095)
The system that maintains the banking oligarchy is a regulatory creation. We replaced the wildcat [bank] with the fat-cat [banker].

https://en.wikipedia.org/wiki/Wildcat_banking

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Re:Debit cards are hidden financial infrastructure by tryptophan on Saturday November 13, 2021 @11:08AM (#29210735)
The whole criticism of wildcat banking is so myopic imo.

Laws were set up that explicitly made these banks very weak. Then after they inevitably failed like they were set up to do, everyone goes "omg, look! private money is so bad! time to nationalize banking and regulate everything!".

https://www.alt-m.org/2021/07/06/the-fable-of-the-cats/

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