Re:Joint Statement by the Department of the Treasury, Federa...
by testfoobar on Monday March 13, 2023 @01:39AM
(#35131553)
With each bailout and backstop, it is a reasonable question why banks exist at all in their current form.
Why not just give every SSN/TIN a Fed account and be done with it.
No liquidity/solvency/counterparty risk. Ever.
Neobanks would be a UI on top your FedAccount. Perhaps they provide some customer service like onboarding/statements/etc.
Investment banks would be wholly different entities. Let them find business, create loans, whatever. But give them absolutely zero government backstops.
Why not just give every SSN/TIN a Fed account and be done with it.
No liquidity/solvency/counterparty risk. Ever.
Neobanks would be a UI on top your FedAccount. Perhaps they provide some customer service like onboarding/statements/etc.
Investment banks would be wholly different entities. Let them find business, create loans, whatever. But give them absolutely zero government backstops.