InvestmentWatchBlog – Banks Are Obsolete: The Entire Parasitic Sector Can Be Eliminated – 20 February 2014

InvestmentWatchBy Charles Hugh-SmithWhat else can we do with the $1.25 trillion we’ll save by eliminating these obsolete financial middleman parasites? A lot.Technology has leapfrogged the banking sector, rendering it as obsolete as buggy whips. So why are we devoting 9% of our economy to an obsolete parasite? Financial sector profits now total a staggering 4.5% of GDP (gross domestic product), while the expenses generated by financial churning account for another 4.5% of the economy.

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