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America, It’s Time To Get Real.

I don’t want to say ‘I told you so’, but yeah, I did. Did you see the news this week from Bank of America talking about charging a $5/month fee for using your debit card? Citibank was toying with this type of fee for a few months now and now BoA has gone ahead and given banks across the nation the go-ahead to charge us all for using our own money. Now come on, does that make any sense?

I wrote back in January when discussions of the Dodd-Frank Act were on the table about the ramifications of this act’s passing. It was almost staged — experts knew then what the impact would be, but the populace at large had no interest at the time because it didn’t directly affect the average American. Clearly that has changed!

So, America… it’s time to get real. We need to have a “Come To Jesus” conversation. Here’s the truth of the matter:

1. The banks are all conglomerates looking out for their interests. They don’t care about you. They care that you put your money in their bank, use their credit and debit cards to rack up mounds of debt and thereby interest for them. They are using you en masse to steal your hard-earned wealth. Don’t let them do it!

2. Paying the bank $5 to use a debit card when you can use cash money for free? Poppycock! Think about it: if more people used cash instead of debit cards, the revenue sources would be gone. They’ll get it from somewhere else — that’s how they are — but it won’t be in this way.

3. Here’s the real deal: as long as we have accounts at these massive banks, their dirty tactics will continue! Look at who these banks are:
The “Big Four” banks of the United States are Citibank, JPMorgan Chase, Bank of America and Wells Fargo. Combined they hold 40% of YOUR money — of all American consumers. They’ve already asked for bailouts (which they got) and yet, still posting profits using taxpayer money as a deposit. Even in that, they’re worried about their bonus pool. My heart BLEEDS for you. Worry about the 6.6 million jobs lost since this recession started instead of a 20% decrease in your bonus!

If I sound upset, it’s because I am. I’m mad at the banks for taking advantage of a horrible situation, I’m mad at the American people for sitting down and taking the shaft all this time, and I’m mad at government for allowing their lobbyists to continue their influence at the political table through their monetary campaign contributions.

Considering US money is based on a fiat standard (like most economies around the world), we sure do a lot of fighting about it. Eschewing the legitimacy of US currency and the economic practices by which they are made, it is a fundamental part of our lives. We need it to purchase our essentials: food, housing, clothing and the like. In a recession, every single penny is important!! Why would you give away — and that’s what you are doing — to a bank that already has billions in assets AND makes money on YOUR money every second? They pull millions in profits and their loyalty is only to their shareholders and boards.

It’s bullshit of the highest order. I see people talking about the OccupyWallStreet movement and I’m grateful that at least some people have opened their eyes to the fact that no one, including the people we elected, is doing anything about the financial inequality that is widening day by day. We need concrete solutions and I tell you now, those solutions will not originate from any financial institution that doesn’t serve their purpose.

Here’s what you can expect to happen:

1. All banks will charge for debit card utilization (the big ones anyway) and while there will be a temporary decrease, Americans will settle for it and accept this as the new norm. (I HOPE this doesn’t happen.) The flipside of this would be that as a result of the charges, more Americans will discontinue use of their debit cards. However, they will turn to credit cards and prepaid debit cards (which are a SCAM – DON’T DO IT!)  instead as their alternate card utilization method. This scenario is more likely.

2. Obama will be unable to pass the second stimulus package in its original incarnation. Likely whatever is passed will be a bastardized version of the original and it won’t happen until around December right before the holidays.

3. Sorry to say this, but the recession will likely continue through 2012 with the unlikely return of many standard jobs. Between job consolidation & technological advances in the last 2 years, many businesses (particularly retail) will have a hard time substantiating the revival of permanent jobs. As a result, we will see a higher level of emigration to other areas in the world in 2012 for the younger population.

4. The price of gold will jump over $2000/ounce and we will see the further devaluation of the US Dollar such that it will rival the issues currently experienced with the Euro in the European Union. Additionally, the matter of the US debt ceiling has not been satisfied yet. The likelihood is that with a paralyzed Congress and a President unable to make headway, we will default on our obligations mid-next year. Only time will tell what consequences that will have.

That’s all I can tell you from my humble opinion. Of course, I hope for the best, that we will open our eyes and realize all the damage we have done and take responsibility for it by making the appropriate changes. However, when we have greedy corporations at the head of things and the complacency of the average American at play, it makes things that much more difficult. Also, when you consider our current state of education, today’s youth won’t even get the education they need to be fully equipped in this changed world. They are the true tragedy of this generation of ‘lost youth’.

This is what we’re faced with, America. It’s time to man up.