🏦 The Big Bank Lobby is at it again...
Once again, we see the banking lobby prioritizing multi-million dollar executive bonuses 💰 over the financial health of the average American.
The current target? Stablecoins. They are lobbying to ban yields on stablecoins because they simply don't want to compete for your deposits. 🚫🪙
Let’s look at the track record:
1⃣ The Flip-Flop: Decades ago, banks argued that not being allowed to pay interest (Reg Q) made them uncompetitive. Now that they have the power, they want to stop others from paying you. 📉
2⃣ The Safety Net: Don’t forget—the industry was saved by massive taxpayer-funded bailouts during the financial crisis. 🆘
3⃣ The "Main Street" Myth: The top 20 banks hold 70% of all deposits. They pay you ~0% while they earn >3.5% risk-free at the Fed. 🤑
Where is your money actually going?
Banks claim they support "Main Street," but the math tells a different story. Less than 20% of their balance sheets go toward residential mortgages and small business loans. 🏠🏬
The rest? It’s largely fueling:
Commercial real estate billionaires 🏙
Hedge funds 📈
The Bottom Line 👇
The banks are asking for a protected monopoly: No competition, 0% interest for customers, and huge bonuses for executives.
Why are we tolerating this? It is time to ask some fundamental questions about the "deal" between banks, customers, and American voters. 🗳
https://www.zero-knowledge.com/blog/chokepoint