In 1921, There Was 31 000 Banks In The United States, But That Number Is Much Smaller Today

From “Depression-Era Bank Failures: The Great Contagion or the Great Shakeout?” John R. Walter. Date Written: 2005

Now let us travel forward in time.

Today we only have 4650 banks

And a population 3 times larger.

To put this into perspective, in 1920 there was only 3483 people per bank. Now we have 70 000 people per bank!

Below is a picture of the total interest income for all commercial banks in the United States.

 

In 2018, banks made a total of $500 billion in interest — almost as much as the entire military budget for the United States, a nation that spends more than every other country in the world combined!

To make things worse, 47% of banking assets are controlled by only 5 corporations!

Check out these snapshots from their 2018 annual reports

Wells Fargo

Citigroup Inc [ formerly Travelers Group Inc ]

JP Morgan

All that interest for just those four companies adds up to a whopping $280 billion. There is 22 million registered businesses in the United States.

How far have we come? What will it be like in 40 years? Will we only have 1 bank? Or maybe 2 like in politics. Or will it still be 4..

Only time will tell

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