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
Citigroup Inc [ formerly Travelers Group Inc ]
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