Occupy Movement’s Visa Debit Card issued

[alanjjohnstone]

http://www.youtube.com/watch?feature=player_embedded&v=tHq2chaBINc

 

We were very cynical of Occupy's self-appointed economics group and lo and behold, they now are in cahoots with the financial services to provide debit cards to activists. 

[ALB]

alanjjohnstone wrote:

We were very cynical of Occupy's self-appointed economics group

We were, mainly because of their funny money and currency crank theory about banks being able to create credit from nothing. I wouldn't be too sure that they would welcome this initiative as it will disprove their "thin air" theory of banking.The "Occupy Money Cooperative" is not actually a bank (though they seem to have plans to become one). They are appealing for nearly $1 million start-up capital and will have to at least balance the books from the fees they will charge to people who use their card. The planned Occupy bank would have to do the same and would not be able to lend more than will be deposited in it or which they will borrow.It might never get off the ground as so far they have only raised less than $7000.

[alanjjohnstone]

A labor union that lost its way? An American union owned bank bailed out by billionaires after real estate investment disasters.  http://www.businessweek.com/articles/2013-10-10/how-wilbur-ross-and-ron-burkle-rescued-union-owned-amalgamated-bank  “It was clear to me we couldn’t just rely on labor. We needed to branch out…” That’s meant clashing with some union ideals…"…our job is to protect the assets of the bank, and that’s what we do… One of the unfortunate things in today’s society is capitalism has become to many people a dirty word,” he says. For Amalgamated, “the only way it will ultimately fulfill the original dream and the original mission is to be a profitable and healthy bank.” A lesson for those who advocate a Occupy Co-op Bank. Reformists never learn from experience or  history !!

[ALB]

And of course there's the fate of the Co-operative Bank in the UK, forced to go to the Stock Exchange to raise more capital and avoid going under.  Those who believe in an "ethical" capitalism are just naive (apart from those who make money from it while their scheme lasts).

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