The ‘Banxodus’ Has Begun

8th November 2011

By Madison RuppertEnd The Lie

It’s fantastic to be able to report good news, and we don’t get to do it nearly often enough these days. There is some very good news emerging: more individuals joined credit unions since September 29th than in all of 2010 and the number is only going to grow. This clearly shows a push on behalf of the average American against the largest financial institutions that utilize their close relationships in order to steal every penny possible from the American people to the detriment of our economy and future.

According to a survey of credit unions across the United States by the Credit Union National Association (CUNA) since September 29th at least 650,000 people have joined credit unions. Now compare that number to 600,000 new members credit unions received throughout the entire year of 2010.

If nothing else, the Occupy Wall Street movement has clearly impacted the move towards more equitable and legitimate banking practices, and even the corporate-controlled mainstream news organization CNN is being forced to cover it.

If the entire movement ended tomorrow, which it will not, we could at least chalk this up as a major victory against those who use their inordinate power in the financial industry to commit outright crimes and rob the American people blind.

Another factor that might account for the significant rise in the move towards credit unions would be the attempts to impose new debit card fees by the biggest banks in the country.

According to CUNA, the new members of credit unions represent some $4.5 billion in new savings accounts which would otherwise be used to leverage bets in the “too big to fail” gambling houses that double as banks.

More than 4/5ths of all credit unions report that customers are citing reasons like “International Bank Transfer Day” and the new debit card fees as the impetus for their decision to move their money out of the large criminal banks.

The Independent Community Bankers of America (ICBA) also report that they are gaining customers who are fed up with the big financial institutions.

In a poll of its 5,000 members conducted on October 17th, it was found that almost 60% of all community banks are getting new customers who are no longer prepared to put up with big banks.

I sincerely hope that a lot of these people aren’t just deciding to move away from the large financial institutions because of the new fees, but instead because of the fact that they are corrupt, criminal organizations that destroy our economy with the help of our government.

The ICBA’s community bank locating tool was hit with more than 5,000 queries in the past weeks, representing a stunning increase of almost 500%. This shows a clear growing interest in community banking which is reassuring, to say the least.

The Progressive Change Campaign Committee (PCCC) reports that they have already received pledges from over 52,000 individuals who plan to move their money out of the big banks by Saturday. (5th September2011)

This includes nearly 22,000 Bank of America customers specifically and roughly 6,900 individuals have informed the PCCC that they have already transferred their funds into a local bank.

A Facebook event for “Bank Transfer Day” has over 75,000 users who claim they will be attending and thus removing their savings from the large financial institutions.

Another page dedicated to the cause has over 43,000 likes on Facebook, representing a large popular push to cease providing the funds used by banks to operate their criminal enterprise.

Of course there are those like Forbes which claims that if all 80,000 people removed their money from the big banks, the bank executives wouldn’t even sweat.

They claim that only when numbers in the hundreds of thousands begin to make the move from the large corporatist financial institutions into more equitable local community banks will it actually make a difference.

I am not quite as pessimistic, given the fact that it has to start somewhere. We can’t expect hundreds of thousands of people to up and move their money right away; they have to see others doing it and see that it is a real, viable option for making a change in our country and the world.

If we all took the defeatist attitude that says, “Well it won’t make a difference,” we would get absolutely nowhere at all. One might point out that this is likely exactly what Forbes is hoping for.

To make matters worse for the big banks – which, if the people of the United States and the world actually stand up and fight against, would have a great deal of trouble surviving – there have been reports from analysts saying that the fees will actually be increasing in the future.

This move would just act to drive customers further away from the corrupt banks that openly collude with the private Federal Reserve thanks to ludicrously lax conflict of interest rules and regulations.

If the big banks are actually stupid enough to do this I would thank them for it, seeing as it will only serve to bolster our cause and weaken theirs.

Madison Ruppert is the Editor and Owner-Operator of the alternative news and analysis database End The Lie and has no affiliation with any NGO, political party, economic school, or other organization/cause. If you have questions, comments, or corrections feel free to contact him at [email protected]

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