Query:


I won’t pretend I know everything about our economy, but I’ll bring this up and see what you think.
I’ve noticed many people in my area and also on the news switching to Credit Unions to avoid the, now rampant, waves of revived fee structures (debit and withdrawal fees, etc.). They aren’t just talking about it and how “good it would be” (like when white people threaten to move to Canada). Banks backed by the Federal Reserve are losing thousands by the day. So here’s my question: If this were to continue, what would be the final ramifications?
Credit Unions, I’ve found through a few days of online facts and opinions, operate much like banks in that they take your money and do with it as they please. If you leave it in long enough, you see a return. They are both backed by government controlled reserves (FDIC for Federal Central and NCUA for most Credit Unions), but Credit Unions are less-so and therefor less afflicted by government fluctuation (your dollar is still crap, but it scales “better” in a Credit Union, apparently). Now we throw in the added benefits of not paying money to spend money, which until recently had not been a problem. Scratching the surface, as a bank-newb, it sounds like the same shit in a different package. Not a prettier package, don’t get me wrong, Credit Unions are as old as the shit you’re wrapping.


I won’t pretend I know everything about our economy, but I’ll bring this up and see what you think.
I’ve noticed many people in my area and also on the news switching to Credit Unions to avoid the, now rampant, waves of revived fee structures (debit and withdrawal fees, etc.). They aren’t just talking about it and how “good it would be” (like when white people threaten to move to Canada). Banks backed by the Federal Reserve are losing thousands by the day. So here’s my question: If this were to continue, what would be the final ramifications?
Credit Unions, I’ve found through a few days of online facts and opinions, operate much like banks in that they take your money and do with it as they please. If you leave it in long enough, you see a return. They are both backed by government controlled reserves (FDIC for Federal Central and NCUA for most Credit Unions), but Credit Unions are less-so and therefor less afflicted by government fluctuation (your dollar is still crap, but it scales “better” in a Credit Union, apparently). Now we throw in the added benefits of not paying money to spend money, which until recently had not been a problem. Scratching the surface, as a bank-newb, it sounds like the same shit in a different package. Not a prettier package, don’t get me wrong, Credit Unions are as old as the shit you’re wrapping.
The major-MAJOR difference I’ve seen between the two, is that both entities invest your cash in the free market, but in a Credit Union you see a direct dividend. It’s never dollar for dollar, mind you, greed is greed. AND when the Union or one of it’s branches makes a terrible run in investments (mostly dumb luck), it hits the customer just as hard as the bank. Some have washed under without a fraction of a fraction going back to the customer (the true investor).
All that said, I’m glad we’re moving away from central banking, but what happens when all our savings are in Credit Unions?

-End Wall of Text.
Here’s a puppy who doesn’t give no fuck about no banks.

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