Saw this:
_http://www.reddit.com/r/politics/comments/g04ya/revolution_in_america_phase_one_everybody_close/
It basically is a recommendation to dump banks and join up with a credit union. I noticed a comment there that credit unions are often associated with churches, which made me wonder if FOTCM could ever either create or somehow be affiliated with a good and honest credit union? Or if not, if it would be a good idea to leave a bank and join an existing credit union as the above link suggests? The basic concept of a credit union sounds appealing according to the official definition here:
_http://www.findacreditunion.com/the_credit_union_difference_20.html
You can also use the above website to find credit unions in your area by zipcode, etc.
Granted, "on paper" even the US government sounds like a good idea, but as we know, in practice any system or good idea can be completely taken over and twisted by psychopaths. So I just thought I'd open it up to discussion, since I know so little about this, and perhaps there are glaring issues with credit unions that someone with experience in the area knows. But perhaps those could be fixed if FOTCM has the funds/resources/time/reason to create their own.
However, in light of comets, the ice age, and the resulting food prices and perhaps complete economic meltdown, this might not make any difference or be worth the time/effort. But it kinda reminded me of this bank system I read about on SOTT a few years back where people just traded goods and services with each other. So the idea of having non-profit "bank of the people, by the people, for the people" sounds really good, and may even be a very handy thing in a collapsed economy - since money isn't the only thing that can be traded and shared. Any thoughts?
_http://www.reddit.com/r/politics/comments/g04ya/revolution_in_america_phase_one_everybody_close/
It basically is a recommendation to dump banks and join up with a credit union. I noticed a comment there that credit unions are often associated with churches, which made me wonder if FOTCM could ever either create or somehow be affiliated with a good and honest credit union? Or if not, if it would be a good idea to leave a bank and join an existing credit union as the above link suggests? The basic concept of a credit union sounds appealing according to the official definition here:
_http://www.findacreditunion.com/the_credit_union_difference_20.html
What is a Credit Union?
A credit union is a member-owned, not-for-profit, cooperative financial institution.
Credit unions:
Provide the same products and services—including surcharge-free ATMs, online financial services, and free savings and checking accounts—as other financial institutions
Return their profits to their credit union members by providing better services, better rates, lower fees and special discounts
Operate under the philosophy of “people helping people,” allowing their members to pool their savings, lend to one another, and own the organization
Follow conservative investment practices and lend responsibly
Federal credit unions are chartered and supervised by the National Credit Union Administration (NCUA). Through this federal agency, savings in federal and most state-chartered credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the United States government. The funds in some credit unions are privately insured.
Easy to Join a Credit Union
Anyone can join a credit union—because each credit union serves a "field of membership" which is made up of people who all share a “common bond.” You may be eligible to join one or more credit unions based on your:
Employer/workplace
Geographic area
School
Place of worship
Membership in an organization
Just ask anyone at your local credit union what their requirements are. You might be surprised at how many credit unions you can join!
Members Own the Credit Union
A credit union is a democratic, member-owned cooperative. So when you join a credit union, you’re more than a member; you’re an owner—and that means you have a say in how your credit union is run.
A volunteer board of directors, elected by the members, governs a credit union. With their vote, each member has a direct impact on the direction of the credit union. As part of the democratic process, each credit union holds an annual election where members select candidates for the Board of Directors. This is very different from a bank, where stockholders vote according to the number of shares of stock they own.
Credit Unions are Non-Profit
Credit unions provide the same products and services as other financial institutions—but credit unions are non-profit and exist to help people, not to make a profit. As such, all earnings are returned to their members in the form of high-interest savings and low rate loans.
This also enables credit unions to operate at a lower cost than many for-profit institutions, and helps them to offer competitive loan and savings rates to their members.
Credit unions follow conservative investment practices and lend responsibly and live within their financial means, so you can trust your credit union's decisions.
Credit Unions Put People First
Credit unions live by the philosophy of "People Helping People.”
Credit unions across the country are committed to their communities, offering financial services to underserved populations, engaging youth in financial education, and returning profits to their members.
While they are not mandated to do good works, as banks are, by the Community Reinvestment Act, credit unions serve their communities to strengthen the connection with members and improve the quality of life for those in need of financial services. The National Credit Union Foundation coordinates the “Real Solutions” program, which supports community reinvestment programs in 33 states.
You can also use the above website to find credit unions in your area by zipcode, etc.
Granted, "on paper" even the US government sounds like a good idea, but as we know, in practice any system or good idea can be completely taken over and twisted by psychopaths. So I just thought I'd open it up to discussion, since I know so little about this, and perhaps there are glaring issues with credit unions that someone with experience in the area knows. But perhaps those could be fixed if FOTCM has the funds/resources/time/reason to create their own.
However, in light of comets, the ice age, and the resulting food prices and perhaps complete economic meltdown, this might not make any difference or be worth the time/effort. But it kinda reminded me of this bank system I read about on SOTT a few years back where people just traded goods and services with each other. So the idea of having non-profit "bank of the people, by the people, for the people" sounds really good, and may even be a very handy thing in a collapsed economy - since money isn't the only thing that can be traded and shared. Any thoughts?