"Banking industry" is an insult to those who actually produce goods. Banks should be known as "facilitators", when doing their job properly, and all sorts of bad words when they don't -which is frequently, unfortunately.
> "Banking industry" is an insult to those who actually
> produce goods.
What do you think should be a use of industry? Is it OK to say "transport industry" despite the fact that what they do is a service?
Banks produce value through strategic use of risk calculation. They take in $100 and then lend out $90 for further wealth creation, and keep $10 on hand as liquidity so that if any of the owners of the $100 want any back they can get it. Thus, you have $190 of value passing around from a base of $100. You've just got to be careful not to loan too much out or you run out of liquidity and then the system stalls.
