Friday, October 28, 2011

The Future Of Banking

Cashless from Naked Emperor Productions on Vimeo.


  1. Sounds more and more plausible every time I watch this video.

    According to Senator Bernie Sanders, the six largest U.S. financial institutions today have assets of nearly $9.6 trillion, a figure equal to about two-thirds of the nation’s gross domestic product. These six financial institutions issue more than two-thirds of all credit cards, over half of all mortgages, control 95 percent of all derivatives held in financial institutions and hold more than 40 percent of all bank deposits in the United States.

  2. When the Virginia General Assembly passed its 2012 budget, largely along party lines, it included a requirement that “beginning January 1, 2013, the State Comptroller shall issue individual income tax refunds only through debit cards, direct deposits, or other electronic means unless the Tax Commissioner determines that a check is more appropriate for a transaction or class of transactions.”

    Gov. Bob McDonnell (R) signed the bill and his Department of the Treasury contracted with a division of Xerox to replace refund checks with MasterCard debit cards. Xerox agreed to provide the Comerica Bank-issued cards “at no cost to the Commonwealth,” but retained the right to impose a litany of fees on the users.

    I think you can guess what happened.

    Read the rest of the story at: Virginia Outsources Taxpayer Refund System, Private Companies Profit