BANKS HAVE TURNED INTO WAREHOUSES

Banks have stopped paying interest to savers. On the contrary, they introduced charges for storing money. They changed into warehouses. They lost the right to handle the money of the savers. So there must be a change in the law.

Banks must decide to focus on warehouses or to focus on credit. No company can do both businesses.

Bank warehouses will be allowed to charge fees for storing the money of the savers but they cannot use the money of the clients. Ideally, the ECB should take over this task. Incidentally, this would be an elegant solution to the first depositor onslaught. The banks' deposit shortfalls would be replaced by the ECB's quantitative easing.

Banks, as credit institutions, must not demand fees from customers and must instead guarantee interest to savers. Savers must be given a much stronger position, possibly even shareholder rights.

The banks, and even the central banks, have created a huge problem - the world's unpayable debt. Economists have offered only one solution - inflation. That is to say, the primitive robbing of those most responsible.

Moving some of the deposits to the ECB would protect the assets of the savers.