A $1 trillion bank for the people?
Bankers from around the world are discussing how to fund a $1tn bank for all the people who can’t afford it, but the people’s bank is being developed by a group of entrepreneurs and billionaires who want to make it a reality.
In a bid to raise capital to build a bank that can be built on the backs of the 99 per cent of people who have nothing to lose, a group called the Midfirst Bank has launched a fundraising drive to raise $1bn for the project.
The group has also raised $400m to fund its efforts in building the bank, but has now decided to cut back on the funds to focus on developing the technology to power the bank.
“We’re not just building a bank.
We’re building a machine for the world, not just a bank,” said one of the founders of the MidFirst Bank, Andrew Miller.”
It is a new paradigm that will allow us to transform the way we think about the world.
We want to build something that can do things no one else has been able to do, and I think that’s what we want to do.”
In an interview with The Wall Street Journal, Miller explained how the MidSecond Bank aims to transform banking and provide a “fiscal utopia” for the rest of us.
“A new financial infrastructure will help the economy grow, create jobs, and reduce the need for government spending,” he said.
“For the first time, the world will be able to have the same kinds of transactions that we use today.”
“We’ll be able use our technology to pay for things we need to pay, and that will help our economy grow and create jobs.”
The MidSecond bank aims to become a “global financial centre” that would help to connect the rest and the people of the world by helping people who are disconnected to finance themselves, they say.
“The banks of the future will not be big, they will be small,” said Andrew Miller, founder of the bank in a statement.
“We will create a world of shared prosperity and a global financial centre for the whole world, with a new model of finance for the future.”
The first steps to building a new bank in the US and the UK are currently underway, and the MidThird Bank will announce more details on its website in early 2017.
“What we’ve done is we’ve created a platform that can allow us all to participate in the bank’s construction, to participate as we build our economy and a world for the benefit of all,” said Miller.