Surviving not thriving @Banks don't make money

 

Surviving not thriving @Banks don’t make money

 

The weeks opening discussion of the role of banks during the COVID-19 crisis has its critics and cheer leaders. Mondays Business Daily is certainly an interesting read. But the truth is Banks do not make money, productive people who do. Banks move money around, gather it together and make it available at a fee. The suspension of defaulter listing on the CRB made banks unable to collect on digital cash loans, because people were not making money. The people were using loans on consumer goods – not good business sense. But then, there is a pandemic and production is at standstill. However, the World Bank and IMF have already indicated they want their money back! Six months later Banks confirmed that people were not making money, naming 2020 a year of “surviving not thriving” with 30-40% drop in profits. Other reports indicate that banks displayed heroism by rescheduling loans of those caught up in trade distress and this is laudable indeed, but I can guarantee that banks will want their money back!  Giving out money is certainly helpful to get over a crisis, but it is certainly not an incentive to be productive. Treasury’s Post COVID recovery strategy is to recover more money from anyone who might still have it. How do we move forward?  – Get the people working to make the money so they can put the money in the banks, who will give the money to the Treasury to pay the debt.