Aidan's Independence Day Decorations

As Matt Taibbi’s article points out, the problems in our banking system aren’t anything new. In fact, the system has been corrupt since…the beginning. Andrew Jackson said this about it: “If the people only understood the rank injustice of our Money and Banking system, there would be a revolution before morning.”

Now consider the origins of our July 4th holiday. One of the biggest problems the colonists had with the King was that he taxed them excessively and didn’t give them any say in how that tax money was spent. In 1773 they dressed up in disguises and dumped over-taxed imported goods (tea) into Boston harbor. That touched off the Revolutionary War which ended in the birth of our nation. Of course, the war was about more than just money, but my point is that Boston Tea Party was to the Revolutionary War what Rosa Parks was to the Civil Rights movement. Someone finally did what everyone else had been afraid to do, and that ignited the courage and resolve of the less bold.

So this 4th of July I’m looking for, hoping for, a hero who confronts the economic tyranny we are under. But I don’t see any heros on the horizon. The new government hasn’t done anything to hold banks accountable for their monumental swindle mistake. The previous administration did even less. Maybe we need a grass roots movement? But short of pulling our money out of the banks and stuffing it in our mattresses, what can we do? I’ve been writing this blog thinking that the little things would be enough. That if we could learn to consume less, then our greed would atrophy and our culture would shift its focus. But when I think about the enormity of the problem and the powerlessness of “ordinary people” like me, I get overwhelmed and discouraged.

The Declaration of Independence

I know this sounds boring and kind of depressing, but that’s what I’m thinking about on this July 4th – economic freedom – how do we get it? I’ll take heart by reminding myself that against the odds the founders of our country declared their independence from tyranny, won that independence, and started a new kind of nation.

We need a new declaration of economic independence. Anyone have ideas?

Money may not grow on trees, but does come on the roll.

The whole point was that the nice people at the bank were there to help you save money. I think that’s why ATM fees infuriate me. And what really gets my blood boiling are the “double” withdrawal fees – not only does the stranger bank (the one who is not your own) charge you a fee to take money out of their ATM, but then you get charged by your own bank too! It means that if you want to take out $100, you’ll end up spending between $2 and $4 per withdrawal. In other words, you’re paying 2 to 4% of your own money TO USE YOUR OWN MONEY! And if you’re keeping track of the math, that’s a whole lot more than the little interest they’re paying you to hold onto your money.

My solution for avoiding these fees when I am not near one of my bank’s ATMs is to go to the closest grocery store – D’Agostino’s, Food Emporium, Gristede’s, or any other place that provides cash back – and buy something. No fees are charged when you take advantage of the “cash back” option. (But don’t confuse cash advance with cash back; cash advances will cost you an extremely high fee of 15 to 19% on the amount advanced!) Buying something may not seem like the most frugal choice, but I‘ve made the rule that in such cases I buy necessities only – like toilet paper or toothpaste – so that the purchase is something I need to buy, or will need to buy in the near future. Toilet paper is my favorite since it only costs $1 to $1.50 – definitely less than the ATM charges. And I have to admit that sometimes I do categorize M&Ms as a necessity.

Another way to save at ATMs is to save the environment. According to Elizabeth Rogers, author of The Green Book: The Everyday Guide to Saving the Planet One Simple Step at a Time, receipts from 8 billion ATM transactions every year create one of the biggest sources of litter on the planet. Rogers says, “If everyone left their receipts in the machine, it would save a roll of paper more than 2 million feet long – enough to circle the equator 15 times.” While it’s true that sometimes we need the receipts to manage our accounts, taxes, etc., you may also take a moment to remember one of the golden rules your parents taught you: If you’re just going to throw it out anyway, it’s best not to take it at all.

Every little bit helps, so please be green when you’re getting your green!