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https://jacobin.com/2025/10/bankification-financialization-debt-interest-credit/>
"The US economy is turning into one giant bank.
Starbucks holds nearly $2 billion of customers’ money in its rewards program.
That’s more than the total deposits managed by 85 percent of chartered banks,
making the coffee chain one of the biggest financial institutions in the
country.
Conversely, Capital One, one of the world’s top banks, now operates its own
cafes on city street corners.
Airlines are now little more than flying banks, given that they make more money
from selling frequent-flyer points to credit card companies than they do flying
passengers.
More Americans than ever are in debt to their nearby grocery store due to
predatory “buy now, pay later” loans offered during checkout.
As you’re wheeled into an emergency medical procedure, the nurse may ask if
you’d prefer to pay on a deferred-payment loan plan, an increasingly common way
to finance health care expenses.
And if you can’t pay your rent on time, it could soon become common for your
apartment building owner to lend you the money, putting you in debt to your
landlord.
These are snapshots of the new wave of financialization sweeping across the
country, where the lines between finance and commerce are being blurred."
Via Seph.
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
