December 28, 2023
Recently released on Netflix, “Bank of Dave” profoundly impacted me when Pat and I watched it tonight. This critically acclaimed film delves into our financial system, compelling us to reassess our trust in traditional banking institutions.
At its core, the movie delivers a crucial statement that captures the essence of our financial system: “The entire financial system is built on the principle of trust.”
This thought-provoking observation encourages reflection on the relationship between banks and customers, especially when interest rates are rising, securing bank loans is increasingly difficult, and securities experts are warning of a market crash.
Despite the fundamental importance of trust, conventional banks prioritize profit by trading against our accounts—an issue I’ve highlighted on this website for the past 20 years. Moreover, we compensate their representatives for assuming the role of trusted advisors when they are, in fact, licensed as salespersons.
While “Bank of Dave” is a “truish” story based on real events in Burnley, England, it illuminates the inherent challenges within the global financial system. It urges us to analyze the complexities we face in navigating it.
I wholeheartedly recommend watching this film to understand these issues better and foster important conversations about our banks. At some point, hopefully, our securities regulators will get the message that we need a system that people can trust unreservedly.