OCR Output (chars: 987) 

@aral
The purest possible mechanism of “financial
literacy” is (1) a banker comes to your school,
(2) the banker tells you that to have a good life
you need to start depositing money in the bank,
(3) your teacher nods approvingly, (4) you
believe them and deposit money in the bank
and (5) the bank steals it. Here is an incredible
anecdote that Salmon quotes from Lauren

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To teach children about the banking
system, a U.S. primary school walked its
students to a local bank where each
opened a savings account into which
each deposited $5. Implicit in this activity
is the message that the bank is
trustworthy. Another bank then acquired
that bank and charged all low balance
accountholders a monthly maintenance
fee that wiped out the children’s savings.
The children may have learned a more
important lesson about the financial
sector than the school intended.

I love this so much. If I still worked at Goldman

a 1 5 1 mad en 1

& & a

@aral
The purest possible mechanism of “financial literacy” is (1) a banker comes to your school, (2) the banker tells you that to have a good life you need to start depositing money in the bank, (3) your teacher nods approvingly, (4) you believe them and deposit money in the bank and (5) the bank steals it. Here is an incredible anecdote that Salmon quotes from Lauren Willis of Loyola Law School:

To teach children about the banking system, a U.S. primary school walked its students to a local bank where each opened a savings account into which each deposited $5. Implicit in this activity is the message that the bank is trustworthy. Another bank then acquired that bank and charged all low balance accountholders a monthly maintenance fee that wiped out the children’s savings. The children may have learned a more important lesson about the financial sector than the school intended.

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