As your post illustrates credit cards are really a solution developped for the deficiencies in the US banking system
Disagree.
This is like saying "This illustrates that the US bankruptcy system is a solution for the deficiencies in the US credit industry".
What you see as a "deficiency" I see as "pro-consumer". As a credit card customer, I carry almost no risk of fraud. Why? Because my credit card company controls payment and will just reverse it if needed. They are also happy to keep retailers in line by holding them to contractual obligations.
It's a system I'd prefer than some direct payment from my bank where the risk of fraud and its resolution is entirely on me.
Disagree.
This is like saying "This illustrates that the US bankruptcy system is a solution for the deficiencies in the US credit industry".
What you see as a "deficiency" I see as "pro-consumer". As a credit card customer, I carry almost no risk of fraud. Why? Because my credit card company controls payment and will just reverse it if needed. They are also happy to keep retailers in line by holding them to contractual obligations.
It's a system I'd prefer than some direct payment from my bank where the risk of fraud and its resolution is entirely on me.