> I don't think you understand banks' roles in philanthropy and education - successful nonprofit institutions like universities draw their operating budgets from interest on their endowments. Were it not possible to park $x billion in account and draw $y million a year in interest for literally forever, many such institutions could not exist.

They used to own land (and peasants!) themselves or they were funded by someone who did (Church/King/Prince). The former was preferred due to the larger independence and stability it gave them.

Copenhagen University used to own lots of land, for example. So did (do) Oxford and Cambridge.