@xris,
I wouldn't trust bankers to rule a country either. That having banking oligarchs as rulers is anathema to me is demonstrated by the fact that I named them first in my list of nasty things by which one could be ruled, before swashbuckling pirates even! My point was simply that the relationship between the state and individual is at least, if not more, important than who controls the state. If one is at the mercy of an absolute monarch who has no responsibility to the people and who makes all decisions in the government, but whose government has authority only, e.g., over foreign affairs, indirect taxation, and road building, then one has more freedom than would one in a democratic state where the government, though duly elected by the people, can have theoretically unlimited powers of interference in the lives of everyone, in the interest of the common good, as defined by the government.
I think the idea that democracy equals freedom is a throwback to class warfare. I'm not nearly as concerned about being oppressed by dictators, oligarchs, or feudal lords as I am about being oppressed by the majority. From the perspective of an individual, one is as powerless against the latter as against the former, and the rule of the latter tends to be more invasive: or in any case, contains the theoretical basis for more invasive, totalitarian rule, utilitarianism.
Of course, this is all theoretical. If there an absolute monarch with the power only to x, y, and z, then he will likely use to unchecked executive power to simply state that he has a, b, and c as well. So, democracy is needed to ensure that the government maintains the proper relationship with the individual citizens. That's why I believe in limited, constitutional republics. But again, the most important aspect of that system is not the voting for leaders, as opposed to hereditary succession on some such thing, but rather the fact that its limited government. The people should be allowed to rule, but only in the areas where any social body should be allowed to rule, which is a limited space.
EDIT: re suffrage
I think an interesting alternative to universal suffrage over the age of x would be the following. Anyone over the age of x may vote, but in voting, one commits oneself to volunteer for the military in the event of war, and to pay taxes. Yes, if one doesn't want to pay taxes or serve in the military, that can be assured by not voting. In this way, only those with a direct stake in the nation, personally or financially, would be making the decisions effecting the nation. Of course I'm talking about the ideal limited constitutional republic: i.e. America as founded. So, the only issues to be voted upon would essentially be war and peace, foreign affairs, indirect taxes, and inter-state public works projects. If spending became too high, the people who were supporting the continual increases would be the people who had to bear an increasingly high tax rate, as their opponents (who wanted lower spending) likely stop voting. This self-correcting mechanism would work with war as well. The Red Party wants to fight a war with Mexico? Fine, when their opponents stop voting and leave the burden to members of the red party, we'll see how much they really want the war.