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BANK REFORM - Un-Privatize banking - ban gov't borrowing and deficit spending.

Why Is This Idea Important?: This is important because in our current banking system a) the interest paid to private bankers constitutes a huge and permanent drain on our economy, b) allowing private banks to create money out of thin air from nothing whenever a loan is issued is highly inflationary and transfers wealth from those who work for it to the banking cartel (who just issue/loan out some more and collect interest) via shrinking the dollar, c) prevents the interest on loans of (debt-free treasury money) from being recycled into the US economy, funding projects for the common good such as health care, education, infrastructure, etc. and d) robs the Government (and by extension the citizens) of oversight of the banks' activities. Making the suggested changes would free up money currently spent on servicing the federal debt and recycle it into the economy via government spending, return oversight of banking to the government --no more giving banks bailouts and having them refuse to resume lending-- and it would limit the ability of private bankers to hold the government hostage by tightening credit and creating recessions/depressions. All remedies for this current depression require funding and I'm all for the stimulus, but if the stimulus money is borrowed money, it may help temporarily but it will contribute to the federal debt and thus increase the flow of cash to private bankers, exacerbating the financial mess we are in. When borrowed stimulus money runs out, then what? Borrow more?

Our banking system is a privately-owned, for-profit enterprise based on fraud. It is owned and run by the international banking cartel because congress passed a law in 1913 (the Federal Reserve Act) creating the FED (a privately owned bank) and legalizing/granting a monopoly on the creation of money to the private banker owners via the FED.

Uh-oh. That's bad because it requires the US gov't to BORROW money AT INTEREST for government projects and operations from the FED and incurs an ever-increasing federal debt. Simply put, this is an economically and ecologically unsustainable system. It is an enormous monopoly game whose endgame, where the bankers have all the money, property and control and everyone else is broke, is what we are experiencing now. Our fraudulent banking system is at the root of our current economic meltdown. The interest on the debts has grown so large that the citizens and the country simply cannot pay anymore. Current government actions, the bailout and other schemes put forth by (guess who) bankers are aimed at propping up the current system as long as possible, instead of actually reforming banking so that it works for everyone.

WHAT WE SHOULD DO:

• Repeal the Federal Reserve Act and make debt-free treasury money the legal tender of the realm.

If the government can write a check, they can issue money--it's all done with the stroke of a key these days...

This would break the bankers' monopoly and the stranglehold they have on the US economy.

• Pay off the federal debt to the FED with all the worthless Federal reserve notes traded in for US Treasury Notes.

This would retire the debt and we would no longer need to spend our tax money paying interest on it.

• Create Treasury banks to lend to businesses and individuals, using the interest on those loans to fund gov't

operations and projects that enhance the well-being of the nation, -- education, research, infrastructure, etc.

• Form an Monetary Committee to oversee all banking activites including sales of deriviatives and draft

Ellen Brown, J.D., author of "The Web Of Debt and What We Can Do To Break Free" to oversee the

implementation of the 3 suggestions above.

I admit, I have only scratched the surface of these issues. These suggestions may not be the full answer to our woes but taking these steps would go along way toward straightening out our banking system and building a healthy and sustainable economy. An excellent analysis of how banking really works and affects all of us can be found at www.webofdebt.com, Other resources include the videos/films "From Freedom to Facism", "Money As Debt" --if you can still find it on the internet. It has been banned from google video and is expected to be removed from YouTube soon. And the video/film "The Money Masters".

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If you want to vote on this ideaa go to the other one in Legal & Policy category and vote on it there. I just called it UNPRIVATIZE BANKING. --I had to repost it because I forgot the keywords and couldn't go back and put them in afterwards.--thanks, lihu

Submitted by lihu 2 years ago

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