Helen Brown links national money policy to her off heard cry for State (in eurozone, read Member State) charter bankss. We already own a couple of banks but we are not getting this upside, why?…
Here is an excerpt from her article titled ‘Pulling Back the Curtain on the Wall Street Money Machine’
Setting Things Right
The Fed and the banking system have the unique power to create money as credit on their books, but this is not actually what is wrong with the banking scheme. The economy needs an expandable credit system and suffers recessions without it; and an expandable credit system needs a lender of last resort.
What is wrong with the current scheme is that the profits are siphoned off to the 1% at the expense of the 99%. Banks can borrow very cheaply, while individuals, corporations and governments pay “whatever the market will bear.” The banker middlemen take their cut in a scheme in which money is actually manufactured in the process of lending it.
To fix the system, the profits need to be returned to the 99%. How that could be done was suggested by Thom Hartmann in a recent editorial:
Have the central bank owned by the US government and run by the Treasury Department, so all the profits . . . go directly into the Treasury and you and I pay less in taxes . . . .For what local governments could do, he pointed to the Bank of North Dakota:
The good people of North Dakota . . . established something very much like this–the Bank of North Dakota–and it’s kept the state in the black, and kept its farmers, manufacturers and students protected from the predations of New York banksters for nearly a century. It’s time for every state to charter their own state bank, just like North Dakota did, and for the Treasury Department to either buy the Fed from the for-profit banks that own it, or simply nationalize it.We have been distracted here and in Europe by a sudden panic over our “sovereign debt” crises, when the real crisis is that our debt is NOT sovereign. We are indentured to a Wall Street money machine that creates our money and lends it back to us at interest, money our sovereign government could be creating itself, with full democratic oversight and accountability to the people. We have forgotten our roots, when the American colonists thrived on a system of money created by the people themselves, debt-free and interest-free. The continued dominance of the Wall Street money machine depends on that collective amnesia. The fact that this memory is surfacing again may be the machine’s greatest threat — and our greatest hope as a nation.
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