Nationalize the Federal Reserve

Brandon Turbeville • The Progressive Gazette • December 4, 2013

The United States today finds itself in the midst of a crisis which exists on a multitude of different levels. From the establishment of a culture of constant warfare, increasing environmental degradation, and the devolution into an outright police state, the perils of the current system are easily visible to those with eyes to see.

Nowhere, however, is the crisis more visible than in the manifestations of the world economic depression.

From mass unemployment (estimated at approximately 25% when all factors are considered) and a growing national debt to a ballooning trade deficit and the loss of purchasing power of the dollar as well as decrepit and crumbling national infrastructure, the United States today faces a crisis of epic proportions.

Most of the blame for this economic calamity, of course, can be directly traced back to the treachery of private bankers, Wall Street, and the practice of usury combined the acts of the agents of these financiers in the halls of government at some point or other. Ever since the Federal Reserve was solidified as the perceived national bank of the United States, the most powerful nation on the face of the earth and, thus, its people, were placed under the rule and at the mercy of private bankers. The economic health and future of the United States was placed in the hands of the very elitists and financiers from which the American people should have been protected. As a result of the Federal Reserve Act of 1913 and subsequent policy, the power of issuing currency and credit, the ability to cause mass inflation or deflation, and the opportunity to orchestrate booms and busts, productivity and depression, was placed in the hands of private bankers who were granted the authority to act completely independent of the authority of the United States Federal government. Thus, the U.S. Federal government has now been reduced to reacting to the decisions made by the private Federal Reserve instead of the Federal Reserve acting as a truly national central bank and reacting to the decisions made by the Federal government.

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Alaska could walk away from Wall Street with a public bank of its own

Ray Southwell • Alaska Dispatch • December 3, 2013

Banks have a great privilege. They create debt/money with a few strokes on a computer keyboard. Then they charge interest on this newly created “money.” It’s called Fractional Reserve Banking. All banks, but one, are privately owned. By law, these private banks have one objective, making profits for their shareholders. It is all about profits for the private banks.

It is a failed system. Booms and busts are created by the improper use of this newly created money. We could change the Federal Reserve Banking system. However, Washington D.C. has lost its way and we are foolish believing things are ever going to improve at the federal level. The cabal of private Wall Street banks run the show and must make profit for the few.

Read the complete article here.

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PBI Newsletter, November/December 2013 – Stemming the Transfer of Wealth from Main Street to Wall Street with Publicly-Owned Banks

PBI Newsletter, November/December 2013 • PublicBankingInstitute.org • December 3, 2013

The PBI (Public Banking Institute) November/December 2013 Newsletter is here!
Sign up for the Newsletter here.

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Public Banking Forum of Ireland: Press Release, 2 December 2013

Irish Public Banking Forum • December 2, 2013

PUBLIC BANKING FORUM OF IRELAND: PRESS RELEASE. 2 Dec.2013

The PBFI was set up to bring knowledge and information about public banking to the Irish people. Education is key.

Mostly, Irish people think that all banks are the same. However, there is an enormous difference between publicly owned and privately owned banks. The Credit Unions, which are not banks, are the closest thing we have in Ireland to public banks. These same credit unions are now being scuppered under the government REBO plan, to reduce the numbers to about 150/200, from 420. The process is well underway, courtesy of the CBOI and other external financial dictators.

Public Banking is playing a key role in the sustained growth of many countries across the world, primarily in the BRICS countries, but also closer to home in Germany. The German public banking model is very relevant to Ireland, and offers us a significant alternative to what is on offer to the Irish people and Irish businesses as we approach 2014. Our private banks have not alone failed Ireland, but have caused endless and indescribable damage to this economy, and to the lives of Irish people. Official Ireland is happy to support this TBTF system at the expense of Irish people, to the tune of up to 12 suicides per week, and one person emigrating every 6 minutes. Restoring these pillar banks to any form of solvency is a crime against the Irish people, only matched by their bailout initiated in Sept 2008. The TOO BIG TO FAIL MODEL cannot and must not be restored to its former glory. Ireland must seek a new form of banking which services the Irish people, and not private bankers.

The PBFI challenges the Irish government, Irish industry, the Irish people, the Irish credit union movement, to examine in detail the GERMAN SPARKASSEN MODEL OF PUBLIC BANKING, with a view to implementing a full and comprehensive public banking model throughout Ireland, based on that German Sparkassen model. The PBFI challenges in particular, the Credit union movement to study this model of public banking so as to fully appreciate how the movement could be so powerful and instrumental in changing forever, how banking is done in Ireland. Irish SMEs and middle Ireland in general are starved of money and credit in recent times. Austerity is the only thought process being worked by official Ireland. During this current crisis in Germany, the Sparkassen banks increased lending by 17%, while the private banks cut lending by 10%. The TBTF model is not a factor in Germany where there are more than 2,000 individual banks servicing its population, while next door in England there are just 5 big banks servicing its 55 million people. In Ireland , now, we have just two, which need the CU movement’s cash to help them be ready for the next stress test, and that’s before the imminent bail-in to fill their black holes.

Ireland needs banks which service the Irish people: Ireland needs a comprehensive public banking service. Irish people must realise the potential which PUBLIC BANKING offers. Irish people must demand:

Stability over the boom bust model: an end to TOO BIG TO FAIL BANKS: Comprehensive Public Banking services.
Join the PBFI and make public banking a reality in this country. http://www.republicirelandbank.com

Read the complete article here.

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From the Progressive! Public Banking Is the Answer

Ruth Conniff • the Progressive • November 23, 2013

Co-ops, renewable energy, sustainable agriculture. . . all of these efforts to create a better society run counter to the values of Wall Street.

Wall Street speculators have badly distorted our economy and our communities by maximizing short-term profits at the expense of the public’s long-term interests.

And then, with their chokehold on Washington, they have managed to hold us up for trillions of dollars in bailout funds after gambling our money away.

Meanwhile, these same financial institutions use predatory lending practices to steal money from the poor. And when it comes time to financing public-works projects, we lose billions by paying their inflated interest rates.

Money and access to credit determine what kind of a society we live in, what our priorities are, and what our future looks like.

It’s time to take back this critical part of our infrastructure from the financial industry.

Read the complete article here.

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