Public Banking: An Idea Whose Time Has Come

Stephen Lendman • OpEdNews.com • May 31, 2011

The 1913 Federal Reserve Act let powerful bankers usurp America’s money system in violation of the Constitution’s Article I, Section 8, giving only Congress the power to “coin Money (and) regulate the Value thereof….” Thereafter, powerful bankers victimized working Americans, using money, credit and debt for private self-enrichment by bankrolling and colluding with Congress and administrations to implement laws favoring them.

As a result, decades of deregulation, outsourcing, economic financialization, and casino capitalism followed, eroding purchasing power, producing asset bubbles, record budget and national debt levels, and depression-sized unemployment far higher than reported numbers, manipulated to look better.

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One Response

  1. As the Europeans are finding out, decentralization has its good side. Massive centralized monetary systems are like huge ships with little room to maneuver around obstacles. What works in one little corner of the market does not work in all of them.

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