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In order to escape the current economic crisis, the U.S. should switch away from its private banking cartel:

[T]he core issue we need to address is the fact that private institutions called banks control the nation's money. Money is the supreme power when it is in the hands of private bankers and they use it for their own purposes.

They hurt the people in countries where they operate, even in countries with a public bank like Canada. America has a private banking system. It is called the Federal Reserve, but there is nothing federal about it. It's a Wall Street cartel, a private banking cartel. That's what it is.

Canada has a public banking system, so does Britain, but they do not function that way. Britain's banking system is beholden to the parliament and Canada's banking system is beholden to the government, but they let their big bankers operate just the way they are operated in America. That is unforgivable.

The only state in America that wasn't decimated by the financial crisis was the one with a public banking system:

There is one state in America, North Dakota that has a public state-owned bank. North Dakota is the only state that prospered in the worst years of the economic downturn. They not only prospered, North Dakota had the biggest surplus in its history.

Every state could prosper like North Dakota; America could prosper like North Dakota if the government obeyed Article 1 Section 8 of the Constitution that says, “Only the Congress has the right to coin money”. Only the Congress has the right to control money - that means the people; that means the public.

It doesn't mean Goldman Sachs; JP Morgan Chase or Bank of America; it means the people. The law needs to be enforced. People need to get money power back. If they get it back they'll get everything else they want.

The most prominent example of how a public banking system can revive an economy is post-WWII Germany:

Publicly owned banks were instrumental in funding Germany's "economic miracle" after the devastation of World War II. Although the German public banks have been targeted in the last decade for takedown by their private competitors, the model remains a viable alternative to the private profiteering being protested on Wall Street today.

One of the demands voiced by protesters in the Occupy Wall Street movement is for a "public option" in banking. What that means was explained by Dr. Michael Hudson, professor of economics at the University of Missouri in Kansas City, in an interview by Paul Jay of the Real News Network on October 6:

[T]he demand isn't simply to make a public bank, but is to treat the banks generally as a public utility, just as you treat electric companies as a public utility.... Just as there was pressure for a public option in health care, there should be a public option in banking. There should be a government bank that offers credit card rates without punitive 30% interest rates, without penalties, without raising the rate if you don't pay your electric bill. This is how America got strong in the 19th and early 20th century, by essentially having public infrastructure, just like you'd have roads and bridges.... The idea of public infrastructure was to lower the cost of living and to lower the cost of doing business.

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Comment Preferences

  •  Tip Jar (14+ / 0-)

    What we are seeing today is not an aberration; the aberration is only that we are seeing it, and what we are seeing is still not most of it.

    by The Anomaly on Wed Oct 19, 2011 at 06:36:44 PM PDT

  •  This solution is so obvious, and that's why is (2+ / 0-)
    Recommended by:
    wayoutinthestix, Pluto

    going to be resisted by the criminal banking cartels.

    They have turned the banking system into a mechanism to fraudulently enrich their top executives and entrenched powerful interests.  What we have is basically a feeding frenzy; the wholesale looting of the national treasure, with the full collaboration of the bought off politicians of both parties.

  •  It's very disappointing more won't see thru the (1+ / 0-)
    Recommended by:

    propaganda that talking about the Federal Reserve and central banking is some kind of conspiracy theory thing.  The Fed actually is letting a contract now to spread it's own type of information thruout the internet to counter any actions against it.  
    To me, private individuals controlling the public money supply and policies is not democracy and never will be.

    S.A.W. 2011 STOP ALL WARS "The Global War on Terror is a fabrication to justify imperialism."

    by BigAlinWashSt on Wed Oct 19, 2011 at 07:56:18 PM PDT

  •  Unless ND's state bank somehow caused the oil boom (0+ / 0-)

    and the increase in food prices, then its dishonest to suggest that the bank somehow enabled the state to avoid the recession.

  •  I feel pretty certain that at least (0+ / 0-)

    ...three of the largest US banks will be nationalized before or during the first quarter of 2012.

    Immerse yourself the humanity and humor of this Community at Personal Storytellers.

    by Pluto on Wed Oct 19, 2011 at 08:49:13 PM PDT

  •  It took them the better part of a century to (0+ / 0-)

    capture the largest economy in the world so they could plunder it. They will not give it up easily.

    "Those who can make you believe absurdities can make you commit atrocities." - Voltaire

    by Greyhound on Thu Oct 20, 2011 at 05:14:17 AM PDT

  •  You confuse the issue that the banks are private (0+ / 0-)

    with the one that Fed is sort of private. Fed is run by government appointees no matter what its formal ownership is so it's not very different from public central banks. And f you want all the banks nationalized, you have to show examples of it working (Bank of North Dakota is not it as it's only a fairly small public bank in a state that has plenty of private ones).

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