By Dennis Kucinich
July 11, 2009
Why we desperately need monetary reform
Congress was taken for a ride, and the American people’s wealth went with it.
So now you have a system of checks and balances. The Treasury writes all the checks, and Congress doesn’t know what the balance is.
Trillions of dollars are being taken both from the Treasury and the Federal Reserve, which is printing money, which you, the American taxpayer, have to back up.
We need to begin to have a serious discussion of monetary reform because what’s been allowed to happen is that banks have been permitted to create money out of nothing, and they have not held sufficient reserves against their investments that could go sour. This caused the collapse of a financial system that’s being shored up with U.S. tax dollars and with trillions of dollars printed by the Fed as backup.