by Congressman Dennis J. Kucinich
Washington, May 31, 2011
Reclaim Our Destiny by Reclaiming Control Over Our Money
As Congress is poised to debate and vote on raising the debt ceiling, Congressman Dennis Kucinich (D-OH) today took to the House Floor to remind fellow Members why we are in debt in the first place: wars and tax cuts for the rich. Kucinich urged Members to take back our authority to print money from the Federal Reserve (the Fed) and to use that authority to invest in America by putting Americans back to work:
See video here [below]. The full text of the Congressman’s speech follows:
“Why are we in debt? We borrow trillions for wars in Afghanistan and Iraq, trillions for tax cuts for the rich. We borrow billions from China and Japan. We have plenty of money for war, Wall Street and welfare for the wealthy, but when millions of honest Americans need jobs, need wage increases, need health care, need education, need retirement security, they are told: ‘No. We don’t have the money.’
“How is it that the Fed can create trillions of dollars to give to the banks but the U.S. can’t meet its needs without going into debt to banks? The financial system works for a few at the expense of the many.
“The Founders did not intend for America to be run by big banks and Wall Street. The Constitution put the ability to create money in the hands of Congress. The Fed took away that power in 1913.
“We need to get that power back, to invest in our economy, to create jobs, to put America back to work, to rebuild America without going into debt. We must reclaim our destiny by reclaiming control over the money system.
Dennis on May 31, 2011
Dennis Kucinich “Why Are We In Debt!”