Ellen Brown author of “The Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free” talking about the public banking system and the Bank of North Dakota October 26, 2011 at Kan Hall, University of Washington, Seattle, WA.
With all the hysteria about government debt and deficit spending, ostensible pretexts for annihilating the public, why is no one scrutinizing the source of the problem ~ the monetary system?
Our economy has been running on credit/debt since 1913 when Congress outsourced its sovereign authority to create the nation’s money and gave that privilege away to a cartel of private banking corporations ~ the Federal Reserve System. After 1913, our so-called ‘money’ supply could only be created by banks generating credit as loans. Continue reading →
Congressman Dennis Kucinich (D-OH) released the following statement in response to the release of the second of two reports on the Government Accountability Office’s (GAO) audit of governance at Federal Reserve banks.
“The GAO report adds details to what we already know. The Federal Reserve operates with brazen disregard for the best interests of the American economy and with very serious conflicts of interest,” Kucinich stated.
Based on a Speech to the International Reciprocal Trade Association, Puerto Aventuras, Quintana Roo, Mexico, September 20, 2011
First I want to thank you for inviting my wife Karen and me to join you in this beautiful land of ocean, sunshine, history, and mystery. Second, I want to offer the organized barter movement—and by this I mean the barter associations that have placed their work on a sound professional business level—my heartfelt congratulations. I congratulate you not only for acting in the face of the global monetary crisis but also for taking active and practical measures for putting something real in its place.
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:
As the nation struggles with long-term unemployment at rates not seen in generations, contracted credit and the hoarding of public dollars by the banks, Congressman Kucinich (D-OH) today introduced a dramatic new proposal to establish fiscal integrity, reassert Congressional sovereignty and regain control of monetary policy from private banks. The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.
by Jamie Walton
American Monetary Institution (AMI) researcher
Guest Writer Dandelion Salad
Oct. 18, 2010
Review of Richard C. Cook‘s book, We Hold These Truths: The Hope of Monetary Reform
First edition (Tendril Press) [This book is available from the American Monetary Institute, at $30, postpaid.]
This book is for anyone and everyone who wants to solve the world’s deepening crisis and to avoid a looming catastrophe.
Richard C. Cook hits all the economic nails on the head in his latest book, We Hold these Truths: The Hope of Monetary Reform. Very rarely does a book appear that lays out what’s really wrong with ‘the economy’ and what’s required to really fix it. This is one of those very rare books. It’s a must-have handbook to build your own clear and deep understanding of what’s really going on, why, how, and what can be done about it.
Steven Pearlstein, business columnist for the Washington Post, published a column on January 6 entitled, “Recession Over? Not Unless We Make a Major Shift.” The problem is that the “major shift” Pearlstein writes about won’t solve the problem even if it takes place.
So is the recession ending? The professional cheerleaders from Wall Street think so, now that the Dow-Jones has surged past 10,500. Fed Chairman Ben Bernanke is also cautiously optimistic as the Fed begins to dismantle some of the emergency bailout programs it had implemented to help save the financial system from total collapse after the meltdown of 2008.
While Congressman Ron Paul’s Free Competition in Currency Act is not a workable proposal, it points to a deeply serious problem with the Federal Reserve System that must be faced if the U.S. economy is to have a future.
Over the last 40 years the Federal Reserve, with the acquiescence of Congress and the executive branch, has become the primary regulator of the economy. The prevailing philosophy is called monetarism, and it’s based on the raising and lowering of interest rates.
This period has been marked by the successive creation and destruction of several gigantic investment bubbles. After the Federal Reserve brought on the recession of 1979-83 by raising interest rates to over 20 percent, we had a bubble during the Reagan/G.H.W. Bush years based on business mergers and acquisitions. It was then that the fulcrum of the U.S. economy shifted from manufacturing to finance. This bubble collapsed in a recession that brought Bill Clinton to the presidency in 1992.
The crisis of 2008-2009 exposed the U.S. financial system as being unstable, subject to abuse, and tending to favor the rich while putting everyone else deeper into debt.
The housing bubble was based on the biggest credit inflation in history. It raised the prices of homes to unprecedented levels but created the deepest recession in a generation when it collapsed. $6 trillion in wealth has now simply disappeared.
Meanwhile, unregulated global capitalism continues to concentrate wealth, outsource jobs to the cheapest possible labor markets, accelerate U.S. unemployment, and destroy local and regional economies.
The United States does not control its own destiny. Rather it is controlled by an international financial elite, of which the American branch works out of big New York banks like J.P. Morgan Chase, Wall Street investment firms such as Goldman Sachs, and the Federal Reserve System. They in turn control the White House, Congress, the military, the mass media, the intelligence agencies, both political parties, the universities, etc. No one can rise to the top in any of these institutions without the elite’s stamp of approval.
This elite has been around since the nation began, becoming increasingly dominant as the 19th century progressed. A key date was passage of the National Banking Act of 1863, when the system was put into place whereby federal government debt was used to collateralize bank lending. Since then we’ve paid the freight through our taxes for bank control of the economy. The final nails in the coffin came with the passage of the Federal Reserve Act of 1913.
Paul Grignon, the creator of the popular “Money as Debt” documentaries, joins Economics 101 to discuss his solution for an alternative currency. Digital Coin operates as a system of unique digital objects that function as self-issued credit. The value of this is measured relative to a “Perpetual Coin” unit of measure and fluctuates based on demand for that individual’s goods and services. For much more information on this fascinating idea, please visit the Digital Coin website: http://www.digitalcoin.info