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Restore Money Creation to the People- The Power Belongs to Us

by Erik Larson | November 22, 2009 at 09:18 pm

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George Washington discusses the need for a new model for our monetary system and looks at some alternatives. One noteworthy model that has already proven successful: the State of North Dakota is the only one in the Union with a State-owned bank- it’s also the only with low unemployment and no budget shortfall. Why are We the People paying interest on the national debt to bond holders and the privately-owned Fed banks when the Constitution authorizes Congress to coin money, and we could be creating our own publicly-owned money, and not have to pay interest to private parties?

Nationwide there needs to be action to get State-owned banks on the ballot, and to abolish the Federal Reserve.

Take the Power to Create Credit Away from the Giant Banks and Give It Back to the People
Many people - including former analyst for the U.S. Treasury Richard Cook - argue that credit is too important a function to be left to the private banks.

Indeed, even after taxpayers have given trillions in bailouts, backstops, guarantees, and other gifts, the giant banks are still not lending out much credit to individuals or small businesses.

The talking heads say that real reform of this nature is not "politically feasible". But not politically feasible doesn't actually mean anything except that the powers-that-be don't want it.

We have been throwing ourselves against a brick wall trying to force the giant banks into doing the right thing, but as Buckminster Fuller said:

You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

A Better Model

So what is a better model?

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Roy C

at 22:23 on November 22nd, 2009

I agree. Here is my story on other states doing this: North Carolina Town Prints Own Currency to Support Local Business

Erik Larson

at 06:38 on November 23rd, 2009

awesome, thanks for the link Roy C. It is so inspiring to see people taking action and making things work for their community on a local level. If enough do this, and enough paradigms shift, this parasitic national/global economic system may be reformed from the bottom up.

Ithaca, NY has had a local currency for a long time: http://www.ithacahours.com/intro.html

More on alternative currencies- and LETS (Local Exchange Trading Systems) here:

Alternative banking systems?

http://www.truthmove.org/forum/topic/1319

http://www.letslinkuk.net/

http://www.timebanking.org/

http://www.timebanks.org/

http://www.community-exchange.org/

http://www.transaction.net/

http://www.joshuazeidner.com/2008/03/in-we-we-trus...

http://www.complementarycurrency.org/ccvideo.html

http://www.zpub.com/notes/LocalCurrency.html

http://www.chicagotribune.com/business/chi-talk_mo...

Of the People, By the People, and For the People – George Washington

http://transitiontowns.org/forum/topic.php?id=191

http://www.feasta.org/

djermano

at 17:05 on November 23rd, 2009

I agree, Eric. The reason there is a Fed Bank is because they are the guys who control National Security, control the Military, and Control the buying up of peoples land. Consider that the Fed buys out the North Dakota Bank, then what? The reason they don't is because not many people live in North Dakota....It is rather a remote outback State like Wyoming, S. Dakota. They don't even have a Sports Team in any sports, such as in Football, or Basketball. I would say it is near impossible to have your own currency in relation to buying Oil, gas, and fuel...that makes the wheels run for those communities. Not that it couldn't be, by having their own private Oil Wells and only accepting their own homemade currency.. It's great to be able to have this ability....But I fear that if it became a National Policy...they would implement Marshall Law and force us to use the dollar.

The Rev.