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