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发表于 16-2-2009 08:26 PM
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CongressmanCalls for Debt-Free Dollars
http://www.heartlandnews.us/02_04_09_debtfreedollars.html
An Ohiocongressman has called on the federal government to take back the powerto issue money from the Federal Reserve, the private central bank that,along with Wall Street, is to blame for plunging the world into aneconomic crisis not seen since the Great Depression of the 1920s and1930s.
“TheFederal Reserve [is] no more federal than Federal Express,”said Rep. Dennis Kucinich (D-Ohio) on the floor of the House ofRepresentatives on Jan. 26. “It’s a collection ofprivate bankers that was established in 1913 by the Federal ReserveAct.”
ARTICLECONTINUES BELOW
GOVERNMENT SHOULD ISSUE DEBT-FREE MONEY, SAYS DENNIS KUCINICH
Kucinich called on the federal government toinstitute monetary reform beginning by issuing debt-freemoney—dollars that have not been loaned into circulation atinterest by banks.“We can take a new direction, and that new direction mustinclude monetary reform,” said Kucinich.
Kucinich quoted monetary theorist StephenZarlenga, the author of The Lost Science of Money, saying,“the bulk of our money is not created by our government, butby banks when they make private loans.”
Kucinich quoted the Constitution asauthorizing the government to be the sovereign power to issuemoney.
“Becauseof this monetary crisis,” he said, “we have anopportunity here. Instead of giving private bankers more power, we needto incorporate the Federal Reserve into the Treasury where all newmoney could be created as government money, not as interest-bearingdebt.”
Healso said the government needs to halt the banks’ privilegeof creating money out of thin air by ending the fractional reservesystem. “Past monetized private credit would be convertedinto government money,” he said.“Banks would continue to do what people think they do nowunder this new approach,” he said. They would only act asintermediaries by accepting savings deposits and loaning that money ortheir own cash out to borrowers.
“And what would the governmentdo?” he asked. “Well, we wouldn’t have toborrow money and continue to owe money to the banks to finance theneeds of this country.”
The proposal came during an hour-long speechby Kucinich, who offered fierce criticism of the banking industry ingeneral, saying that bankers shamelessly exploited legislation, whichwas supposed help Americans avoid bankruptcy, in order to get freemoney from taxpayers.
“Itturned out to be a windfall for banks,” said Kucinich.“But hold onto your hat, Mr. and Mrs. America, because thebanks are not done. They’re going to be looking for even moremoney, [and] they’re using this opportunity to game thesystem.”
Kucinichalso had choice words for speculators.“We’ve seen speculation driving this economy. Aneconomy built on gambling, and not real production, is not sustainable.Moving to a financial sector as a source of profits is an unsustainablePonzi scheme,” he said.
“Remember that this time in ournational experience is all about taking wealth from the great mass ofthe American people—from your paychecks, wallets andpocketbooks—and just moving it right to the top,”he said.
“We’rein a world of debt, creating more and more debt in a debt-basedeconomy,” said Kucinich. “And the pros, who put usin this mess, refuse to admit that debt is the problem that put ushere.”The current situation is unique, Kucinich said, because never before inAmerican history have we seen so much debt. “The growth ofour public and private debt from $10.5 trillion to $43 trillion duringAlan Greenspan’s tenure from 1987 to 2006 gives us some senseof the real magnitude of the problem,” he said.
The Federal Reserve knew this financialmeltdown was on its way. “Yet we saw Greenspan pretend hedidn’t have a clue,” he said. “The Feddidn’t do its job.”
“Under thosecircumstances,” Kucinich asked, “would Americanswant the Fed to have more power?
“Someone has to stand up for theAmerican taxpayers, and say, ‘Stop it,’ ”he said. “We have to get control of this FederalReserve.”
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