kentuck
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Sat Sep-27-08 10:57 PM
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Benjamin Franklin's Solution |
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Nationalization has traditionally had a bad name in the United States, but it could be an attractive alternative for the American people and our representative government as well. Turning bankrupt Wall Street banks into public institutions might allow the government to get out of the debt cyclone by undoing what got us into it. Instead of robbing Peter to pay Paul, flapping around in a sea of debt trying to stay afloat by creating more debt, the government could address the problem at its source: it could restore the right to create money to Congress, the public body to which that solemn duty was delegated under the Constitution.
The most brilliant banking model in our national history was established in the first half of the eighteenth century, in Benjamin Franklin's home province of Pennsylvania. The local government created its own bank, which issued money and lent it to farmers at a modest interest. The provincial government created enough extra money to cover the interest not created in the original loans, spending it into the economy on public services. The bank was publicly owned, and the bankers it employed were public servants. The interest generated on its loans was sufficient to fund the government without taxes; and because the newly issued money came back to the government, the result was not inflationary.7 The Pennsylvania banking scheme was a sensible and highly workable system that was a product of American ingenuity but that never got a chance to prove itself after the colonies became a nation. It was an ironic twist, since according to Benjamin Franklin and others, restoring the power to create their own currency was a chief reason the colonists fought for independence. The bankers' money-creating machine has had two centuries of empirical testing and has proven to be a failure. It is time the sovereign right to create money is taken from a private banking elite and restored to the American people to whom it properly belongs.
Ellen Brown, J.D., developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, her latest book, she turns those skills to an analysis of the Federal Reserve and "the money trust." She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. Her eleven books include the bestselling Nature's Pharmacy, co-authored with Dr. Lynne Walker, which has sold 285,000 copies. Her websites are www.webofdebt.com and www.ellenbrown.com .
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Nationalize them and print our own money.
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defendandprotect
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Sat Sep-27-08 11:02 PM
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MannyGoldstein
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Sat Sep-27-08 11:11 PM
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2. What Does Ben Franklin Have To Do With This? n/t |
Poseidan
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Sat Sep-27-08 11:22 PM
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Interesting idea... possibly a small-scale experiment could be conducted?
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happyslug
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Sat Sep-27-08 11:56 PM
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unblock
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Sun Sep-28-08 12:21 AM
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5. how is that different from the federal reserve? |
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oh, i see, ellen brown is one of those idiots who buys into the myth that the fed is private.
:eyes:
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Irish Girl
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Sun Sep-28-08 12:27 AM
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7. Bernanke, is that you? |
avaistheone1
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Sun Sep-28-08 12:23 AM
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6. Sounds like a much better system than we have today in this country. |
many a good man
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Sun Sep-28-08 12:32 AM
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8. The NO taxes part sounds really good |
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But would it spur the innovation required in today's dynamic marketplace?
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Poseidan
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Sun Sep-28-08 02:35 AM
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It is actually un-Constitutional to only coin money within a single state.
Article 1, Section 10: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
I wonder though, if experimental systems would count. Testing a new or changed government system should always be done on a small-scale level, broadened only upon success.
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DU
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Fri May 10th 2024, 07:03 PM
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