TIME FOR AN ECONOMIC BILL OF RIGHTS

Henry Ford said, “It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

We are beginning to understand, and Occupy Wall Street looks like the beginning of the revolution. 

Read full article here.

10 Responses

  1. All of this is fine and dandy, Ellen, but the question should be “how do we fix our economy?” I have to believe that eliminating our privatized FED would help, but turning it over to a corrupt congress will not make my heart beat comfortably. Fix #1 on all issues is to eliminate the campaign bribes from the industries that want in taxpayer’s pockets. Public funding of campaigns FIRST, and then let’s look at all of our societal problems.

    Jack Lohman
    http://MoneyedPoliticians.net

    • One of the propositions: http://bit.ly/tbkZIW

    • Another proposition: http://bit.ly/tVwhyc

  2. What is happening with our financial systems? http://bit.ly/sgfw4F

  3. Thank you for your thoughtful post. The state banking movement is a constructive reaction to the current financial crises facing our country today. Publicly owned banks would appear to bring us closer to a world where money is viewed as a commodity and treated as such.

    The federal government has proven itself to be an ineffective economic engine. I suggest our future economic stability will not be built with funding from a debt free federal government. Concentration of power has brought us to 2011, a world where each family faces almost $100,000 in combined personal and government debt, a population that is unaware of the systems that control them, a media that reinforces this oddity and a small group who leads a revolution against a threat they too, are unable to define.

    A state bank provides the necessary capital for their region, their residents, their enterprise. They know what is best for the people of their region and can respond accordingly. Wall street and it’s system has exported approximately 30,000,000 jobs since 1960. These high quality manufacturing jobs will be quickly restored by a properly funded private sector and stabilized regional economies.

    Henry Ford practiced the simple economic axiom. “In order for an enterprise to succeed, the worker must earn enough from his labor to buy the product he has produced.” Ford paid his men more than anyone else. This approach just so happens to be good business. Wall street’s foreign slave labor system will perish when we take control of our money back and with it, the creation of jobs that provide a living wage.

    Our central government needs to make the necessary accounting entry to eliminate the fraudulent national debt, state governments need to establish state owned banks that will, in turn, eliminate their fraudulent state debt obligations and allow these banks to stabilize money supplies and thus, economic conditions in their own regions.

    Our political systems are flawed. Politicians are programmed to buy votes. The issue is systemic and can be ameliorated by taking spending decisions out of the hands of politicians completely. Spending can be authorized by regularly scheduled voter referendums in each state (just as GO bonds are handled in most states today) and elected office can be moved towards single term volunteer only status.

    I disagree with any suggestion that allows for federal involvement in credit stabilization in the United States. Fifty conservatively managed state banks will assure adequate low interest or fee only credit facilities for state governments, private enterprise and state residents without federal intervention.

    Our national government of the late 1700’s was an appropriate model for our future. Small and weak. Anything that the federal reserve can do to buy power on behalf of the media and our congress is easily trumped by a regional system of “money supply support” opening a new era of economic development driven by employee owned, private industrial enterprise restoring the jobs that answer your call for a
    modern economic “Bill of rights.”

    (Tom Storey has researched economics, finance and banking for thirty years and is working to design a model that will drive the creation of state banks in the northeast)

    • Mr. Storey,

      Excellent! My big concern about a state bank system is how do you keep it safe from the assorted SOBs {Wall Street, financial engineers, Gov’t, etc.] that wrecked this system? They will not go straight, or even go, willingly!

      • North Dakota has a proven business model. A state bank is fully separate from “legislative machinations.” The entity itself is managed by bankers who must hold to a specific charter set down when they were created. The state bank will be the most conservative bank in the state as they are responsible for maintaining stable economic conditions through prudent liquidity management. In other words, an individual state’s state and municipal governments, businesses, and residents credit requirements must be met with a stable flow of liquidity from it’s banks. In this way, all of the state has adequate money supply to function properly.

        As we know, our current system of banking lacks stable, predictable money supply management. In 2008 our private banking system, having spent a dozen years making real estate loans to anyone who came in the door, SHUT DOWN liquidity. This resulted in one of the largest foreclosure crises this country has ever seen.The Bank of North Dakota stepped in during this crisis and stabilized their credit environment. Small businesses had no problem maintaining credit lines, residents were able to obtain mortgages, student loans and the state and municipalities funding requirements and the liquidity to meet them remained stable. Unemployment and foreclosure rates in North Dakota are the lowest in the nation. They escaped the “machinations” with a proven mechanism.

        An individual state, in it’s own way is sovereign. The state bank in North Dakota was formed by a powerful state farm lobby. They were reacting to the tightening of credit by wall street bankers and since the establishment of the state bank in 1919, have been virtually free of their influence.

        From childhood, we are told that money is somehow limited, that it is scarce, that only certain people know how to take care of it, that we are always in danger of running out. This is not true. Our system of banking and credit allows banks to create the money supply necessary for each of us to conduct our daily lives.

        Remember, money is a commodity like municipal water or electricity. If wall street was in charge of the water in your community would you be confident that your shower would flow in the morning? Well? Would you?
        Perhaps they would be busy sending your water to another country in pursuit of a higher return? It is simple, a state bank puts the control of the money supply into the hands of residents of that state for the benefit of same.

  4. I love this “Time for an Economic Bill of Rights” blog. It says everything in a clear and concise way. A bank of, for, and by the people. We should have one in every state that wants to create jobs, infrastructure, help with unforeseen disasters, etc. Why isn’t everyone jumping up and down with this idea?? The times they are a changin still, and now is once again the time for a public bank. It just makes too much sense.

  5. Herman Cain, the darling of Huffingtonpost.com, was Chairman of the Kansas Federal Reserve and Cain’s model for the Chairman of the Fed is Alan Greenspan. So is it any wonder Cain is the so called shoo in for the Republican nominee for president? Nope. Does Cain make sense. About as much sense as Obama made in 2008. Never held office and he’s the so called leader of the pack. Something tells me things are rigged. Silvio Berlusconi Resigns http://www.huffingtonpost.com/2011/11/12/berlusconi-resigns_n_1089979.html, so we can expect the stock markets to crash Monday. Monday’s crash will be just in time for big Wall Street Christmas bonuses for the short sellers. Something tells me things are rigged here. So is there any reason to think OWS is not the work of Banksters? Something tells me things are rigged here. Even if the CIA and Pentagon did not plan OWS from day one, which since everything else in this world is rigged it is illogical to think they the did not plan it, how long would it take them to infiltrate and lead it? Less time than it takes to say boo turkey. So where is OWS taking us? Wherever the Pentagon wants to take us. Now that the CIA and the military have merged with Patreaus the new head of the CIA and Panetta Secretary of Defense, why not a military coup? All we need is a civil war. Oh, OWS, could you give us one?

  6. Ellen Brown offers a vision that could save America!

    Tom Storey is right to worry about keeping the Wall Street and Federal Gov’t monsters out of state banks or any related institutions.

    The question is, how do we keep such a system safe from the massively corrupt Gov’t and private sector monsters who will literally kill to keep their hands on the money once it begins to pile up?

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