The recent action by the fed caps a series of bad decisions that have had a demonstrably devastating effect on the middle-class in America. An Article by Martin Crutsinger of the Associate Press, appearing in U.S. News Weekly screams, “Fed unveils bold, open-ended steps to aid economy.” Another paper that reprinted this article’s sub-head says, ” Move to buy $40 billion a month in mortgage bonds hopes to spur home buying, consumer spending. While for many, this will look like it is a fantastic decision—the Federal Reserve is stepping up to once again to help “stimulate” the economy—the key question, that no one is asking, is will this actually help? The answer to the question, unfortunately, depends on who is asking the question. From the Government’s perspective, this is necessary. From the bank’s perspective Continue reading
I do not typically put up video for my site as it does not typically fit with what I feel my mission is, but in this case I will make an exception. My friend Ellen Brown, President and Chairman of the Public Banking Institute, and the author of Web Of Debt had this young girl as a keynote speaker at her recent Public Banking Conference in Philadelphia.
Every one should see this video. Ellen’s latest article,Out of the Mouths of Babes, shows that Victoria’s message was framed so well that now even adults can understand it. Maybe, this is why the video has gone viral, with over 1 million views and climbing. Victoria patiently explains to all of us, with clearly less cognition than she, that when private banks create money out of thin air and lend it to people or to the central government at interest it makes little sense.
This 12 year old explained to all in the room that it made much more sense for the government to create the money directly and not have the banks in the middle charging for the privilege of creating our money for us and then lending it back to us. You see she correctly explains that in Canada, and also in the U.S., the banks create the money out of thin air and then loan it to the government with interest and then all of us have to pay the interest. She also realizes that the government could create the money directly and not pay the banks interest for the phoney creation process. Why is it this 12 year old gets clearly what most adults do not? I have been having this discussion with people for years.
I encourage all to watch this video and then talk to your kids. Clearly they are a heck of a lot smarter than we are.