"Credit as a Public Utility: The Solution to the Economic Crisis": A Video in Six Parts

Part One of Six Parts: Credit As A Public Utility: The Solution to the Economic Crisis

“Our Early Political Leaders Warned Us Against the Banking Interests”

Summary: Early U.S. statesmen, such as Benjamin Franklin, Thomas Jefferson, James Madison, and Andrew Jackson worked to free the nation from control by the bankers who had been behind the establishment of the First and Second Banks of the United States. During the Civil War, President Abraham Lincoln implemented a true democratic currency by spending Greenbacks directly into circulation without borrowing from the banks. These measures allowed the U.S. to develop for much of the 19^th century largely free from bankers’ control. By the end of the century, this had changed, and the bankers were taking over.

http://video.google.com/videoplay?docid=3468056684550176104

Part Two of Six Parts: Credit As A Public Utility: The Solution to the Economic Crisis

“The Federal Reserve System: The Bankers Take Over”

Summary: President Lincoln’s Greenback system worked but was undermined and replaced by the financiers who got Congress to pass the National Banking Acts of 1863 and 1864, then the Federal Reserve Act of 1913. The United States now became a nation dominated by the financial elite, the banks, and a debt-based monetary system. Consequently, the 20^th Century was one of constant cycles of inflation and deflation resulting in the economic chaos we see today. 

http://video.google.com/videoplay?docid=7247440563842157664

Part Three of Six Parts: Credit As A Public Utility: The Solution to the Economic Crisis

“The Collapse of the Financial System”

Summary: The collapse we are seeing today began in the financial system, not the producing economy. The crisis started with the housing bubble which the Federal Reserve created by cutting interest rates and then brought own by raising them. The trigger of the 2008 bank meltdown was refusal by European banks to purchase any more “toxic” U.S. debt based on mortgages and sold as securities. Now, with the decline in equity values, the burden of debt in our economy has grown even larger. Thus a renewal of bank lending will not solve the problem, while the economic stimulus program of the Obama administration is likewise insufficient to restore economic health.

http://video.google.com/videoplay?docid=-2586504549221421168

Part Four of Six Parts: Credit As A Public Utility: The Solution to the Economic Crisis

“What is Credit and Who Should Control It?”

Summary: Fractional reserve banking is the process by which banks create credit out of thin air. But despite abuses of the system, credit is still a crucial part of modern economics. An enlightened concept of governance would view credit as a public utility. This means that government must take back the control of credit from the private financiers.

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