Why we must nationalize the Federal Reserve

The potential for the Fed to act as a truly "federal" central bank that issues loans to the public and return the profits to the government has been there since the 1960s; but until now, the Fed and the Administration have not made much use of it. The Fed has used its dollar-issuing power only to the extent necessary to provide the reserves to backstop bank runs. The vast majority of the money supply has continued to be created privately by banks in the form of loans; and as Congressman Voorhis observed, "where the commercial banks are concerned, there is no such repayment of the people's money" as there is with the Federal Reserve. Commercial banks do not rebate the interest they receive, although they also "'buy the bonds with newly created demand deposit entries on their books -- nothing more." This, Voorhis maintained, was a violation of the Constitutional provision that "Congress shall have the power to coin money [and] regulate the value thereof."

here

 1  |  2  |  3