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Public Banking: What Better Time Than Now

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Public Banking: What Better Time Than Now

by Stephen Lendman

Money power belongs in public hands.

Money power in private hands games the system. It does so destructively. Controlling money, credit and debt for private enrichment assures speculation, booms, busts, inflation, deflation, instability, crisis, recessions and depressions.

The Cypriot crisis alone begs the question. Money power in public hands could have avoided what's now happening. Ordinary Cypriots face horrific hard times. So do most people in Euroland countries and America. 

Force-fed austerity is policy. Banks accounts no longer are safe. Nor are public pensions. Insiders get advance word and flee. From March 1 - 15, 132 companies with Cypriot deposits shifted hundreds of millions of euros offshore.

Less fortunate unsecured account holders may lose everything. Small depositors aren't safe. They're vulnerable. Grand theft is official policy.

Bailouts come with strings. They include strip-mining economies for profit. Massive job, wage and benefit cuts follow. So does selling off state enterprises at fire sale prices. 

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Ordinary people have no say. Their welfare doesn't matter. Bottom line priorities take precedence. It's Wall Street's way. Global money control is policy. 

It's used to make more of it. It's made the old fashioned way. It's stolen. It's done so with impunity. It wrecks countries in the process. 

Cyprus is Exhibit A. It's being looted. It's being destroyed. It's a perfect crime. Eurocrats and Cypriot officials bear full responsibility. Ordinary people face protracted hard times. Most have three choices - starve, rebel or leave.

On March 30, former Reagan budget director David Stockman headlined "State-Wrecked: The Corruption of Capitalism in America." 

Post-2007 crisis conditions devastated ordinary Americans. Main Street's in protracted Depression. Stockman predicts more trouble ahead.

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Fed policy resorted to money printing madness. Helicopter Ben dropped none of it on Main Street. It "stayed trapped in the canyons of Wall Street." It's "inflating yet another unsustainable bubble."

Eventually they all burst. This time don't expect bailouts. America's heading for "zero-sum austerity and virulent political conflict."

"This dyspeptic prospect results from the fact that we are now state-wrecked."

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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