Should The Federal Reserve Be Nationalized?
Monetary reform nationalizes the Federal Reserve - photo by the
Monetary reform nationalizes the Federal Reserve (this name is deceptive so the public would perceive it as a government entity) and retain its use for bank administrative functions. Fractional reserve lending by private banks would be made illegal, with the US Treasury having sole legal authority to issue new money for the benefit of the American public rather than the benefit of the banking industry. About
30% of the national debt is intra-governmental holdings
~16% held by the Fed
(48); this debt would be cancelled as it becomes a bookkeeping entry with nationalization. Of the publicly-held debt of various parties holding US Securities, the US Treasury would monetize (pay) the debt in proportion to fractional reserves being replaced with full reserves over a period of one to two years to monitor money supply and avoid inflation. This means the US government would create debt-free money to pay the debt as it's due exactly to the extent that private banks' ability to create credit is reduced. The purpose of this is to avoid inflation.
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Lance Ciepiela is a retired senior who had an interesting career in government service - a United States Marine Corps (USMC) Vietnam-Era veteran, who became interested in restoring the Constitution after I realized that W Bush had attacked (