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OpEdNews Op Eds    H4'ed 8/27/10

America Facing Depression and Bankruptcy

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Stephen Lendman
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-- reinvigorate industrial America;


-- end Wall Street's financial chokehold;


-- return money creation power to Congress as the Constitution mandates;


-- encourage publicly-owned state banks like North Dakota's, making it prosperous when most states are debt-strapped and faltering;


-- create full-time, good-paying jobs with benefits; don't destroy them;


-- bring back those offshored;


-- protect homeowners from foreclosure;


-- re-institute progressive taxes, including a Tobin tax (perhaps 1%) on all speculative financial transactions, a millionaire's/Wall Street bank levy generating a huge windfall, enough to smack if not close the budget gap, making those most able pay; for example, the Bank for International Settlements estimated annual 2008 global over-the-counter derivatives trading at $743 trillion; a 1% tax would yield $7.43 trillion, and if taxes curbed speculation, the take would still be enormous;


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