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.