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Time for an Economic Bill of Rights

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Bill of Rights
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Henry Ford said, "It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

We are beginning to understand, and Occupy Wall Street looks like the beginning of the revolution.  

 

We are beginning to understand that our money is created, not by the government, but by banks.   Many authorities have confirmed this, including the Federal Reserve itself.   The only money the government creates today are coins, which compose less than one ten-thousandth of the money supply.   Federal Reserve Notes, or dollar bills, are issued by Federal Reserve Banks, all twelve of which are owned by the private banks in their district.   Most of our money comes into circulation as bank loans, and it comes with an interest charge attached.  

 

According to Margrit Kennedy, a German researcher who has studied this issue extensively, interest now composes 40% of the cost of everything we buy.   We don't see it on the sales slips, but interest is exacted at every stage of production.   Suppliers need to take out loans to pay for labor and materials, before they have a product to sell.

 

For government projects, Kennedy found that the average cost of interest is 50%.   If the government owned the banks, it could keep the interest and get these projects at half price.   That means governments--state and federal--could double the number of projects they could afford, without costing the taxpayers a single penny more than we are paying now.  

 

This opens up exciting possibilities.   Federal and state governments could fund all sorts of things we think we can't afford now, simply by owning their own banks.   They could fund something Franklin D. Roosevelt and Martin Luther King dreamt of--an Economic Bill of Rights.  

 

A Vision for Tomorrow

 

In his first inaugural address in 1933, Roosevelt criticized the sort of near-sighted Wall Street greed that precipitated the Great Depression.   He said, "They only know the rules of a generation of self-seekers.   They have no vision, and where there is no vision the people perish."  

 

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Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books including the best-selling WEB OF DEBT. In THE PUBLIC BANK SOLUTION, her latest book, she explores successful public banking models historically and (more...)
 

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