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OpEdNews Op Eds    H3'ed 5/24/16

Where's Our Damned Bailout?

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Roughly 165 million, blameless, poor and middle income Americans suffered severe losses in the Crash of 2009 to 2011. The banks were bailed out mainly by Federal Reserve money creation, $ trillions loaned to them at 0.25% interest. But Republican and Democratic parties together have failed miserably to enable recovery for the harmed 165 million of us. We lost an average of 38% of family wealth, mainly in better paying jobs, home equity, and retirement savings. On May 9, Donald Trump told CNN a real solution to this problem, unfortunately described as "print money." Instead, the President could have the Treasury create greenbacks, electronically only, and deposit them to "distressed" trust entitlement funds and an infrastructure bank.

Government created, debt and tax free money. It's real, restorative power to the people.
Government created, debt and tax free money. It's real, restorative power to the people.
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There, payments spaced out, they are "liquidity trapped," like the $ trillions loaned at 0.25% interest by the Federal Reserve to the banks. That money, trillions still trapped, caused no significant inflation in consumer prices. Use this "United States Note" money for large, public employment projects at living wages, fixing infrastructure, providing day care and respite care, etc. Since work for pay is ennobling, make us work for our restoration. But let it be decently paid work, suited to individual abilities, even when it has to be retro-technological, "sheltered workshop," or pick and shovel, broom and bedpan labor.

I'm indebted to Ellen Brown for calling Trump's suggestion to mind. But his suggestion has been ignored or dismissed. Our private, for -- profit banking industry corrupted our Congress to give it the power to create, and allocate electronically, almost all American money under fractional reserve banking. From Wall Street to predatory parasite lenders, greenback creation profoundly threatens this private banks' source of profits. So they use shill economist - propagandists to dismiss greenback creation "inflationary." It's just a taboo! Twice in times of past stress, our government did created greenbacks, the Revolution and Civil Wars. The result was not disaster but eventual victory. Continentals did become worthless eventually for individual purchases, but they bought priceless things: an army of our own and thus national freedom to profit as Americans without taxation to Britain. Greenbacks funded the North to save the Union and helped end slavery.

Republicans and especially Democrats did not deliver to us 165 million suffering Americans a new Roosevelt-like New Deal, nor even a L.B.J. Great Society. We are like a large, weakened family forced onto an extreme diet, looking in on a feast of bankers and other corporatists gorging themselves, even burning $ trillions at Middle East war, like lighting up fat cigars. I challenge anyone, especially Wall Street dependent Hillary Clinton, to provide any example of a rich and powerful country like us, undefeated, with ability to create its own money, that created its own currency and then went into extreme inflation and chaos or bankruptcy for so doing! Since the Crash, Republicans and Democrats have together propagandized a "National Debt" Boogeyman and gridlock to cover their mismanagement and refusal to help make us whole. Use of greenbacks this way harms no interest other than private bankers. So, Republicans and Democrats: where, at last, is our damned bailout?!

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I could be Bernie Sanders older brother by similarity. I was born in Manhattan, 1940, he, about a year later, in Brooklyn. I too am a white male American. A retired college professor of philosophy. We both were born of Jewish parents. I was (more...)

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