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OpEdNews Op Eds    H3'ed 11/14/09

Why we must nationalize the Federal Reserve

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Our money system is not what we have been led to believe. The creation of money has been "privatized," or taken over by a private money cartel. Except for coins, all of our money is now created as loans advanced by private banking institutions — including the privately held Federal Reserve. Banks create the principal but not the interest to service their loans. To obtain the interest, new loans must continually be taken out, expanding the money supply, inflating prices — and robbing you of the value of your money.


Not only is virtually the entire money supply created privately by banks, but a mere handful of very big banks is responsible for a massive investment scheme known as "derivatives," which now tallies in at hundreds of trillions of dollars. The banking system has been contrived so that these big banks always get bailed out by the taxpayers from their risky ventures.

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Problem is, this scheme has reached its mathematical limits. Specifically, there isn't enough money in the entire global economy to bail out the banks from a massive derivatives default today. And when the investors realize that the "insurance" against catastrophe that they have purchased, in the form of derivatives, is worthless, they are quite likely to jump ship and bring the whole shaky edifice crashing down.

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Just the interest on the U.S. government's burgeoning $9 trillion debt will soon be more than the taxpayers can afford to pay. When that happens, the economy will collapse unless the monetary system is radically overhauled.

Articles are appearing daily in the news that bring the looming economic crisis into sharper focus and strengthen the case for monetary reform. Foreign central banks are increasingly abandoning the U.S. dollar as a reserve currency, while the impending implosion of the housing bubble threatens to bring down the whole money system, national and international. As the riskier mortgages go into foreclosure, the institutional investors owning them as mortgage-backed securities will be left holding the bag. But these institutional investors are largely the pension funds on which the retirements of workers depend. So, to keep up appearances, the "Plunge Protection Team" has been authorized by presidential order to use U.S. taxpayer money to manipulate markets to make them appear healthier than they are, and lately it has been working overtime. But official assurances of a "soft landing" are mere window dressing, aimed at preventing another worldwide depression as home buyers and stock market investors stampede for the exits. http://www.webofdebt.com/

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Several years after receiving my M.A. in social science (interdisciplinary studies) I was an instructor at S.F. State University for a year, but then went back to designing automated machinery, and then tech writing, in Silicon Valley. I've (more...)
 

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