Notice the doubling of the money supply in less than a year. Almost as much as the increase over the past 100 years. Twice as much as the 85 years from 1915 to 2000. All in less than a year.
What was this decision based on? What is this expected to yield for the public other than super hyper inflation - making savings worthless ????
What are some better alternatives over then next months and years of this ever worsening depression?
Giving more money (more than the banks are worth) to banks is not one of them. Bankruptcy and selling the assets to new management with frequent and transparent reporting of all banking assets, liabilities might be a place to start.
Along with the proposal below to not out source banking oversight responsibilities to the Federal Reserve Bank and nationalizing the money system and make banking a responsible transparent business.
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What was this decision based on? What is this expected to yield for the public other than super hyper inflation - making savings worthless ????
What are some better alternatives over then next months and years of this ever worsening depression?
Giving more money (more than the banks are worth) to banks is not one of them. Bankruptcy and selling the assets to new management with frequent and transparent reporting of all banking assets, liabilities might be a place to start.
Along with the proposal below to not out source banking oversight responsibilities to the Federal Reserve Bank and nationalizing the money system and make banking a responsible transparent business.
---
===
A separate article not related to the chart above.
Kucinich on Nationalization: Oversight, not Banking, is a Proper Function of Government
http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentID=109525
Washington, Jan 26 -
Washington D.C. (January 26, 2009) – Congressman Kucinich (D-OH) today made the following statement addressing news reports that President Obama and advisors are considering nationalizing parts of the U.S. banking system. In the statement, Kucinich urges Congress not to nationalize banks, but to place the Federal Reserve under the Treasury Department.
“At a time when millions of Americans are losing jobs, homes, and pensions, our government is prepared to give another trillion to the banks. We are ready to compound the moral hazard by nationalizing banks, which are allegedly profit-making entities.
“This is anti-democratic. Instead of nationalizing banks, we should nationalize the money system by placing the Federal Reserve under the U.S. Treasury, end the fractional reserve system and stop banks from lending credit into circulation. Then instead of borrowing money from the banks and creating debt, government can spend the money into circulation to rebuild and restore America with money for jobs housing, healthcare and education I will soon be introducing legislation to accomplish this.
“Banking is not a proper function of the government, but oversight is. The Treasury Department should not be outsourcing to the Fed its oversight responsibilities. The Fed, which failed miserably to oversee the banks, should be put under Treasury instead.
“Its time for the government to operate in the public interest, not in the interest of private banks. Its time to stop bailing out banks and begin building up America.”
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