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  • December 22, 2010 at 4:37 PM #18317
    Eugene
    Participant

    If you haven’t heard about this by now, you will soon.

    Dennis Kucinich (Democratic congressman from Ohio and one of the candidates in the 2008 Dem primary) has introduced a new bill last week.

    http://kucinich.house.gov/UploadedFiles/NEED_ACT.pdf

    The objective of the bill is … “To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States, retire public debt and reduce the cost of public investment, and for other public purposes.” Nice, isn’t it?

    And how is this to be done? Quite simply, by turning the financial system of the country upside down. Among other things, the bill nationalizes the Fed, retires the U.S. dollar, creates new money, orders the treasury to print enough money to pay off all dollar-denominated bonds in existence, and, finally, criminalizes fractional reserve lending.

    December 22, 2010 at 4:48 PM #643956
    CA renter
    Participant

    Sounds like a more reasonable solution to our problems than what Bernanke & Co. have proposed.

    December 22, 2010 at 4:48 PM #644027
    CA renter
    Participant

    Sounds like a more reasonable solution to our problems than what Bernanke & Co. have proposed.

    December 22, 2010 at 4:48 PM #644607
    CA renter
    Participant

    Sounds like a more reasonable solution to our problems than what Bernanke & Co. have proposed.

    December 22, 2010 at 4:48 PM #644744
    CA renter
    Participant

    Sounds like a more reasonable solution to our problems than what Bernanke & Co. have proposed.

    December 22, 2010 at 4:48 PM #645065
    CA renter
    Participant

    Sounds like a more reasonable solution to our problems than what Bernanke & Co. have proposed.

    December 22, 2010 at 4:52 PM #643961
    patb
    Participant

    Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.

    December 22, 2010 at 4:52 PM #644032
    patb
    Participant

    Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.

    December 22, 2010 at 4:52 PM #644612
    patb
    Participant

    Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.

    December 22, 2010 at 4:52 PM #644749
    patb
    Participant

    Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.

    December 22, 2010 at 4:52 PM #645070
    patb
    Participant

    Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.

    December 22, 2010 at 5:02 PM #643966
    Eugene
    Participant

    [quote=patb]Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]

    I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”

    So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.

    December 22, 2010 at 5:02 PM #644037
    Eugene
    Participant

    [quote=patb]Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]

    I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”

    So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.

    December 22, 2010 at 5:02 PM #644617
    Eugene
    Participant

    [quote=patb]Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]

    I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”

    So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.

    December 22, 2010 at 5:02 PM #644754
    Eugene
    Participant

    [quote=patb]Nationalize the fed. Excellent

    Creates new money? A change over forces hidden cash to be explained.

    Ends fractional reserve lending? The tea baggers should be thrilled.[/quote]

    I should clarify that he wants to ban ALL lending (or at least make lending the sovereign right of the federal government). To quote, “Any person who creates or originates United States money by lending against deposits, through so-called fractional reserve banking, or by any other means, after the effective date shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both.”

    So that pretty much means shutting down or nationalizing all banks, credit unions, mortgage lenders, etc. etc.

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