[quote=Eugene][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.[/quote]
No it means ending Fractional reserve lending.
There is a difference.
All it is is changing the reserve asset ratio for non-federal banks to 1.
