[R-G] [BillTottenWeblog] Entry for the President's Brainstorm Page

[Suzanne de Kuyper]

Nothing was clear as to how to vote for anything.  Lots of comments when
searching for the vote ability.  Never found.  Transparent choices please.
suzannedk at gmail.com

On Tue, Jun 2, 2009 at 1:40 PM, Bill Totten <shimogamo at ashisuto.co.jp>wrote:

>
> Take Back the Power to Create Money from the Private Banking Industry
>
> by Ellen Brown
>
> webofdebt.wordpress.com (May 28 2009)
>
> Today was the last day to submit entries to the President's Open
> Government Brainstorm page. I submitted the one below. The website has a
> place to vote ("Looks Promising!" "Not So Sure".) If you feel like
> voting, the link is here: http://opengov.ideascale.com/akira/dtd/3648-4049
>
>
> The Constitution states, "Congress shall have the power to coin money
> and regulate the value thereof". This power has been abdicated to
> private bankers. Today, 99.99% of our money is created by private banks
> when they make loans. This includes the Federal Reserve, a private
> banking corporation, which orders Federal Reserve Notes to be printed,
> and then lends them to the US government. Only coins are actually
> created by the government itself. Coins compose only about 1-10,000th of
> the M3 money supply, and Federal Reserve Notes compose about three
> percent of it. All of the rest is created by banks as loans, something
> they do by simply writing numbers into accounts.
>
> Congress could take back the power to create the national money supply by:
>
> (a) Nationalizing the Federal Reserve.
>
> (b) Reviving the Reconstruction Finance Corporation, a government-owned
> lending facility used by Roosevelt to fund the New Deal. Rather than
> merely recycling borrowed money as Roosevelt did, however, the RFC could
> actually create credit on its books, in the same way that banks do it
> today, by fanning its capital base into many times that sum in loans.
> Assuming $300 billion is left of the TARP money approved by Congress
> last fall, this money could be deposited into the RFC and leveraged into
> $3 trillion in loans. That's based on a ten percent reserve requirement.
> If the money were counted as capital, at an eight percent capital
> requirement it could be leveraged into 12.5 times the original sum. That
> would be enough to fund not only President Obama's stimulus package but
> many other programs that are desperately short of funding now.
>
> Many references are available which will be furnished on request. See
> generally www.webofdebt.com/articles.
>
>
> http://webofdebt.wordpress.com/2009/05/28/take-back-the-power-to-create-money-from-the-private-banking-industry/
>
> TO POST A COMMENT, OR TO READ COMMENTS POSTED BY OTHERS, please click
> on the word "comment" highlighted at the end of the version of this
> essay posted at http://billtotten.blogspot.com/
>
>
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