Should the Federal Reserve be Nationalized and Fractional Reserve Banking Ended?Submitted by bobbyw24 on Tue, 07/05/2011 - 07:47
According to British economist James Robertson and prolific American author Ellen Brown, the main problems facing the US could be solved if our government would just take over the Federal Reserve Bank, and start printing its own government-issued currency, just as the Constitution authorized it to do in the late 18th century. It should then spend that money into the economy by the trillions -- almost exclusively on the building of infrastructure. And not just physical infrastructure. But also the social kind -- as in free education, at the university level, for all qualified students willing and able to study the subjects that would prepare them to be the kind of qualified workers the then-burgeoning job market would badly need. And what kind of subjects would those be? Probably various kinds of engineering and science, for the most part.
Plus, no more fractional reserve banking: banks must gradually be forced lend out no more money than they actually have. Private banks would have to compete with each other to get money from the federal government which would now own and control the Fed. As for private banks, lending out additional money which they didn't have (another way to describe fractional reserve banking), would now be considered a form of counterfeiting.