Move Our Money: The Second American Revolution
Tuesday, July 3, 2012 21:51
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Thought for the 4th – The only real independence is freedom from private central banks, exactly what the founders gave us by their revolution [kw]
Move Our Money: The second American revolution
By Mike Krauss
On the 4th of July we remember the Declaration that went out from Philadelphia to the world in 1776. It proclaimed a stirring new possibility in human affairs: in Lincoln’s words, “government of the people, by the people and for the people.”
I don’t want to rain on the parade, but this is a 4th of July to be worried — really worried — about our nation.
A soul-less, self absorbed handful of private and corporate interests have America and Americans by the throat. The happiness, wealth and privilege of so very few now trump the liberty and threaten the lives of tens of millions of Americans.
It’s tough to survive without a job, income, shelter, decent diet or health care. So of course, as these things are withdrawn from millions, they have no effective liberty and may well lose their lives.
The middle class is under siege. Trillions of dollars of the immense wealth built up in the decades after World War II in home equity, pensions, savings and investments — gone. But this wealth did not just disappear. Like oil or gold, it was extracted from the people, taken from the 99 percent to be hoarded by the 1 percent.
And despite a mountain of evidence that indicates this “transfer” was accomplished by massive, routine and ongoing criminal fraud in the operation of the nation’s largest banks, the U.S. Attorney General does almost nothing to bring the culprits to justice.
Justice and the rule of law are mocked. You are mocked.
The chief jester, JP Morgan CEO Jamie Diamon was called to testify before the U.S. Senate. Conspicuously adorned with a pair of presidential cuff links on his no doubt hand-made shirt, he blew off the committee’s questions and received praise from fawning senators for his wonderful management skills and wonderfully managed bank — the one that failed and is in business only on account of trillions of dollars from Congress and the Federal Reserve.
Some of which was of course returned — in the form of campaign contributions to the senators who questioned Mr. Diamon.
What can we do to regain control of our own government, restore accountability to the people and begin to take back the stolen wealth? Here is my advice.
Ignore the elections. They simply do not matter. Obama. Romney, Obamney: no change. And the Congress?
Most members will be re-elected. Not because they have done such a swell job, but because they are almost all pre-selected by the money and re-elected by the money to serve the money, in a rigged and bought electoral process that makes a mockery of democracy, and of you and me.
Americans must find new ways of governing and managing public finance and the common wealth that do not rely on the Wall Street casino and the crooked dealers in Washington.
In 1776 the concentration of wealth and power in the British banks and parliament was the great enemy of the American people, their independence and prosperity. Today, it is the concentration of wealth and power in the interconnected American and European banks and the governments they buy.
This concentration must be broken. And there is good news — the battle has been joined.
Americans have been taking their money out of the Wall Street banks and moving it to community banks and credit unions. And although Wall Street tried to pretend otherwise, it hurt.
The loss of capital is one reason all the big banks recently had their credit ratings lowered.
Now comes the next step. We the people, in our municipal, county and state governments and agencies have by some estimates more than a trillion dollars on account with Wall Street banks, only a tiny fraction of which is loaned, invested or otherwise re-circulated into the local economies which produced and own it.
It is time to “Move Our Money” (MOM) — take the public money back from Wall Street and put it to work on Main Street, with local initiative and local control, in our own public banks.
When we Move Our Money into our own public banks, it unlocks the credit potential of public revenues, which is harnessed in partnership with community banks, credit unions and municipal governments to provide the sustainable and affordable credit with which our communities, local businesses and families can begin to rebuild.
When we Move Our Money into our own public banks, the American people take direct aim at the tyranny of Wall Street and Washington.
Away from Wall Street and Washington, a new and democratic economics is taking shape with the effort to create public banks to hold these public funds.
The second American revolution.
Mike Krauss, formerly of Levittown, is a director of the Public Banking Institute and chair of the Pennsylvania Project.
Email: [email protected]
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