Financial Accountability

The Problem: Private banks have usurped sovereignty from nations. All money except coins (in the United States and in most of the world) is created as a debt to private banks, which have taken that power from sovereign nations. By controlling currency in the U.S., the banking industry controls Congress and changes laws to serve their interests rather than the interests of the public. Bankers have turned the credit system into a pyramid scheme and have rigged markets to steal investments. Additionally, they systematically expand and contract the money supply to acquire resources at deflated prices and to keep individuals, businesses, and governments locked in debt.

Proposed Solutions:

  • Eliminate non-producing, profiteering middlemen and create a system of publicly owned banks, shifting the model from private profits to public services. Following the North Dakota model, publicly owned banks would provide the credit that local governments desperately need to balance their budgets, fund infrastructure, and create jobs, while breaking dependence on Wall Street and international banking institutions.
  • Impose or reimpose regulations on the banking system, including (a) restoring (in the U.S.) the Glass-Steagall Act (separating investment banking from commercial banking), (b) breaking up banks considered “too big to fail,” (c ) enforcing antitrust laws, (d) imposing a Tobin-style tax on all large, institutional trades, representing trillions of dollars that currently go untaxed, which would eliminate the incentives for what is nothing more than a sophisticated form of gambling rigged by the house, and (e) banning derivatives and aggressively prosecuting naked short sales.
  • Support U.S. Congressional leaders’ call for an audit of the U.S. Federal Reserve and ask them to support a broader inquiry into alternatives, such as a publicly owned bank of the United States.

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