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-- breaking up giant banks;
-- liquidating insolvent too-big-to-fail ones; and
-- replacing them with publicly run banks, providing low-interest loans to businesses, farmers, communities, households, students, and other worthy borrowers as a way to revive and sustain inflation-free prosperity. It's no pipe dream. It's real. It happened before and can again. Short of that, according to Hudson:
"debt service will (keep) crowd(ing) out spending on goods and services and there will be no recovery. Debt deflation will drag the economy down while assets are transferred further into the hands of the wealthiest 10% of the population (mainly the top 1%), operating via the financial sector."
Eventually the economy will collapse, but not Wall Street, profiting hugely with public handouts - aided and abetted by corrupted public officials, turning America into what Hudson calls a "zombie economy" and banana republic.
Workable Alternatives Can Prevent It
Ellen Brown's extraordinary book titled, "Web of Debt" explains how private money power trapped Americans in debt and how they can break free. At issue is private v. publicly created credit, Brown saying:
"Readily available credit made America 'the land of opportunity' ever since the days of the American colonists. What transformed this credit system into a Ponzi scheme, that must continually be propped up with bailout money, is that the credit power has been turned over to private bankers who always require more money back than they create" because they charge high interest rates for maximum profits.
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