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A Final Comment
QE can work if used constructively, not destructively, as planned. Colonial America proved it, Massachusetts first in 1691 with its own paper money, backed by the full faith and credit of the government. Other colonies followed using scrip, freeing them from British banks, letting them grow their economies prosperously, inflation-free, with no taxation for 25 years. The secret was not issuing too much, recycling created money back into local economies for productive growth.
In other words, everything was kept proportionally in balance. Moreover, local governments paid no interest on their own money, created for growth, not banker enrichment at the expense of commerce, industry, and the public.
Lincoln did the same thing, again with government created money. His accomplishments and what followed turned America into the world's greatest industrial giant by launching the steel industry, a continental railroad system, and a new era of farm machinery and cheap tools. Free education was also established. The Homestead Act gave settlers ownership rights and encouraged land development. Government supported all branches of science. Mass productions methods were standardized. Labor productivity rose up to 75%, and still more was achieved during the post-war years, America's greatest period of growth before the Fed's 1913 creation.
By abolishing or nationalizing it, America could again be sustainably prosperous under a publicly-run banking system, everyone benefitting from inflation-free growth. Predatory lenders would be eliminated. Government would control its own money, creating it as needed interest-free. Federal taxes could be reduced or eliminated. Moreover, if states and local communities had their own banks, like North Dakota, it would work as well for them.
Under today's privately-run Fed and predatory banking system, Wall Street runs America, wrecking it for profit, QE its latest scheme. What could be used productively is a weapon of mass destruction. As a result, harder than ever hard times are coming, what only civil action can prevent, including demanding that government control its own money, what the Constitution's Article 1, Section 8 mandates.
Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.
http://www.progressiveradionetwork.com/the-progressive-news-hour/ .
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