"Saudi King Abdullah ordered that the additional funds be deposited in the Saudi Credit Bank, which was established to extend interest-free loans to Saudi citizens with limited resources to help them overcome financial difficulties"
"Giving banks more money is not helping, they already have plenty of money, the problem is not that banks are undercapitalized it is that they will not lend."
The entire world is being swamped by the credit crisis and stock market debacle. Where are the interest-free loans for Americans? Where are the tax holidays and foreclosure moratoriums? Where is the debt jubilee?
What could be worse than bailing out "our" banks who then refuse to lend and merely play the same old interest-rate differential game with the new debt-money capital provided by the public. Who’s going to lend to me money for my own private "carry" trade to rescue my finances?
Most importantly, where is the Public Central Bank which would restore the "purse power" of the people bequeathed by our Constitution?
Americans are going bankrupt and being foreclosed upon at the fastest rate in history. We are on the verge of complete social chaos with millions of nomads living in their cars and on the streets – scenes we thought only belonged in the history books. Welcome to yesteryear.
Amidst this crisis a pathetic Congress can only bail out big bankers and the Wall street owners of "our" central bank – the essentially fascist Federal Reserve. It is this very organization owned by big bankers and foreign banks that is at the center of the problem... with their sovereign money and credit creation powers and private conflicts of interest with same.
Wherever the people do not control their own credit and money creation they will become debt slaves on the way to complete destitution – exactly what is now occurring. We have been warned down thru hustory of the inevitable travesty of this situation, from the founders of this country to many presidents and knowledgeable observers of the oligarchic structure.
If Depression breeds opportunity then surely this is now the time to take back our central bank and let the people control money and credit thru their own, every two-year, elected representatives. The private Federal Reserve institution has clearly forfeited its right to manage our money and credit, it is as simple as that.
Our Congress must now get together with the lower, more democratic, houses of other countries and begin to recapture public control over money and credit creation, and begin a new Bretton Woods process. Rather than leaving the task to one brave president who may suffer assassination, it should be a simultaneous strike of democratic bodies or the ruling money powers will use their currency weapons and threats to extort any one country beginning this process.
The real threat today is that the fascist banksters will use this crisis of their own creation to further extend their money and credit powers to the entire globe – in effect, creating nothing less that a global monetary gulag from which escape may be impossible.
This is a defining moment in history and our representatives must have the character and strength to do the right thing, or their own children and granchildren will not only rue their heritage but suffer the apotheosis of the fascist enterprise.
Kent Welton,
PublicCentral Bank.com
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
1
1
1
