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-- under Lincoln;
-- in early 20th century Australia when its Commonwealth Bank created money, made loans, and charged a fraction of privately-charged interest; until they took over, the country had one of the highest living standards in the world;
-- in the Middle Ages under a banker-free tally system;
-- in China for thousands of years before private banking, and today because Beijing directs the semi-independent People's Bank of China to grow the economy and create millions of jobs; and
-- in North Dakota, the only US state with its own bank that sustains its uniqueness and strength; it's one of two states, with Montana, running budget surpluses and the only one creating jobs because, as Brown explains:
"it('s) ha(d) its own credit machine (since) The Bank of North Dakota (BND) was established by the state legislature in 1919, specifically to free farmers and small businessmen from the clutches of out-of-state bankers and railroad men;" ever since, BND was tasked with delivering "sound financial services that promote agriculture, commerce and industry," something no other state can match because they don't have state-owned banks.
Again Brown: It works because bankers can "create 'credit' with accounting entries on their books" through fractional reserve banking that multiplies each deposited dollar magically into about 10 in the form of loans or computer-generated funds. It lets banks re-lend many times over, and the more deposits, the greater amount of lending for sustained, productive growth. If all states owned public banks, they'd be as prosperous as North Dakota, and so would America. Instead, private bankers hold the nation hostage.
Ostensibly, the Fed was established to stabilize the economy, smooth out the business cycle, manage a healthy, sustainable growth rate, and maintain stable prices. In fact, it caused 19 recessions (including the Great Depression and current crisis nowhere near resolved and likely to intensify) and substantial equity market declines each time ranging from 18.8% in 1998 to 89% from October 1929 to July 1932.
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