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Response to mountain grammy (Reply #1)

Tue Oct 9, 2012, 11:26 AM

5. That is not what this is about.

This is about getting back the money that the bankers wasted and stole. This is about slowing the fast-trading on the markets which is a practice that causes central banks so much trouble.

Imagine the problem in our country if, instead of having one currency, we had 50, one for each state. That is the problem that European countries had before uniting for the Euro.

The problem for Europe is that they have a unified currency but do not have unity in terms of their national budgets and national borrowing and lending.

We have a big problem in that our currency is really controlled more by the Federal Reserve, which acts like a private entity detached from our democratic process, not by Congress. The Constitution states that Congress is to issue currency, not the Federal Reserve. Congress delegated that power to the Federal Reserve, which decides cavalierly and with a pro-private business bias on how the currency should be issued. We need a lot more oversight of the Federal Reserve. Europe needs far more oversight of national budgets, borrowing and lending.

That's my take on it.

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Arrow 8 replies Author Time Post
pampango Oct 2012 OP
mountain grammy Oct 2012 #1
tama Oct 2012 #2
LineLineNew Reply That is not what this is about.
JDPriestly Oct 2012 #5
Ghost Dog Oct 2012 #6
tama Oct 2012 #8
dipsydoodle Oct 2012 #3
bemildred Oct 2012 #4
T_i_B Oct 2012 #7
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