Our sovereign currency and credit has been usurped for private gain instead of public good. Let’s take back control of our money from Wall Street and build prosperity on Main Street by creating state, county, and municipal public banks. Public tax monies should be leveraged by public officials, not speculators and swindlers. See Public Banking Institute for more information. Here is a direct video link.
“Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of sovereignty of parliament and of democracy is idle and futile.”
–William Lyon Mackenzie King, 10th Prime Minister of Canada, father of Bank of Canada Act amendment, 1938.
We have been painfully slow on the uptake here, but the penny has finally dropped. The revelation is spreading that taxpayers are unnecessarily wasting a fortune paying interest to private banks for infrastructure spending that we, the people, can self-fund interest free from our own tax dollars. In doing this, we free up billions for our funding needs without raising taxes one cent.
With an aging population placing increasing strain on resources, with debt levels already crushing, with massive savings ours for the taking in remodeling our utilities and infrastructure for greater efficiency and clean, sustainable energy, the time is perfect to make the change to public banking for all levels of government. See: Kitchener Public Bank for excellent historical context and enlightenment. Also see: Canadian Citizens Coalition for monetary reform, and How to Start a Bank.
Also this speech from last February is an excellent primer:
Toronto City Councillor Kristyn Wong-Tam describes her experiences researching and petitioning for Public Banking at COMERs Seminar on Money, Tax & Poverty. Here is a direct video link.
Here is a link to Ms. Wong’s article “Toronto should start a bank” that appeared in The Financial Post 5 long years ago.
Having evaporated more than $16 trillion off global equity markets in the past 6 months, 40 countries have already entered bear markets, down more than 20% to date. The trouble is that during secular bear environments where the cyclical declines start from high leverage and extreme valuations (as in 1929, 1965, 2000, 2007 and 2014), the losses tend to average 40%+ before the selling exhausts. While interim rallies are to be expected, the impetus to sell into strength persists.
Billionaire investor George Soros said China’s economy is headed for a hard landing, a slump that will worsen global deflationary pressures, drag down stocks and boost U.S. government bonds.
“A hard landing is practically unavoidable,” he said in an interview with Bloomberg Television’s Francine Lacqua from the World Economic Forum in Davos on Thursday. “I’m not expecting it, I’m observing it.” Here is a direct video link.
See: Global shareholders have $27 trillion locked in bear markets.
Cory’s Chart Corner
