Consumer Power Can Bring Banks back in Line

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When any sovereign government adopts a reserve currency monetary and banking system, that government gives its inherent authority to issue its currency to a privately owned corporation or cartel that operates for the benefit of the shareholders but not for the benefit of the citizens
With the passage of the Federal Reserve Act on December 22, 1913, the United States transferred its sovereign authority to issue the nation currency to a privately owned banking cartel consisting a central bank. The name, Federal, is misleading because the central bank is wholly owned by the twelve regional reserve banks that in turn are owned by member commercial banks in the regions. The New York reserve bank holds a controlling interest in the Fed with 53% of the stock in the central bank.
An honest representation of the private nature of the banking system would be to name it after the people who drove the legislation and created the law. Since Senator Nelson Aldrich, father-in-law of John D. Rockefeller Jr and business associate of J.P. Morgan, authored the legislation creating the central bank it should bear his name. If the central bank were named the Nelson Aldrich Reserve, and the paper currency was Aldrich-Rockefeller- JP Morgan Reserve Notes, rather than the current Federal Reserve Notes, people would have an easier time seeing the monetary system as a colossal scam.
The banking system’s privately created, reserve currency is parasitic on the working economy. By issuing all money as the principal of loans, but not creating the money needed to pay interest, the bankers are always owed more money than they created in the first place. Paying the interest on loans from the loan principal, enriches the bankers while leaving insufficient money to repay the loans, resulting in defaults and foreclosures. For example, with the current debt-based money supply standing at about $55.4 trillion with annual interest payments of $3.6 trillion, the entire money supply will be paid to the banks as interest in fewer than sixteen years.
The time has come for governments to reclaim their sovereign authority, and for the US government to issue American currency again.

JOHN PARKS of MD 11:03PM November 04, 2011

LEFTY DEM SHILL SUSAN MILLIGAN PLAGIARIZES REPUBLICAN PRESIDENTIAL CANDIDATE REP. RON PAUL...
But instead of saying the free market will settle issues -- and weighed in here on debit-card fees -- she substitutes 'consumer power.'
Well no S Sherlock. 'Consumer power' is the free market at work that Paul talks so much about. And has talked about for many years.
And 'consumers' have always exercised their 'collective' power, with nothing to do with Ralph Nader. Whole industries have been changed by that, and recently, such as with online purchases. And you'd think Susan Milligan in particular, working for USN&WR, would be well aware of how 'consumers' all along have been exercising their 'collective' power, given that USN&WR couldn't keep a print edition going.
So really, is there a party ANYWHERE that lefty dem shill Susan Milligan is not late to, purposefully and 'professionally' (sic) so, so as to put her leftist 'collectivist' (A derogatory Paul term) spin on such?
And her saying that the big, bad banks got 'angry' at a gov't crackdown and so 'shot back' to raise debit-card fees -- how absolutely childish, in a feeble OWS way.
There's a way for everyone to cut their use of 'evil' banks' 'necessary' services:
GET ON A BUDGET YOU STUPID JERKS!
Show me anyone whipping out cash, a debit card, a credit card, or a check book 10, 15, 20 times a month-- maybe even DAILY -- and I'll show you someone not a budget where you predetermine how much you spend on anything, and when you spend, and leave room for unexpected expenses.
If going a single week without spending money on something, anything, seems really strange to you, you're in for a real treat that personal BUDGETING can provide: MO MONEY LEFTOVER AT THE END OF A MONTH THAN YOU THOUGHT POSSIBLE!
But that's something a lefty dem shill like Susan Milligan would never address because widespread self-imposed and self-motivated fiscal empowerment at the individual level undercuts arguments for more paternalistic gov't intervention in our lives.
I would say -- and previously said -- that USN&WR should get new opinion bloggers. But with this latest post, it may be that USN&WR's goal is to put opinion-writing buffoons like Susan Milligan front and center to attract comments free of charge that then provide them with worthwhile content.
If that's the case, you're welcome USN&WR. We, the commenters, have things covered with a REAL job, so you can have our worthwhile comment content for free.

dom youngross of OH 4:38AM November 04, 2011

Susan,
The debit card fee mess was caused by the federal government deciding that banks like BOA, Citi and Chase and charge a retailer half as much for processing a debit card transaction than a smaller bank or credit union can charge. There is no system in place to do that yet. When the system becomes active, don'tbe surprised to find retailers that will no longer accept the higher cost debit cards from the smaller banks and credit unions.
I'm no fan of the big banks, but this is one case where government regulation is the problem.

Bob of TX 12:18PM November 03, 2011