Thursday, July 9, 2009
Will California Lay Down and Die . . . Or Will It Regain Control Of Its Money System and Thrive?
Wells Fargo started in California on March 18, 1852.
Bank of America started in California on October 17, 1904 (it was originally called "Bank of Italy").
These two banks owe their prosperity to the state of California.
But now, Wells and B of A are refusing to honor California's IOUs (as are JPMorgan and Citigroup).
Is California going to take this lying down?
Is Schwarzenegger - the former world champion bodybuilder who played the Terminator and Conan the Barbarian - going to just give up?
Or will California take back control over its money system by forming its own bank?
Read this to learn how and why it should be done.
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Embracing our economic reality can be usefully summarized:
ReplyDelete1. If an economy has the workers, resources, and work in demand, they should be brought together for public and private benefit. Something is terribly wrong if political "leadership" fails to accomplish this.
2. The "bailout" is stealing unimaginably enormous sums of our collective money (we can't imagine trillions with accuracy) and giving to the same economic "leadership" that addictively gambled into insolvency what used to be regulated conservative banking and insurance investment.
3. The good news is that the structural solution to these two impersonations of real leadership is simple, and described in a policy proposal linked above by Ellen Brown. The American Monetary Institute has a national proposal, found here: http://www.monetary.org/ .
4. The bad news is that "leadership" seems to have few with the intellectual integrity and moral courage to state the obvious. The fairy tale, "The Emperor's New Clothes" has come to life with the twist that the American public has been swindled and afraid to speak, hoping for change after waiting for compassionate conservatism. I don't know what to do other than educate, invite rational analysis and policy proposals, and creatively work for a brighter future. The issues go beyond economics, of course; but successful transparency in one area can explode into other crucial areas. Please consider Ellen's article.
We should have let all these banks fail instead of giving them free money. These guys are going down soon anyway when the derivative storm hits this fall. So what they do or don't do probably doesn't mean much. You could do what I have already done, I was a Wells customer for 20 years I pulled all accounts this year in reaponse to their reckless banking practices. You could do the same.
ReplyDeleteIt's not the banks that are bad it's the fact that mafia scum seized the banks and the whitehouse...Now they rob the banks from the inside; while their puppets called U S A Presidents, and their shills, the mass media call it a banker bailout...They get away with it by keeping the masses brainwashed into hating innocent muslims...
ReplyDelete