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And, yes, I DO take it personally: Nationalizing the Federal Reserve - an idea whose time has come
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Thursday, March 12, 2009

Nationalizing the Federal Reserve - an idea whose time has come

actually, the goddam institution should have never been created in the form it now exists and we've now been handed the perfect opportunity to make things right...
Ellen Hodgson Brown has a solution for you.

Nationalize the Federal Reserve.

The lawyer and author of The Web of Debt: The Shocking Truth About Our Money System And How We Can Break Free told the Lone Star Iconoclast that the idea is more American than apple pie, mom, and baseball.

"The government used to create the money in the 18th century before the American Revolution. It was a brilliant system. The American colonists printed their own money, and the people think it is the government that creates the money, but it’s not. Today, it’s banks," she explained.

Right now, the Federal Reserve is a corporate institution owned and controlled by private banks chartered to create money through a process of fractional reserve lending to themselves. Money is created when these private banks lend up to 10 times their debt deposits from the Federal Reserve to public and private institutions plus interest. This money (aka debt) is, therefore, created out of thin air.

By "nationalization," Brown means having Congress turn the Federal Reserve into the acting central bank of the United States that prints money interest free.


"They’re never going to change the system when everybody is doing well," she said. "Everybody is ready for change, so we have to scramble in and make sure that change turns out the right way and doesn’t go into fascism and police state."


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