[lbo-talk] Kucinich on money

[John Thornton]

Doug Henwood wrote:
>
> On Sep 29, 2008, at 6:09 PM, Shane Mage wrote:
>
>> Revolutionary socialists have always, always, always advocated 
>> nationalization of the banks and democratic accountability of the 
>> Central Bank.   That is what should be meant by fundamental change in 
>> the monetary system (any monetary system, like money itself, is by 
>> definition debt-based).  Isn't it time for fundamental change?
>
> I really doubt that that's what Kucinich meant. His language had all 
> the marks of hard money nuttery.
>
> Doug 

Kucinich opposes the privatized nature of the Federal Reserve but he 
also rails against fractional reserve banking and believes we should 
require all banks to have full reserves for the money they lend.

Nationalizing the Fed COULD be a fine idea (but this is really dependent 
on many things) but abolishing fractional reserve banking is nuttery.

John Thornton