[lbo-talk] Kucinich on money

dredmond at efn.org dredmond at efn.org
Tue Sep 30 10:46:04 PDT 2008


On Mon, September 29, 2008 7:04 pm, Shane Mage wrote:


> By
> eliminating fractional-reserve banking, the amount of credit provided to
> the economy is determined by the sum of voluntary savings, long- term
> investment in bank capital, and credit provided by the central bank.

Any kind of credit system has to be fractional in nature - unless you want to lug around several tons of gold bars every time you buy a cup of coffee.

The problem is not fractional-reserve banking, it's the fact that a tiny elite owns those banks, and buys off politicians, regulators and the media to loot and steal. Let's nationalize the Citicorps and JP Morgans of this world, and turn them into community-run credit unions!

-- DRR



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