[Marxism] Financial Meltdown: The Greatest Transfer of Wealth in History

[Walter Lippmann <walterlx@xxxxxxxxxxxxx>]

These are the times when I really miss Peter Camejo. 
He not only understood these complex issues, but he
could explain them in easily-understood ways, and he
could come up with reasonable solutions which pointed
public consciousness forward, but avoided terminology
which would permit people to close their minds to the
things he was trying to tell them. Since Peter managed
a large portfolio of money, he was also in a position
to speak authoritatively about these complex topics.


Walter Lippmann
Los Angeles, California
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Financial Meltdown: The Greatest Transfer of Wealth in History
How to Reverse the Tide and Democratize the US Monetary System
By Ellen Brown
Global Research, October 17, 2008

author's website: webofdebt.com

CONCLUSION:

Like the Pennsylvania bank, a modern-day federal banking system would
not actually need "reserves" at all. It is the sovereign right of a
government to issue the currency of the realm. What backs our money
today is simply "the full faith and credit of the United States,"
something the United States should be able to issue directly without
having to draw on "reserves" of its own credit. But if Congress is
not prepared to go that far, a more efficient use of the earmarked
$700 billion than bailing out failing banks would be to designate the
funds as the "reserves" for a newly-reconstituted RFC.

Rather than creating a separate public banking corporation called the
RFC, the nation's financial apparatus could be streamlined by simply
nationalizing the privately-owned Federal Reserve; but again,
Congress may not be prepared to go that far. Since there is already
successful precedent for establishing an RFC in times like these,
that model could serve as a non-controversial starting point for a
new public credit facility. The G-7 nations? financial planners, who
met in Washington D.C. this past weekend, appear intent on supporting
the banking system with enough government-debt-backed "liquidity" to
produce what Jim Rogers calls "an inflationary holocaust." As the
U.S. private banking system self-destructs, we need to ensure that a
public credit system is in place and ready to serve the people's
needs in its stead.

Ellen Brown, J.D., developed her research skills as an attorney
practicing civil litigation in Los Angeles. In Web of Debt, her
latest book, she turns those skills to an analysis of the Federal
Reserve and "the money trust." She shows how this private cartel has
usurped the power to create money from the people themselves, and how
we the people can get it back. Her eleven books include the
bestselling Nature?s Pharmacy, co-authored with Dr. Lynne Walker, and
Forbidden Medicine. Her websites are www.webofdebt.com and
www.ellenbrown.com.

URL of this article:
www.globalresearch.ca/index.php?context=va&aid=10589


=========================================
     WALTER LIPPMANN
     Los Angeles, California
     Editor-in-Chief, CubaNews
     http://groups.yahoo.com/group/CubaNews/
     "Cuba - Un ParaÃso bajo el bloqueo"
=========================================

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