Perhaps what we need is a national bank instead of or at the very least alongside the Federal Reserve. Call me kooky, but from what I have read about North Dakota’s state bank; its existence is a good reason why North Dakota escaped much of the damages instigated by the Great Recession. Moreover before 1974, Canada had their own national bank and their deficits were pretty much non-existent; it was only when they did away with their national bank in favor of a private banking system that the government started running deficits because they were beholden to things such as interest rates and bank profits. There are some things that are best done as a collective and some as private individuals; I think that government funding and savings could be managed as a collective as well with a national bank, we could even perhaps finally have nice things such as an infrastructure project that we are so badly in need of, which would generate employment for so many; wouldn’t that be incredible? In reference to the question that this article generates; why are senators Warren and Brown against senator Rand Paul’s Fed Auditing bill, I do not quite understand how an audit could influence monetary policy, but I trust senators Warren and Brown in their assessment of financial issues related to transparency and regulations and I am comfortable with their handling of financial problems, regulations and accountability. I just wish that someone would bring up the idea of a national bank if only to create more competition to the Big Banks; the banking industry is run by a handful of criminals and that isn’t right nor is it healthy for our economy.
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