The Federal Reserve is under the influence of the Wall Street mindset and its economic self-interest. If we had, as a nation, a central bank such as Canada had in 1974, perhaps we wouldn’t be seeing a job market as weak as we have right now. A central bank in charge of issuing credit and holding internal and external debt, fueled by national interest and the American people best interests, might allow us to finally have nice things such as the desperately needed infrastructure investment along the lines of Bernie Sanders plan as detailed on his website, or a free public university system or Medicare for All. North Dakota has its own state run bank and they survived the Great Recession in much better shape than any other state in the union. Why must we rely solely on private banks to issue and control our monetary supply? Moreover why are we so ready and willing to listen to experts that have consistently been wrong about the dangers of inflation, the safety of financial deregulation and the trustworthiness of laissez-faire capitalism? There are so many assumptions that need to be re-examined in our society in regards to banking, value, usury, moral values and growth. Iceland is one of the few nations with the moral courage to investigate other ways to employ banking in the people’s interests and not the financial industry’s interest. I am highly critical of the financial industry because what is their use to our society? They do not create anything of concrete value except what is perceived as valuable in the moment. The banking system as we know it now, barely fulfills their function when it comes to lending to small businesses, they are far more focused on the speculative nature of finance all in the name to grow their profits and not grow our economy. This is why I believe we need to step away from putting all of our monetary power in the private sector and reroute it towards the public sector. I know this is highly unpopular, but we haven’t tried it yet, so no one really knows what might happen, we could be happily surprised, at least those on the bottom of the ladder trying to climb up that long, tough ladder of opportunity.
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