Forum Post: Consider Reform: Banking Rules Created by Bankers, Reform focused on protecting Main Street
Posted 12 years ago on March 12, 2012, 8:11 p.m. EST by Middleaged
(5140)
This content is user submitted and not an official statement
I understand many on OWS Forum find this off-putting:
Financial shills and parrots repeat mantras about keeping free markets free and Neoliberalist parroting that if anything goes then commodities and market goods such as CDOs, ABS, Stocks, bonds, ETFs, and CDS will be priced correctly.
I Posit that:
1) Financial Managers should not be allowed to bet against stocks or bonds or financial derivatives, if they DO NO Own same financial instrument. (No Naked short selling or long buying) (No more Greece, Italy, Spain, or Portugal)
2) No more after hours market trading, since big banks trade within large pools of managers while the small guy on main street can not access the markets after hours. (The effect is not a free market, but a market advantage for Wall Street and other big banks)
3) The TRUTH is we have a gambling casino Financial System that is widely recognized since our US Financial Crisis. The total Financial Derivatives World Wide exceeds the Global GDP and any Possible or Imaginable Responsible investment ($600 Trillion Dollars).
I wrote some Amendments that are related to this on link below a while back.
http://occupywallst.org/forum/28th-amendment-congressional-gift-rules-too-big-to/
Oh and isn't it obvious that Big New York Banks and Large Corporations have unlimited money to fight in court or to fight civil suits or to lobby.
4) SEC and IRS need full legal funding to sue Wall Street banks.
5) The Public Safety, Mining Safety, OHSA, Clean Water, Protection of the Public from Toxic Industrial Pollution - Requires Full funding from the US Treasury SO THAT they can sue Giant Global or National Corporation that inject Chemicals into the water supply, ocean fishing grounds, hunting or grazing lands, or other economic products and services.
added #4 and #5 above.
Unlimited Money....funding??? Where do you think banks get their money from' it's worse than you think...there is no money! Why don't you try reading the Coinage Act of 1792, later Coinage Acts, including the Bland Allision Act of 1878, and most specifically the Constitution of the United States of America (one of the two) and HJR I92.
Banks make the money out of thin air. They have fractional reserves. This means they can buy $1000 bond and lend out 10 - 40 times that much - effectively creating money from almost nothing.
I'm following the Modern Monetary Theory (MMT) on this. I hope I have it clear, but probably the ones that send me email lean more toward the ideas that all banks could be managed as utilities and/or state banks or national banks can provide US reserve notes wihtin regions of the USA with out the Federal Reserve and without borrowing money from banks or anyone else. the US Treasury can create money on it's own, print money on it's own and doesn't need to pay banks interest rates. The money Supply is managed based on Polulation Growth (increases or decreases). Money supply is managed so that there is enough money flowing in the system/economy. One study was done with a currency like this called the Buckeroo at a University.
If you don't mind I am cutting and pasting from one other post...
The solution to Fascist Austerity and Fascist Economics: Below article is about how there was an Italian Summit where people who really don't like Fascism received a panel from the US who explained that Austerity increases unemployment and kills jobs.
http://www.nakedcapitalism.com/2012/02/michael-hudson-2181-italians-pack-a-sports-arena-to-learn-modern-monetary-theory-%e2%80%93-the-economy-doesn%e2%80%99t-need-to-suffer-neoliberal-austerity.html
Video:
http://www.youtube.com/watch?v=XP60tpwu5cs
This Modern Monetary Theory believes in good government spending and good government debt. In the US we have had Neoliberal Economic Policies for 30-40 years since the Chicago School of Economics came up with this crap.
http://www.washingtonpost.com/business/modern-monetary-theory-is-an-unconventional-take-on-economic-strategy/2012/02/15/gIQAR8uPMR_story.html
http://ftalphaville.ft.com/blog/2012/02/22/890211/yes-virginia-there-really-is-modern-monetary-theory/
I believe most MMT followers like the idea of getting rid of government borrowing from Big New york Banks. They believe the US Treasury can print its own money like the "Greenback" under Lincoln. There is no reason for the government to borrow money and pay interest.
1) Austerity Bad.
2) Government Spending Good.
3) If you stop government spending you lose jobs and increase unemployment.
4) The money supply is managed according to the population growth to allow plenty of money to flow in the economy without creating inflation.
http://www.neweconomicperspectives.org/p/modern-money-primer.html
William Black posted a long comment to further explain the MMT solution to Fascism at February 29, 2012 at 4:00 am. you will have to scroll down pretty far. It is located below the article posted here:
http://www.nakedcapitalism.com/2012/02/michael-hudson-2181-italians-pack-a-sports-arena-to-learn-modern-monetary-theory-%e2%80%93-the-economy-doesn%e2%80%99t-need-to-suffer-neoliberal-austerity.html
MMT? Now you're talking!!.......:)
Here's few more links for your edification.
http://pragcap.com/resources/understanding-modern-monetary-system
http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
http://rodgermmitchell.wordpress.com/
Hey maybe you can double check my work above. We don't have money flowing in the US economy, right. There is like $1T dollars liquid in the economy, but it is not being lent out. So the FED's Stimulus 1 & 2 were failures.
And if we look at the Great depression. Same thing the FED did nothing. The banks in 1933 had interest rates of 40% and weren't lending money. Epic Fail by the FED. And if you like Griffin's Creature from Jeckyll Island, I think the FED is just a creation of the TBTF New York Banks.
Oh heck yeah! Give me something that caters to my predetermined conclusions about economics! Do you have anything that says "Two legs bad" over and over? Or maybe something absurd that says that government spending helps the economy or printing more money doesn't devalue it? I don't want anything factual now! I'm not about to be tricked like last time with science!
I would say that printing money without any intension of paying it back is inflationary.
It frustrates all of us that governments are inlfuenced by people that are pulled by big banks, big corporations, big ideas like invading Iraq, stealing money from the Social Security trust, Ear Marks, congressional "Riders", etc. Damn, if the US congress is never going to pay the money back, then let's come out with it. Say it.
MMT economist have said that we would not have to pay back money borrowed domestically, but that overseas obligations have to be fullfulled. So I think the MMT theory is spending stimulates the economy and takes care of social programs like roads and infrastructure, welfare, medicare, etc. But call it spending not debt. because we can create the money in the Treasury. It is only excessive money flow that create inflation.
Oh by the way, the FED's stimulus 1 and stumulus 2 did not create the kind of money or money flow to stimulate the economy. According to MMT, it was just moving money from one bank account to another. Like checking to savings.
http://en.wikipedia.org/wiki/Rider_(legislation)
Okay! So it's the intentions that do it! If I intend to pay it back, everything will be fine!
So question, what is wrong or objectionable about counterfeiting US currency?
It isn't actually a problem these days. As I remember it Iran and maybe North Korea try to counterfeit. But the amount is small and we try to catch it.
This is similar in scope or impact to Monetary Leakage or Currency Leakage. People send US Dollars overseas all the time to their home country. I'm not an expert and I am a slow reader. The US keeps creating money and the amount of printed dollars is very small. Very very small. The printed US Dollars overseas is just not a problem. Double check me though since I make mistakes when I listen to people that repeat things from someone else.
I don't know about all that stuff, man! But I sure as heck know we shouldn't return to the gold standard! That would be crazy bad!
And counterfeiting should be legalized! It doesn't hurt a thing! The Fed does it!
Ah, yes, I agree. If we go to a gold standard, then only people with gold will have money.
Wow. So simple. Watch the Money Masters 1st Video on link below. If we keep allowing bankers to control the money, we will always be poor.
1) Think of Jesus beating the the money changers in the temple.
2) Think of the Fall of Rome due to the adoption of gold standard.
As a matter of fact, He didn't chase them out of the Temple because they were desecrating it, he chased them out of the whole country!
Good thing we got rid of the gold standard here, we almost fell because of it just like Rome, but thankfully our fiat currency has been skyrocketing in value ever since we shrugged of that son of a gun! Whoo-EE!
And don't believe any of that nonsense about gold backed currency, I didn't even bother to figure out what it even is, something about paper currency printed with assets to cover it! So it sounds to me like no one except the rich would have and money! I sure as heck know that any old person with cash wouldn't have any gold!
Don't say "C-------tion"!!! It's a bad word around here!!! the heck is wrong with you, man??? We don't go for that stuff!!
I said 'read it' not believe it...it's their law and they ignore it and as I said, there's two of them....man!
Over-ruled. Here is what I posted on another string. ...sorry to be blunt.
Clearly, there has been many times that the US Government is "beholden and betrothed to US or foreign banks".
DVD from walmart: I'm watching Sam Elliot in "Gone To Texas" and half-way through he argues with President Andrew Jackson about payment to the North American Indians. Sam Houston (Sam Elliot) argues for gold payment as promised. Obviously there is a "gold standard in place in the USA". President Andrew Jackson responds that there is a long line of people who want their gold from the US Government including the Washington Banks.
Clearly, there has been many times that the US Government is "beholden and betrothed to US or foreign banks".
Question: Is it ethical, proper, and principled to have this influence of US and Foreign banks over our US Congress? Do we want to allow and encourange the influence of foreign or TBTF Banks on our Federal and Local Governments when there is an alternative? The alternative is to print and issue money from the US Treasury based on the full backing of the government Vice the forced loans from the Federal Reserve. We can issue money and create money without "Loans or Bonds sold to banks". In fact we can create money without paying anyone back anything according to Modern Monetary Theory (MMT).
According to MMT:
1) Government Spending is Good.
2) Austerity is Bad.
3) Cutting Government Spending causes unemployment and the loss of jobs.
4) There is good Government Spending.
5) The Money Supply is controlled by monitoring the population and making sure there is enough money flowing in the country/system to allow people to spend and allow businesses to be created and grow.
6) It is Fascist to cut off the money to small businesses and to allow big "Too Big Too Fail Banks" to increase their monopoly.
History: How many Times have Congress Been indebted to New York Banks, Washington DC Banks, TBTF Banks, Wall Street Banks, Banking Influence, Banking Corruption, Government Corruption?
People shouldn't read it, either! It might make them call into question the things their leaders say!