Posted 10 years ago on Nov. 10, 2011, 6:08 p.m. EST by zorno
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To replace the Fed with a national banking system, the first step would be the bankruptcy reorganization of the old system. This would eliminate the bottomless pit of illegitimate debt created by gambling in derivatives and other phony financial products. During the Great Depression, Roosevelt did this in a couple weeks.
The bill intended to accomplish this is of course Glass Steagall, which is currently gaining substantial support. However, it would first require the impeachment of Obama since he has publicly said that he would veto it.
Than a national bank would be established to finance projects for economic development at low interest rates, such as 0-2% over long periods, like fifty years. This is possible since it would be a national bank, owned by the people that wouldn't have to pay outrageous profits to private owners.
The money would be invested in high tech infrastructure projects such as advanced transportation and energy systems. By creating jobs and improving the efficiency of the economy, these kinds of projects would naturally pay themselves off through increased tax revenue.