MainStreetChungus on Nostr: This excerpt makes me want to 🤢🤮 “During the twentieth century, governments ...
This excerpt makes me want to 🤢🤮
“During the twentieth century, governments allowed the creation of money to become the by-product of the process of credit creation. Most money today is created by private sector institutions – banks. This is the most serious fault line in the management of money in our societies today. In his ‘cross of gold’ speech, William Jennings Bryan spoke passionately about the evils of the gold standard … ‘We believe that the right to coin money and issue money is a function of government. We believe it is a part of sovereignty and can no more with safety be delegated to private individuals than can the power to make penal statutes or levy laws for taxation … the issue of money is a function of the government and the banks should go out of the governing business.’ He was consciously reiterating Thomas Jefferson, who said in 1809, ‘the issuing power should be taken from the banks and restored to the people, to whom it properly belongs’. Why have governments allowed money – a public good – to fall under private control? To answer that, we need to understand the role of banks."
“During the twentieth century, governments allowed the creation of money to become the by-product of the process of credit creation. Most money today is created by private sector institutions – banks. This is the most serious fault line in the management of money in our societies today. In his ‘cross of gold’ speech, William Jennings Bryan spoke passionately about the evils of the gold standard … ‘We believe that the right to coin money and issue money is a function of government. We believe it is a part of sovereignty and can no more with safety be delegated to private individuals than can the power to make penal statutes or levy laws for taxation … the issue of money is a function of the government and the banks should go out of the governing business.’ He was consciously reiterating Thomas Jefferson, who said in 1809, ‘the issuing power should be taken from the banks and restored to the people, to whom it properly belongs’. Why have governments allowed money – a public good – to fall under private control? To answer that, we need to understand the role of banks."