FX MONETARY POLICIES
banking license. Governments should stop issuing government bonds, he says, and instead fund their public sector credit needs through domestic banks
that create money on their
books (as all banks have the power to do). Tese banks could offer more competitive rates than the bond markets and could stimulate the local economy with injections of new money. Tey
could also
put the big bond underwr it ing firms that feed on the national debt out of business.
Abolishing the central banks is one possibility, but if they were recaptured as public utilities, they could serve some useful purposes. A central bank dedicated to the service of the public could act as an unlimited source of liquidity for a system of public banks, eliminating bank runs since the central bank cannot go bankrupt. It could also fix the looming problem of an unrepayable federal debt, and it could generate “quantitative easing for the people,” which could be used to fund infrastructure, low-interest loans to cities and states, and other public services.
Te ability to nationalize companies 14 FX TRADER MAGAZINE October - December 2018
When and How the economy will collapse is now in the hands of central bankers
with central bank-generated money. Tere are other possibilities. Former Assistant Treasury Secretary Paul Craig Roberts argues that we should also nationalize the media and the armaments
industry. Researchers at
the Democracy Collaborative have suggested nationalizing the large fossil fuel companies by simply purchasing them with Fed-generated funds. In a September 2018 policy paper titled “Taking Climate Action to the Next Level,” the researchers wrote, “Tis action might represent our best chance to gain time and unlock a
by buying them with money created on the central bank’s books could also be a useful public tool. Te next time the megabanks collapse, rather than bailing them out they could be nationalized and their debts paid off
rapid but orderly energy transition, where wealth and benefits are no longer centralized in growth-oriented, undemocratic, and ethically dubious corporations, such as ExxonMobil and Chevron.”
Critics will say this would result in hyperinflation, but an argument can be made that it wouldn’t. Tat argument will have to wait for another article, but the point here is that massive central bank interventions that were thought to be impossible in the 20th century are now being implemented in the 21st, and they are being done by independent
central banks controlled by an international banking cartel. It is time to curb central bank independence. If their powerful tools are going to be put to work, it should be in the service of the public and the economy.
Ellen Brown President of the Public Banking Institute Author of:
Web of Debt and
Te Public Bank Solution
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