Board to change the traditional role of American savings and loan associations, giving them money creation powers like the big Wall Street banks


f u l l - s e r v i c e n a t io n w i d e banking system. The national money supply would be

thus regulated

according to needs at the local level rather than dictated from the

top by central the bank.

The proposed l e g i s l a t ion provided for a

separate Better than

central bank to backstop local credit unions and a much greater degree of competition for a wide array of financial services.

“The real job of central bankers today is to serve the banking system by keeping the debt machine going” B. Lietaer

But Nixon’s plan for national finance, along with his plan for healthcare and a guaranteed income, alarmed the Wall Street/ Federal Reserve power block, which willing says was about to be challenged like never before. Nixon was obviously not blameless in the Watergate scandal, but Willing contends it was pushed by “the Wall Street Great Merchants as owners of the Senate,” who “were making

An “Independent” Central Bank or a Public Central Bank?

Challenging the Fed is thus risky business, and the president should be given credit for taking it on. But if he is planning to change the makeup of the Federal Reserve Board, he needs to appoint people who understand that the way to jumpstart the economy is to inject new money directly into it, not keep the money “sterilized” in fake injections that trap it on bank balance

changing who is at the helm of the central bank would be to change the rules governing something

it, only

Congress can do. Putting the needs of the American

people first, as Trump promised in his campaign speeches, means making the Fed serve Main Street rather than Wall Street.

Ellen Brown

President of the Public Banking Institute

Author of:

Web of Debt and

Te Public Bank Solution providing a

certain that the money dreams of ‘Tricky Dick’ and his vision for the Republic protected with a network of converted Savings and Loan associations was doomed.”


sheets until it can be reeled back in by the central bank. Interesting proposals for how the Fed could inject new money into the economy include making direct loans for infrastructure (as

the Chinese

central bank is doing), making low- or no- interest

state and local governments for infrastructure, or refinancing the federal debt interest-free.

loans to

FX TRADER MAGAZINE October - December 2018 49

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