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A healthy economy for a 'City of Health'

     In 1913 Pres. Woodrow Wilson signed a law transferring the ability to print and distribute United States currency from the US treasury to a consortium of private banks in violation of the Constitution. We are charged interest for this service. This act, for which he later expressed deep regret, was the formalization of our debt monetary system and helped create to the economic problems we face today.

     As the small town along a big river next to a large lake began to awaken to the economic crisis heading their way, they decided to do something radically different and created a public bank. This was in response to a number of factors. The big banks were lost to the average citizen years before and progressively the small community banks and credit unions lost their direction and saw profit and growth as their primary motivation. This was the inevitable result of a for profit system, responding to the shareholders, not the needs of the community.

     A public bank, as the name implies, is owned and operated by and for the benefit of the public, run by the community in which they live. It is primarily for doing the banking business of the community government. It receives utility bills, manages state and federal loans without having to pay the interest normally charged by commercial banks. The public became more aware of the positive growth potential of "The City of Health" as more people became ill. They felt the reduction in tourism caused by the economic crisis.

     Those local residents wanting to improve their businesses and infrastructure to support this healthy city direction, were unable to obtain loans from the local banking institutions - credit was very tight. In addition, young families wanting to move there with progressive business visions were unable to capitalize their dreams. In this small town, there lived people of limited means paying exorbitant interest rates for the basic necessities of modern life, 12% on a car loan, credit cards or a large monthly mortgage because of compound interest. There also lived people who had worked hard, saved their money, looking for a safe place to put these funds. In addition, people lived there who had large sums of money, via inheritance or being good at the capitalist system, were also faced with the difficult problem of keeping their money safe in the coming troubles. The public bank seemed like an ideal solution for the economic health of their city and the safety of their assets.

     Our country is now facing 4 trillion dollars of consumer debt alone, to say nothing of the unfunded liabilities and derivatives . Much of the wealth of the community goes out of state, certainly out of the community in the form of interest. While Mr. Jones pays 12% on a car loan, Mrs. Smith receives little interest from a New York bank on her inheritance. The public bank was able to reduce Mr. Jones car payment while Mrs. Smith was able to double the interest she received and the public bank was able to generate capital which went back into the community for infrastructure loans and public good.

     The small town next to the big river prospered by sitting down together and creating a vision for the community and then by creating a public bank to fund it. They realized that if you do not have a destination, any road will get you there. History had shown what happens when music stops and the economy crashes. During the last election, Los Angeles had a voters referendum to create a public bank. The bank of North Dakota is a state bank.

American Credit Card Debt At All-Time Highs As Interest Rates Continue To Rise

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."

President Woodrow Wilson (who introduced the Federal Reserve act which allowed the privately owned Federal Reserve to begin in 1913)


"Once a nation parts with the control of its currency and credit, it matters not who makes the nations laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile." -- William Lyon Mackenzie King (1874-1950) Prime Minister of Canada (1935-- 1948)

"If Congress has the right under the Constitution to issue paper money, it was given to be used by themselves, not to be delegated to individuals or corporations." -- President Andrew Jackson