i wonder what that would look like- a public bank, that is.
Iam very concerned about banks:
Fractional banking- allows them to legally lend 10x the amount of cash they have on hand. Imagine the profits when you are charging interest on 10x's the capitol you have. But you arent even giving interest out on the capital on hand. Imagine that money going to the government to pay off the national debt. Imagine earning 5% interest on your bank account's cash like we did in the early 80's. Wouldn't that be better than all that profit going to some fat cats.
I am also concerned because I have read that the federal reserve is run by a private group of bankers. This is unconstitutional, since the federal reserve decides when and how much cash to print. Jackson through the federal reserve out. He saw them as parasites and robbers and enforced the constitution. But they came back years later on an amendment passed in the middle of the night. I believe it was hoover, who signed it into law saying what have I done by nightfall.
Further I have read that all the countries national banks are run by a central bank, which again is run by a group of private bankers. (No one is allowed to know who they are,same with the board of the federal reserve.) This central bank board of directors tells all the other banks from the bank of england to the bank of china what to do.
Each of these countries banks receive their countries income tax revenue, which they then either pay back the national debt or they lend it back to us, earning interest all the while. What control the governments bank has on the government when the government can't pay its debt.
The first US national bank got started lending the US money on money that was given to them by...the us government.
It starts to feel like a big scam. Do we really owe them anything? Can we like Jackson throw them out.