Tuesday, November 15, 2011

Dismantle the Federal Reserve

Dismantling the Federal Reserve will likely require mass mobilization against its practices and an education campaign exposing its failures. You can sign up to participate in critical mass actions to Audit and End the Federal Reserve here. As pressure mounts, a strategy must also be in place to ensure a smooth transition so that it doesn’t result in economic chaos. For this, we propose temporarily shifting Federal Reserve powers to Congress.

Although we do not support more government power in the long run, it seems necessary to restore economic functions to the government as we dismantle the central banking system and explore new alternatives.  It would be absolutely critical to make all economic decision-making accessible and transparent to the public. Televised hearings, and debates – similar to CSPAN – could help facilitate more public interaction and accountability.

New government functions would likely include printing and lending money at low or fixed interest rates at the Federal, state, and/or municipal levels. We can draw upon successful models from the past and ones that are working today. For example, North Dakota currently has a state bank that has managed to maintain a surplus amidst the economic crisis. In 2008, while the rest of the country was on the verge of bankruptcy, North Dakota had a surplus of $1.2 billion.


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