Tuesday, January 12, 2010

Local Banking Local Currency

After posting record profits and issue massive bonus in the banking industry for 2009 the American Bankers Association said today that if Obama imposes a fee on banks to recoup the bailout cost the banks will stop lending.

I say fine.

It is time for each state to create a state run bank that actually serves the needs of the public not massive corporate profits and bonuses for its executives. Nebraska has a state ran bank and guess what...the people of Nebraska are still able to get loans and the state is in the best economic health in the nation with the lowest unemployment rate. The model obviously works.

Take it one step further. The states should start issuing their own currency which is perfectly legal. Local currencies help keep the money in the state stimulating local economies and building local business. Many American communities issue local currency for just this purpose. Local merchants simply need to sign onto the program and accept the local money usually discounting products purchased with the local currency or better charge a premium on goods bought with the unstable U.S. dollar.

State authorized and controlled localized currency would cut the strangle hold that the privately owned Federal Reserve has on our economy and greatly reduce their influence over our elected leaders. It also reigns in the "to big to fail" banks that trashed the American economy in the first place.

If the Federal government is unwilling or unable to fix the problems with out economic system and bring the Federal Reserve under the control of the people then local communities must band together to protect their citizens and ensure their freedom.

5 comments:

Karl9x said...

I moved my money from a huge national bank to a local bank. I will not do business with any bank that received TARP money.

TIMKIN said...

The trouble is if they cant get the fees from the big banks they will come get it from the ones that didn't you watch we and generations to come will pay for this. My opinion, bank local. Use a credit union or other local bank. Try to deal mostly in cash. Start bartering like your life depended on it. Someday it will.

Caribe704 said...

Banks, and insurance companies need to be broken up into smaller more equal entities that cannot direct civilizations to their doom. There was one pointduring the healthcare debate where the congress began to mention the monopolies that the insurance companies (also Banks) have mushroomed into and might need to be broken up like the Telephone company was... that's the same day the insurance companies disappeared off the radar for months, I see some leverage here!

Mayberry said...

The feds will never let that happen Bear, and you know it. Secession is the only way this would be possible, and it's clear that nobody is willing to take that leap yet. Sure wish a state would man up and tell the fedgov to get bent, I'd be packed and headed their direction in a heartbeat...

Mark Herpel said...

It is not necessary for the State gov to create the local currency. In fact I would not recommend it based on previous models.
Any group can do it from any local area. The Berkshares are a very good example in MA and ThePlenty in NC.

Mark Herpel
editor@ccmag.net
Community Currency Magazine