Kucinich: The Problem and the Solution — “The Federal Reserve is No More Federal Than Federal Express … Take That Power Back”

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“The banks have shown that they can’t be trusted with the American economy. That’s generally been the case, but now it’s out in the open, 350 billion dollars later.

In 1913, the money power of the country was taken away from the people —  by Constitutional privilege it belongs with the Congress — but it was given up in the Federal Reserve Act.

The Federal Reserve is no more federal than Federal Express, but yet it has the power to determine the direction and use of money in our economy. If we could take that power back and put the Federal Reserve under Treasury, we start to be in a position of being able to control monetary policy on behalf of the United States people.

We also have to address the issue of the fractional reserve system, which is how banks create money out of thin air. And then, as they do that, they’ve created the conditions where we’ve had this kind of ponzi scheme collapsing — banks and the hedge funds working together.

So we have to halt the banks’ privilege to create money by ending the fractional reserve system. Past monetized credit would be converted into U.S. government money, and banks would act as intermediaries, accepting deposits and loaning them out to borrowers.”

Transcribed by Jeff Fenske

Related: Kucinich Rocks! “Instead of nationalizing banks, we should nationalize the money system”

The Unconstitutional Light-Bulb Ban

…President Bush signed the Energy Independence and Security Act of 2007 last month. Buried in the 822 pages of the bill, among numerous new energy regulations on everything from automobiles to televisions, was a plan to ban the light bulb. Yes, the light bulb. …

When the founding fathers came together in 1787 at Independence Hall to write the U.S. Constitution, they created a government with limited powers, concerned chiefly with protecting the individual rights of American citizens….

Switching from incandescent bulbs to CFL bulbs is not like switching air fresheners. CFL bulbs take longer to warm up, the coloration is different and they contain toxic amounts of mercury. Broken CFL bulbs carry the risk of mercury poisoning for those who come in contact with them, and proper disposal methods need to be followed to prevent environmental pollution. To get the full life out of your CFL bulb (as opposed to an incandescent bulb whose purchase price is much lower), the government advises consumers to keep it turned on for at least 15 minutes.

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