'US needs to scrap Fed to save econ.'
Wed Oct 19, 2011 10:43AM
Interview with author and radio host Stephen Lendman
The United States needs to switch over its private banking system or the Federal Reserve to a public banking system in order to escape its current economic crisis, an analyst says.
Press TV has interviewed author and radio host Stephen Lendman to get his views on the current economic situation in America.
Press TV: Considering how this movement is resonating not just with Americans, but with people all across the globe. What would you say to those who have written off this protest movement, as it will die down within a week or so?
Lendman: Well, it certainly hasn't died down within a week. It began in mid September and it is still going strong. I have a lot of concerns about what is happening and what will happen. So often you get something like this beginning and there can be a lot of energy, but in the end the energy wanes. But I must say I'm truly astounded just how this has resonated and spread not just across the country but it literally ignited global protests.
Saturday there was a global day of protests against the abuses of, I would say a combination of the government working cooperatively with big businesses at the expense of the ordinary people of these countries. This is a common ailment that you see certainly across Europe and very much so in America and it has harmed so many people so grievously.
I keep coming back to the theme that I fear they do not understand. This is what I highlighted in my book, that the core issue we need to address is the fact that private institutions called banks control the nation's money. Money is the supreme power when it is in the hands of private bankers and they use it for their own purposes.
They hurt the people in countries where they operate, even in countries with a public bank like Canada. America has a private banking system. It is called the Federal Reserve, but there is nothing federal about it. It's a Wall Street cartel, a private banking cartel. That's what it is.
Canada has a public banking system, so does Britain, but they do not function that way. Britain's banking system is beholden to the parliament and Canada's banking system is beholden to the government, but they let their big bankers operate just the way they are operated in America. That is unforgivable.
Press TV: Well Mr. Lendman, the Cornerback University survey shows that only 35 percent of Republicans support this movement. Doesn't this concern you that this movement is not appealing to a larger faction of right-leaning voters?
Lendman: Well, it certainly is appealing to a great many that have come out and supported this over a very short period of time. It's still very soon. It's only been going on for a month and these things take time to really get going.
So of ordinary working people in the country, I'm not certain how many of them would identify themselves with Republicans if the issues were put on the table. Well, actually the Democrats are barely different from the Republicans. I can't imagine why anybody, any working person in America would support either a Democrat or Republican body. I refer to it as America's duopoly. America really has a one-body system. It's a duopoly. If you want to give it a proper name, either call it the “money party” or the “property party”.
Neither one represents the working people. They call themselves the 99 percent. Let's call them the 90 percent. The top 10 percent do alright, and they probably are not the ones who would go out to join these protests. But the other 90 percent of working people, and they really are being harmed grievously.
The middle class in America has been talking about [job] destruction and it has been going on for decades. Well-paying, good benefit jobs have been sent overseas to low wage countries like China, Bangladesh, Haiti, Guatemala, and places like that. And these jobs have been destroyed and replaced by part-time temporary jobs with low benefits and no benefits.
These people have been harmed, and Democrats and Republicans have done this to them. They need to go at this. They need to change this, but at the top of the corporate pecking order are the bankers. They are the ones with the supreme power. Washington is corporate occupied territory, while bankers lead the pact and this has to change. America needs to make banking a public utility. It needs to have a public banking system. Can I give you a wonderful example? I just learned about this recently and I have my own radio program called the Progressive Radio News Hour.
I had a guest on my program on Sunday; I read an article that she wrote a few days before on public banking in Germany. Germany after World War II, just like after World War I, was absolutely decimated. Germany established a public banking system after World War II.
Within a decade, it was like Lazarus rising. Germany was just risen from the ashes and it was completely resurrected, but it was astonishing how much they accomplished in a short decade because they had a public banking system that created the government's money, either low interest or no interest. It went into productive economic growth. It created jobs. It rebuilt Germany to a great extent and over the succeeding years after that it kept growing.
Germany still has a public banking system, but it committed the sin of success in the eyes of the private banks, the Deutsche Bank and the other private banks in Germany. So they have targeted the banking system, they want to undermine it and they may succeed and if they do, it will be a great loss for Germany. Unfortunately the leaders of Germany seem to go along with this.