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Supporting Note to Item 10

<<Back to 24 Feb 2009 Newsletter  

10. Richard C Cook - Credit as a Public Utility: the Key to Monetary Reform.

This is a long article - over 9000 words. But, if you are strapped for time, please look at its final 2000-word section, Analysis and Conclusions.

It begins:

"Perhaps the most consequential event of U.S. history during the twentieth century took place when the private banking system was given control of the U.S. economy in 1913 through the passage of the Federal Reserve Act. .....

Since then this system has produced nearly a century of almost constant warfare, the ascent to power of the military-industrial complex/national security state, periodic creation and destruction of gigantic financial bubbles, and the erosion of ninety-five percent of the value of the U.S. dollar. The vast productive resources of the U.S. and the talents and hard work of its people have been used by the financiers for these purposes...."

It ends:

"... the hour is late. The U.S. is in great danger, particularly if our leaders continue to project our internal economic problems onto external enemies. What we need is a monetary system based on our best constitutional traditions that will allow us to resume our place as a great industrial democracy and live in peace with the rest of the world. The time for action is now."

 

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