George Graham

U.S. Banking System is Rotten to the Core and Should Be Replaced

The Obama Administration is reportedly planning to bail out “American” banks once again, and in my opinion this would be throwing good money after bad. The system has failed and should be replaced.

The nation’s banking system is a fraud. President Woodrow Wilson, who spearheaded its establishment in 1913, was later quoted as saying, “My God! What have I done to my country?” What indeed! (Turn-of-the-century Puck magazine cartoon, captioned “Always look a gift horse in the mouth,” is shown below.)

gift horseWhat Wilson did was hand over control of the nation’s currency to a group of international bankers. Simply put, the arrangement (blindly approved by the Congress of the day) has the government paying interest on money it prints and then “borrows” from the bankers. If that’s not a con game, I can’t imagine what it is. Through the years, critics have called for abolition of the Federal Reserve Board, which is the privately owned (and only partly government supervised) organization that controls America’s money.  In 1932, for example, Rep. Louis T. McFadden, chairman of the House Banking and Currency Committee, called it “one of the most corrupt institutions the world has ever known.” But the international bankers have had enough political clout to fend off such assaults.

President Kennedy tried to end the banking system rip-off by executive order back in 1961, but after his assassination, President Johnson reversed the policy. Do you think Kennedy’s opposition to the international bankers might have had something to do with his assassination? I wouldn’t be surprised if it did.

In the waning days of the Bush Administration, trillions of American dollars were poured into the “financial system,” including $350 billion of a $700 billion bailout package approved by Congress. So far, nobody can find out exactly who got the money and what they plan to do with it. And the government will have to pay the Fed interest on these “loans.” In short the international bankers lent/gave this money to themselves and their pals and are charging the government interest on it.  At least, that’s how I understand it. If I am mistaken I hope you will set me straight.

Canadians are too skeptical to be taken in by this kind of shell game. They nationalized their central bank back in the 1930s. And now, while major banks in America and Europe are being kept afloat only by government handouts, the Canadian banks are relatively stable. Canada’s banking system was ranked Number One in the world in a 2008 World Economic Forum report.

Outdated cold war thinking seems to be the main barrier to nationalizing America’s banks and ending the Federal Reserve charade. Some Americans still cower at the specter of Communism, or some other “ism” that exists today only in their imagination. The real world has moved far beyond the “isms” of the Eisenhower era. Today, most sane people think in terms of what works, not what is ideologically correct.

If copying the Canadian banking system would lead to some kind of “ism” in America, it would be an “ism” that I, for one, would welcome.

About the author

gwgraeme

I am a Jamaican-born writer who has lived and worked in Canada and the United States. I live in Lakeland, Florida with my wife, Sandra, our three cats and two dogs. I like to play golf and enjoy our garden, even though it's a lot of work. Since retiring from newspaper reporting I've written a few books. I also write a monthly column for Jamaicans.com