A PROPOSAL TO SAVE THE BANKING AND MONETARY SYSTEM OF THE UNITED STATES OF AMERICA:
An elementary introduction
Read the entire paper by copy and paste this link: http://www.mkeever.com/publicbanks.doc
This paper presents a concept on reforming the commercial banking system in the United States of America.
The concept is to transfer all the assets and liabilities involved in commercial banking today from private ownership to public ownership. New entities will be created by establishing public ownership of those items formerly owned by a commercial bank into a new entity, perhaps utilizing current locations and offices. Consequently, there will be many new banking organizations and not a centralized organization.
The assets to be transferred include all deposit liabilities as well as loans receivable and cash reserves held against deposit liabilities currently on the books of US banks. Any assets and liabilities which are not involved in accepting deposits and making loans will remain with the now existing business. The now existing banks which remain will be free to buy and sell equities, sell investments and insurance and participate in stock markets as an investor or seller of products.
With the revision proposed, the new commercial banks will be more stable than the current banks since the new banks will be unable to participate in other activities. This will be a re-invention of the Glass-Steagal law which coincided with a 50 year period of financial system stability in the USA.
Several attempts have been made to re-introduce those provisions after they were repealed in the late 1980's, but all such attempts have failed.
Nevertheless, those provisions are needed today.
It is likely the USA and the world will experience a recession and deflationary period in the coming years similar to the 2008 to 2009 bank crisis and recession; many cities in the world are experiencing a bubble in residential property values. While the US banking industry has proposed regulations to prevent a similar collapse to 2008, the legislation was watered down and failed to address the concerns. That is the reason change is needed. (1).
read more at this link: http://www.mkeever.com/publicbanks.doc
©October 3, 2017, Mike P. McKeever
San Francisco, CA, USA
While this material is copyrighted, you are hereby granted permission and encouraged to copy and paste any excerpt and/or complete statement from any entry in this paper into any form you choose. In return, please provide explicit credit to this source and a link or URL to the publication. Email links to email@example.com