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 | Rep. Dennis Kucinich Rejects $700 Billion Bailout Posted by Luke Setzer on 9/30, 5:13am | |
| I am no fan of Kucinich but this news and particularly this quote caught my eye as worth sharing: We need to challenge again the underlying assumptions about a debt-based economy, about whether or not we should revisit the 1913 Federal Reserve Act, which has an unfortunately privatized monetary system and created a system which includes banks having the ability to create money almost out of thin air with a fractional reserve. We have to look at the implications of that, maybe put the Federal Reserve under the Treasury and have the Treasury really be responsive to the interests of the American people and keeping the economy going. I am glad he at least challenged the Federal Reserve Act though I question his alternative plan! As an aside, Murray Rothbard opposed fractional reserve banking while Alan Greenspan supported it in their respective writings. I personally have issues with fractional reserve banking and find Rothbard's arguments much more persuasive. But I am not an economist and would have a hard time defending my view in an argument with a skilled supporter of fractional reserve banking. | ||
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