[GJM] Benjamin Franklin's Solution

[Nick St Clare]

*Benjamin Franklin's Solution*

Nationalization has traditionally had a bad name in the United States, 
but it could be an attractive alternative for the American people and 
our representative government as well. Turning bankrupt Wall Street 
banks into public institutions might allow the government to get out of 
the debt cyclone by undoing what got us into it. Instead of robbing 
Peter to pay Paul, flapping around in a sea of debt trying to stay 
afloat by creating more debt, the government could address the problem 
at its source: it could restore the right to create money to Congress, 
the public body to which that solemn duty was delegated under the 
Constitution. 

The most brilliant banking model in our national history was established 
in the first half of the eighteenth century, in Benjamin Franklin's home 
province of Pennsylvania. The local government created its own bank, 
which issued money and lent it to farmers at a modest interest. The 
provincial government created enough extra money to cover the interest 
not created in the original loans, spending it into the economy on 
public services. The bank was publicly owned, and the bankers it 
employed were public servants. The interest generated on its loans was 
sufficient to fund the government without taxes; and because the newly 
issued money came back to the government, the result was not 
inflationary.^7 
<http://rs6.net/tn.jsp?e=001WZYFoy7Yog4ZtgRmIlP66D0Dgz0LTE--9AbgN5_VrYk_0fb1QZD6EQxUv8E1gWYB7r6hINGB4eL6f3BgTt_RSjWXM3WV-QtanOOlZvyXYiQA8DtSgEJT22Ac_A9N0ndmji_2mjZer5KDLVhjOsm7EFFcNFESr58p9oS3wvbteeudzr2p6xpaYC-hVmjysfkakPEFo0OfutJDmqkI73fJpbLgfyOgDkPbVMNOBwMElgEtKVbNIQtdhPWoD_xhgixaREDoiX7tE7axqT2a6EFxZaN2clMrFLu5Lx85BsNLpdU3PYnFawLIEZKc4gMIS6sPIvh91SRK-9IR-WVuBShuFmoe1sPWX5R2SpOexbnyFZiROJ11L6kveugd7RGjrrbjUClaGPPe9mCJCbbilTW7x3-p1WWX1mQ1TAa9FFWYPYpQC-9BGhN9hNLbC6Dxyaqft5RWefNP3ax3wZw7aMVvOAKlRKT70iA-X8zHjOoUXhF3cavIO0YNQdZ8bCbtj-MWe6XDOwTn7cO670nNJicXhg==> 
The Pennsylvania banking scheme was a sensible and highly workable 
system that was a product of American ingenuity but that never got a 
chance to prove itself after the colonies became a nation. It was an 
ironic twist, since according to Benjamin Franklin and others, restoring 
the power to create their own currency was a chief reason the colonists 
fought for independence. The bankers' money-creating machine has had two 
centuries of empirical testing and has proven to be a failure. It is 
time the sovereign right to create money is taken from a private banking 
elite and restored to the American people to whom it properly belongs.

/Ellen Brown, J.D., developed her research skills as an attorney 
practicing civil litigation in Los Angeles. In Web of Debt, her latest 
book, she turns those skills to an analysis of the Federal Reserve and 
"the money trust." She shows how this private cartel has usurped the 
power to create money from the people themselves, and how we the people 
can get it back. Her eleven books include the bestselling Nature's 
Pharmacy, co-authored with Dr. Lynne Walker, which has sold 285,000 
copies. Her websites are www.webofdebt.com 
<http://rs6.net/tn.jsp?e=001WZYFoy7Yog4-9wsftJw0gHY4c11oEDZUafVoWM9wct-3mZueZFFCT1B5btOudvzazUEBpRA025u7ujiYxixKTowUn4rKW3fwLnCdFlB5Vb2-N4kFWf3aFA==> 
 and www.ellenbrown.com 
<http://rs6.net/tn.jsp?e=001WZYFoy7Yog6-RyldvY0KiTAcm5Tez8HyanNyARVW9sW0R2K47_R3YdZutVv1tlfuiLcVoUyhxNXk-xAaA7_YnX7zwIKDZmn2P79gQRVQRRRQlsZQr3-WKg==> 
./

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