As the world examines and re-examines how the Wall Street Crash occurred and how we can help ensure it doesn’t happen again (although it did already with JP Morgan Investments) a piece of our nation’s history is being dragged out and dusted off. The debate over public vs. private banking. Private banks and investment giants who make up the Federal Reserve and which regulates our money supply, as it turns out, is neither Federal nor reserving anything. It merely refilled the financial coffers in those financial institutions that were wiped out when the credit default swapping and gambling was in full fury.
There is now serious talk about doing something about our present “private” system that runs the country’s money supply. And the state of North Dakota’s public banking system is being heralded as the direction the whole country should take. Here’s the quick You Tube version of the discussion.