Wednesday, December 22, 2010

Kucinich: "Fire the Fed"

The National Emergency Employment Defense ("NEED") Act of 2010

Dennis Kucinich (D-OH): "My bill would replace the Federal Reserve System’s dependence on private banks to create credit. In its place, a Monetary Authority under the Treasury Department would directly inject liquidity into the economy by purchasing much needed public infrastructure repair. Today, we have idle capital, millions of able-bodied but unemployed workers, unused equipment, and record low interest rates. These conditions are the best possible time to make a long-term investment in our nation’s infrastructure." [Complete bill here.]

Karl Denninger, Market-Ticker: "[This bill] would immediately end the abuse and extortion of The United States Federal Government by banks and other institutions who argue that they 'cannot be allowed to fail', then using that power of extortion to extract monstrous amounts of money from the economy for their personal benefit - by some estimates, as much as 20% of GDP." [Commentary here.]

1 comment:

Anonymous said...

Regarding Dennis Kucinich's HR 6550 proposal to "fire the Fed" and create a Monetary agency to invest in our nation's infrastructure, I am opposed to such proposal, We need the Fed, it's been very successful though not always the "perfect" institution. I am fearful of Rep Kucinich's proposal the new agency "invest in infrastructure". We do not need more government employers nor their associate costs. We need fewer government employees and we must reduce our national debt by controlling spending.